IMF: Price for Russia’s oil above $60 price cap, exports stable

WASHINGTON, Oct 10 (PRIME) -- In spite of the price cap of U.S. $60 per barrel that the West imposed on Russian oil, its price is still above that and exports are stable, the International Monetary Fund said in a report on Tuesday.

The fleet of non-Western tankers that transport Russian oil has grown, and Moscow created its own insurance system of the sea oil transportation, the IMF said.

The fund also improved its outlook on the growth of Russia’s gross domestic product (GDP) in 2023 to 2.2% from 1.5%, but the forecast for 2024 was downgraded to 1.1% from 1.3%.

The fund’s forecast for the global economic growth in 2023 was maintained at 3%, but the forecast for 2024 was cut to 2.9% from 3%.

The IMF also expects global trade to rise only by 0.9% in 2023 after gaining 5% in 2022 , down from 2% expected previously, and sees trade rising by 3.5% next year.

The average annual oil price this year is now expected to amount to $80.49 per barrel, up from $76.43 forecasted previously, and the outlook for the 2024 price was also raised to $79.92 per barrel from $71.68, according to the report.

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