Oil prices recorded a decline with the start of 2023. Indeed, a slight increase was recorded on Friday, however, black gold prices fell again. In detail, Brent futures fell 1.1% to $84.93 a barrel. Moreover, it is the same for the futures contracts on the American Crude which passed to 79.49 dollars the barrel after the rise of the dollar.
As for the prices of the Algerian oil benchmark, the Sahara Blend, they reached the bar of 82.89 dollars per barrel. It should be noted that this drop occurs at a time when the economic giant has decided to abandon its zero covid strategy. As a result, the world oil importer, China, has lifted the restrictions linked to Covid-19. This has raised global concerns about a possible outbreak in the near future.
It should also be noted that the director of the International Monetary Fund (IMF), namely Kristalina Georgieva, reported a more difficult year in 2023. We provide you with more details in this regard in the following lines.
Kristalina Georgieva predicts a slowdown in the three main drivers of the global economy
As mentioned above, the director of the Bulgarian IMF Kristalina Georgieva has indicated that the year 2023 will be more difficult than the year 2022. And this, on the economic level. According to the economist’s words, this is mainly due to the simultaneous slowdown of the three main world economies. Namely the United States, the European Union and China.
In this wake, it should be noted that the IMF has lowered its global growth forecast for 2023. In view of the repercussions of the Russo-Ukrainian war, the increase in inflation rates. As well as the rise in interest rates. As a result, the financial authority forecasts a growth rate of 2.7% for the current year.
It should be noted that this rate represents the lowest level since 2001, without taking into account the financial crash of 2008. Or the Covid-19 pandemic.
