Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

US output, potential low demand pose risks to Gulf oil IMF  Join our daily free Newsletter

MENAFN - AFP - 08/04/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - AFP) A rapid growth in US oil production combined with potentially weaker global demand present a downside risk to Gulf oil output and prices, the International Monetary Fund warned Tuesday.But despite an expected drop in their current account surpluses, most Gulf Cooperation Council economies continue to have "substantial buffers" to cope with short-lived price shocks, the IMF said in its World Economic Outlook.And economic growth in most of the oil-rich GCC economies is to hover near the rates registered last year, with Saudi Arabia's largest Arab economy expanding by 4.1 percent in 2014, compared to 3.8 percent in 2013, it said."Faster-than-expected growth in the US oil supply and lingering risks of weaker-than-expected global oil demand because of a slowdown in either emerging markets or advanced economies present downside risks to oil prices and GCC production," it said.The GCC comprises top oil exporter Saudi Arabia, as well as Bahrain, Kuwait, Oman, Qatar and the United Arab Emirates.US oil output has been rising fast on the back of the newly-tapped shale-based reserves.OPEC oil cartel said last month that supply from non-members is expected to increase by 1.31 million barrels per day this year, mainly from the United States, Canada and Brazil.Large current account surpluses in Middle East and North Africa oil exporters are expected to decline in 2014 "because of lower oil revenues," the IMF said."Although fiscal positions have been weakening across the GCC economies over the past several years, most still have substantial buffers to withstand large shocks to oil prices, provided the shocks are short lived," it said.Those countries adopted expansionary fiscal policies to fend off the impact of the global financial crisis in 2008, channelling some of the oil windfall into infrastructure projects.- Reduce dependence on oil -"Policy priorities continue to be centred on diversifying these economies to reduce dependence on oil, increase employment opportunities in the private sector for nationals and enhance resilience to shocks," the IMF said."Reforms to foster entrepreneurship, along with public wage and employment restraint, are key," it added. Economic growth in the UAE is expected to be around 4.4 percent and 4.2 percent in 2014 and 2015 respectively, compared to 4.8 percent last year, the IMF said.Dubai's winning of the right to host World Expo 2020 has further strengthened growth prospects in the UAE where real estate prices are rising at a "fast pace," the IMF said.Dubai's property sector had nosedived due to the global financial crisis, following five years of rapid growth. But the sector has made a strong comeback as investors flocked back in the emirate that is perceived as a safe haven amid regional turmoil.Growth in gas-rich Qatar will ease slightly from 6.1 percent last year to 5.9 percent in 2014, picking up again in 2015 at 7.1 percent.The emirate is expected to spend billions of dollars on infrastructure projects in preparation for the football World Cup tournament in 2022.Kuwait's economy will grow 2.6 percent this year and 3.0 percent in 2015 after growing by just 0.8 percent last year.


 


AFP




  MENA News Headlines
 Jul 7 2015 - Dollar price against Egyptian pound stabilises, market anticipates CBE's next stepDaily News Egypt
(MENAFN - Daily News Egypt) he price of the US dollar against the Egyptian pound stabilised on Monday after witnessing two consecutive increases on Thursday and Sunday, during which it increased by ...

 Jul 7 2015 - Egypt- Are Ramadan charity campaigns backfiring?Daily News Egypt
(MENAFN - Daily News Egypt) A happy family gathering around Iftar after a long, tiring day of fasting turns into sadness and sorrow while watching a little girl on TV with a burned face crying out ...

 Jul 7 2015 - Egypt- Holy month unleashes hail of donation campaignsDaily News Egypt
(MENAFN - Daily News Egypt) With the beginning of Ramadan, a major burst of commercials asking for donations took over each and every TV channel. The excessive amount of commercials is not a foreign ...

 Jul 7 2015 - FIFA's Blatter unwittingly pinpoints football governance's prime issuesDaily News Egypt
(MENAFN - Daily News Egypt) Embattled FIFA president Sepp Blatter unwittingly put his finger on two fundamental issues that underlie a corruption scandal that has rocked world football governance, ...

 Jul 7 2015 - Emaar Egypt shares decline to EGP 3.71 per shareDaily News Egypt
(MENAFN - Daily News Egypt) Emaar Egypt's shares were traded at EGP 3.71 per share, lower than the price of their initial public offering (IPO), on the second day of Egyptian Stock Exchange (EGX) ...

 Jul 7 2015 - New budget of EGP 5bn allocated to Cairo Capital project: Housing MinisterDaily News Egypt
(MENAFN - Daily News Egypt) The New Urban Communities Authority (NUCA) has adopted its new budget for the current fiscal year (FY) 2015/2016, valued at EGP 33.2bn, according to Minister of Housing ...

 Jul 7 2015 - Egypt- Qalaa Holdings signs initial agreement to exit Misr Glass Manufacturing Company: Official statementDaily News Egypt
(MENAFN - Daily News Egypt) Qalaa Holdings Company, alongside a number of Misr Glass Manufacturing Company share holders, signed an initial agreement to sell 15.18% of the latter company's shares to ...

 Jul 7 2015 - Egypt- EATC organises annual meeting, suppliers currently stand by board of directorsDaily News Egypt
(MENAFN - Daily News Egypt) The Egyptian Automotive and Trading Company (EATC), the Volkswagen and Audi agent in Egypt, held its annual meeting in an Iftar in the presence of Karim Naggar, EATC's ...

 Jul 7 2015 - Egypt- Tetra Pak still pursuing recycling project, looks at other partnersDaily News Egypt
(MENAFN - Daily News Egypt) Tetra Pak, a leading food processing and packaging solutions company, is still pursuing the recycling project it announced in 2013 with Akef Pack-tec, an Egyptian shopping ...

 Jul 7 2015 - Egypt -Ministry of Tourism sets cost of participating in 3 international exhibitions at â‚2,500: ETAADaily News Egypt
(MENAFN - Daily News Egypt) The Ministry of Tourism set the cost for companies and hotels participating in the next three tourist exhibitions, which will be held outside Egypt until April 2016, at ...

more...


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help