Cambodia’s economy impacted by record-low oil prices

A grim report on the world economy by the International Monetary Fund (IMF) announced on April 15 caused oil prices to continue to slide, with international prices hitting the lowest level since 2002 as planned output cuts were deemed insufficient to offset a COVID-19-fuelled slump in demand.

On the day, the price on the West Texas Intermediate (a benchmark for the grade of crude oil used for oil pricing) dropped to 19.20 USD per barrel.

The IMF, in its report, forecast that oil prices will likely remain below 43 USD per barrel from now until 2023 owing to persistently weak demand in a deep global recession sparked by the COVID-19 pandemic.

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