The US Department of Energy expects accelerated growth in world oil reserves in the second quarter to 11.5 million barrels per day from 6.6 million barrels per day in the first quarter, further reducing them, according to a monthly short-term forecast by the US Energy Information Administration...

A report published in a state-controlled tabloid citing sources close to the Chinese government have claimed that there is a rising chorus of hawkish voices in the country that are demanding the Beijing make a review of its so called phase 1 trade deal with the United States and some of those...

The oil dependent Saudi Arabian economy has been hit hard by the novel coronavirus pandemic as well as a very sharp drop in the global oil prices. As a consequence of the hit, the country has decided to increase value added tax (VAT) by three folds as a part of its austerity measures to support the...

According to officials of the United States Federal Reserve, a quick return to growth should not be expected by Americans even as many parts of the largest economy of the world start to reopen after weeks of lockdowns which has managed to slow down the spread of the coronavirus pandemic in the...

Peru's exports showed a record decline in 10 years in March, including due to COVID-19; a decline is observed in all sectors, the Peruvian Exporters Association (ADEX) said. "Exports in March amounted to $ 2.2 billion, falling by 40.7%, this is the most severe drop in recent years, even deeper than...

The coronavirus pandemic has hit Italy hard and its economy is expected to shrink this year. According to estimates that shrinking will result in a rise of the country’s public debt to nearly 160 per cent of its gross domestic product for the current year. This was stated by the European Union...

The ferocity of the impact on the economic by the novel coronavirus pandemic in the United Kingdom was evident in the new car sale data of the country for the month of April which saw a year on year drop of 97 per cent and reaching the lowest level of any month since February 1946. Lockdown imposed...

The cost of the July futures for Brent crude on the London ICE grew by 11.91%, to $ 30.44 per barrel. This is the first time since April 15, when the price of Brent oil exceeded $ 30. Meanwhile, the cost of WTI oil rose to $ 23.95 per barrel, adding more than 15% per day. According to analysts at...

Eurozone GDP, which includes 19 of the 27 EU countries, could grow between 4-6% next year, according to a forecast by the European Central Bank (ECB). Earlier, ECB said that according to the results of the current year, the eurozone GDP could fall within 12%. "In 2021, GDP growth will be...