Energy prices should retreat by early 2022 — IMF official

prices, energy, imf, demand, retreat,
Gulf
  • Date: 14-Oct-2021
  • Source: Jordan Times
  • Sector: Oil & Gas
  • Country: Gulf
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Energy prices should retreat by early 2022 — IMF official

WASHINGTON — Rising energy prices are weighing on households but the recent spike is unlikely to fuel a 1970s-style oil crisis and should retreat early next year, International Monetary Fund (IMF) Chief Economist Gita Gopinath said on Tuesday.

Energy prices collapsed last year amid the shutdowns imposed to contain the COVID-19 pandemic, but 2021 has brought a sharp rebound in demand as the global economy recovered, Gopinath said in an interview.

In the energy market, a long, cold winter followed by a particularly hot summer led to greater demand and depleted stocks, especially gas reserves in Europe. 

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