Commodity

The International Monetary Fund (IMF) has downgraded its economic growth forecast for the oil exporters in the Middle East to 2.3% from 4% expected in October, due to the slide in oil prices. 'Across the region, rising trade tensions and policy uncertainty are adding to the impact of conflicts and extended oil production cuts to weaken growth prospects,' the IMF said on Thursday in its Regional Economic Outlook for the Middle East and Central Asia. The IMF expects oil prices to decline in 2025 to $66.90 per barrel, nearly $6 below the October projection, 'as the gradual phase-out of OPEC+ oil production cuts and strong supply growth from non-OPEC+ countries are expected to outpace subdued global oil demand growth amid expectations of weaker global economic prospects.'

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