The International Monetary Fund expects oil prices to rebound to an average of $50 per barrel this year, which is nearly 20 per cent higher than 2020 levels, amid vaccine rollouts and growth in the global economy.
Brent, the international benchmark, declined by an average of nearly 25 per cent last year, as demand crumbled due to mobility restrictions imposed in an attempt to stop the spread of the Covid-19 pandemic.
The Washington-based lender cautioned, however, that average prices for 2021 will remain "well below" the average for 2019. The IMF expects prices to average $48.80 per barrel in 2022.
The IMF revised its expectations for global economic growth upwards to 5.5 per cent, a 0.3 per cent increase from its October forecast. The global economy is expected to grow after a contraction of 3.5 per cent in 2020 due to the debilitating impact of the pandemic on global trade and supply chains.
Growth for 2022 is expected to slow to 4.2 per cent.
Oil exporters and tourism-based economies within the group are expected to face "particularly difficult prospects", the IMF said, citing the "slow normalisation" of cross-border travel and a subdued outlook for crude prices.
On Tuesday, Germany, Europe's largest economy, said it was weighing up whether to stop all air travel to contain mutations of the Covid-19 virus.
Brent was up 0.55 per cent, trading at $56.19 per barrel at 6.32 pm UAE time. West Texas Intermediate, which tracks US crude, was up 0.44 per cent at $53 per barrel.
UAE currency: the story behind the money in your pockets
THE LOWDOWN
Photograph
Rating: 4/5
Produced by: Poetic License Motion Pictures; RSVP Movies
Director: Ritesh Batra
Cast: Nawazuddin Siddiqui, Sanya Malhotra, Farrukh Jaffar, Deepak Chauhan, Vijay Raaz
UAE currency: the story behind the money in your pockets
THE BIO: Mohammed Ashiq Ali
Proudest achievement: “I came to a new country and started this shop”
Favourite TV programme: the news
Favourite place in Dubai: Al Fahidi. “They started the metro in 2009 and I didn’t take it yet.”
Family: six sons in Dubai and a daughter in Faisalabad
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
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Avengers 3: Infinity War: an American superhero film released in 2018 and based on the Marvel Comics story.
Sholay: a 1975 Indian action-adventure film. It follows the adventures of two criminals hired by police to catch a vagabond. The film was panned on release but is now considered a classic.
Lucifer: is a 2019 Malayalam-language action film. It dives into the gritty world of Kerala’s politics and has become one of the highest-grossing Malayalam films of all time.
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
- Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
- Avoid suspicious social media ads promoting fraudulent schemes.
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- Critically assess whether a project’s promises or returns seem too good to be true.
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UAE currency: the story behind the money in your pockets
