中文
Recently, one disaster after another novel coronavirus pneumonia and the international oil price collapse were also hit by the two major conflicts, the Middle East and North Africa, which had been in conflict and economic turmoil.
At present, novel coronavirus pneumonia cases in the Middle East have been diagnosed in 200 thousand cases, and the epidemic continues to spread. While the epidemic has seriously affected people’s health, the collapse of international crude oil price caused by the imbalance of supply and demand has intensified the economic shock in the Middle East.
According to the latest world economic outlook report of the International Monetary Fund, the economy of the Middle East and North Africa will shrink by 3.3% this year, with the degree of recession higher than the global average. With the exception of Egypt, other countries in the region expect negative growth this year, with the economies of Saudi Arabia and the United Arab Emirates, the two largest economies, shrinking by 2.3% and 3.5%, respectively.
The historic production reduction agreements reached between the organization of Petroleum Exporting Countries (OPEC) and non OPEC oil producing countries such as Russia failed to save the decline of oil prices. Under the influence of many factors, such as weak global oil demand, high inventory, insufficient oil storage capacity and market speculation, the price of New York crude oil futures has plummeted recently, falling to a negative value for the first time in history. On the 27th, the price of international crude oil futures fell sharply again, and the oil price in New York fell nearly 30%.