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Global Implications of Lower Oil Prices
Report

Global Implications of Lower Oil Prices

Aasim M. Husain, Rabah Arezki, Peter Breuer, Vikram Haksar, Thomas Helbling, Paulo Medas, Martin Sommer and IMF Staff Team
IMF, 2015
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Editorial Rating

8

Qualities

  • Innovative

Recommendation

Many observers believed the massive drop in oil prices that began in mid-2014 would have a significant positive impact on the world economy. Instead, experts have adjusted global growth forecasts downward for 2015–2016. In a new era of low oil prices, both winners and losers will emerge, and countries must adjust their policies accordingly. This comprehensive and accessible report from a multidisciplinary team of economists at the International Monetary Fund offers readers a solid grounding in the shifting dynamics of energy prices. getAbstract recommends this informative text to energy producers and energy consumers everywhere.

Take-Aways

  • Between June 2014 and January 2015, oil prices plunged by about 50%, mostly due to greater supply. Dampened demand from Europe and Asia also played a part.
  • While futures markets forecast a measured increase to $75 per barrel by 2020, prices remain notoriously difficult to predict.
  • Not all consumers around the globe have seen their retail fuel costs fall. Worldwide, roughly 50% of the decline passed through to consumers in the form of lower gasoline and diesel prices in the second half of 2014.

About the Authors

Aasim M. Husain et al. are economists with the International Monetary Fund.

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