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IMF Cuts 2016 Global Economic Growth Outlook to 3.2%
The world economy is increasingly at risk of stalling, the International Monetary Fund warned Tuesday as it once again cut its forecast for global growth prospects. The IMF said it was forced to downgrade its growth forecast for this year to 3.2%, down by 0.2 percentage point from its projection issued in January. China’s slowdown and weak commodity prices are taking a deeper toll on emerging markets than expected and rich countries are still struggling to escape the legacies of the financial crisis, the fund said. The downward revision is the fourth straight cut in a year, putting world economic growth just a hair over last year’s 3.1% and only marginally above the 3% rate the IMF has previously considered a technical recession globally. “Consecutive downgrades of future economic prospects carry the risk of […]
Venezuela says U.S. seeking to scuttle OPEC, non-OPEC deal
The United States is seeking to block a deal between OPEC and non-OPEC nations to stabilize oil markets, Venezuelan President Nicolas Maduro said on Tuesday, accusing Washington of applying “war-like” pressure to prevent an agreement. “You can’t imagine all the pressure that is coming from Washington to ensure the failure of the efforts we have made during the last year to create a common strategy among OPEC and non-OPEC producers to stabilize the market and prices,” Maduro said during his weekly televised broadcast. “These are almost war-like pressure on governments, on heads of state,” he said, adding that U.S. policy makers have a “fatal obsession” with Russia, OPEC and Venezuela’s leftist government. Maduro’s government said last week that at least 18 countries have confirmed they will attend […]
Schlumberger to Pare Venezuela Services on Lack of Payments
Schlumberger Ltd. will reduce activity in Venezuela after the world’s largest oil services provider failed to collect enough payments from the national oil company. The reduction will take place this month in close coordination with all customers in Venezuela to continue servicing those with available cash flow, the Houston- and Paris-based contractor said in a statement Tuesday. Venezuela, which holds the biggest oil reserves of any country, has been battered by the collapse of prices as most of the government’s revenue comes from petrodollars. In October, Schlumberger was said to be shifting some of its workers from Brazil to Venezuela, reinforcing the contractor’s commitment at the time as others in the industry pulled back. By late January, Schlumberger said it had entered into a deal with Petroleos de Venezuela SA during the fourth quarter to receive certain fixed assets in lieu of payment of about $200 million of accounts […]
Cheapest Gasoline in 12 Years a Boon for Summer Motorists
Americans driving on their summer vacations will enjoy the cheapest gasoline in 12 years as prices stall just above $2 a gallon. Drivers will pay 59 cents a gallon less at the pump this summer than a year ago and $1.55 below 2014, when oil prices peaked above $100 a barrel, the Energy Information Administration said Tuesday. Gasoline demand this summer will increase 1.4 percent from last year to a record. “Low pump prices and continuing growth in employment contribute to more driving, resulting in a forecast of record-high gasoline demand this summer,” EIA Administrator Adam Sieminski said in an e-mailed statement. “For all of 2016, the average household will save about $350 on gasoline purchases compared to last year.” Americans might save as much as $15 billion on gasoline during June, July and August, compared to the same period last year, which would work out to about $70 […]
China export surge points to improving economic outlook
China reported stronger than expected trade data on Wednesday, the latest sign of a tentative revival in fortunes that paves the way for Friday’s release of first-quarter economic growth. Exports surged 18.7 per cent in renminbi terms in March over the same month last year, after declines in both January and February. Imports also stabilised, dropping just 1.7 per cent compared with an 8 per cent fall in February. In dollar terms, exports rose 11.5 per cent while imports fell 7.6 per cent for the period, reflecting the renminbi’s recent rise. The currency has gained 1.9 per cent against the dollar over the past two months. China’s export sector has been buffeted by the slowdown in global trade, the dollar value of which has been shrinking since 2012 largely because of the slump in international commodities prices. The International Monetary Fund this week warned that the world risked a “synchronised slowdown” but highlighted China as a rare bright spot among major economies. Chinese officials have been working to counter international investors’ increasingly negative outlook for the country’s economy. Their cause has been boosted by a slew of better than expected data releases, including March inflation figures that showed producer price deflation had moderated.
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