IMF Sees Oil Prices At $40-50 Next Year

Oil prices are not expected to rise much next year, and will stay in the $40-50 a barrel range, putting additional pressure on the oil exporters in the Middle East, the International Monetary Fund (IMF) said on Monday in its update on the Regional Economic Outlook for the Middle East and Central Asia. Gross domestic product in the region is set to drop by 4.1 percent this year, a downward revision of 1.3 percentage points compared with IMF’s forecast in April 2020. The economies in the oil exporters in the Middle East and North Africa are…