The collapse in the price of crude oil is putting immediate and severe financial pressure on producers that are heavily dependent on revenues from exports. None of the OPEC states balanced their budgets at below $50/barrel in 2019, with a number requiring more than twice that amount.
COVID-19 has created a demand shock in the oil market as social distancing reduces movement and daily travel for more and more of us each day. At present, most of the reporting agencies expect oil demand growth this year to be largely flat, well below the 1.2 million barrels/day (mmb/d) expected just a few months ago. And this demand growth forecast will likely be revised down further as large gatherings are cancelled, schools shut their doors, and companies implement policies to encourage or mandate working from home.
IMF experts present a forecast for global growth, in particular with regard to pandemic-induced disruptions to economic activity, commodity prices, financial conditions and government support.
ILM experts present a market report of office property in Moscow for the Q1 and Q2 2020. The report covers such indicators as commissioned office space area, absorption of office spaces, vacant areas, average basic rental rates, etc.
Tourism is one of the sectors most heavily affected by COVID-19. Experts believe that the industry will undergo significant restructuring, with travel abroad giving way to domestic tourism, and trips to places where people don’t gather in large numbers becoming more popular. According to Managing Director of the 21st Century Arctic International Union Valery Korovkin, current circumstances offer a chance to develop a new tourist destination. It is an area that has been discussed for a long time, but which little is currently being done to promote. Arctic tourism is a potentially highly profitable business from the perspective of federal and regional budgets, and has long been successfully exploited by other coastal nations.
