Recent slide in global oil prices will benefit Pakistan's economy.
KARACHI -- As the number of coronavirus cases rose outside China, oil slid more than five per cent at its session low on Monday, falling into bear market territory, amidst fear regarding a slowdown in the global economy. With the virus being present in China, the world largest importer and consumer of oil, and as a result of this worry regarding dampened oil demand, WTI, Brent and Arab light remained down by 15.8pc, 16.3pc and 14.5pc respectively since December 2019. As the situation is getting worse with the outbreak spreading across South Korea, Italy, Iran, Afghanistan, and Israel, the Organisation of the Oil Exporting Countries (OPEC) has lowered its oil demand by 230,000 bpd, while the US Energy I n formation Administration revised down its forecast regarding global oil demand by 378,000 bpd. With all eyes on the OPEC+, Adnan Sheikh AVP Research at Pak Kuwait Investment Management Company said, 'OPEC may have underestimated the impact of coronavirus in their initial estimates of reduction in demand by 230k bpd for 2020. Given that both IEA and IEA have estimated much larger numbers, we will have to wait and see how OPEC+ responds in terms of additional cuts' Until last week, crude oil prices received support over expectations that
OPEC and its allies could implement further supply cuts when they meet in early March. However there is an air of uncertainty regarding Russia agreeing to such a plan. In a report on Coronavirus' impact on oil prices, Tahir Abbas from Arif Habib Limited said, 'We believe oil prices in the short term will be dependent on the virus...
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