There are signs that the 40 per cent fall in oil prices might not deliver the expected stimulus. Chris Giles assesses the outlook for the global economy while FT reporters look at the prospects for key exporters and importers.
The recent fall in oil prices is bad news for Opec nations. For many the fall is large enough to put their governments into deficit. Only for the UAE, Qatar and Kuwait is the oil price above the level necessary for the government to run a surplus, the rest need an increase in prices or they’ll run a deficit. As well as telling us about the health of government finances, this may give some indication about Opec’s intentions to raise or lower production. To read more and explore our interactive graphic click here.
Under a remote mountainside in Guinea, one of west Africa’s poorest but most mineral-rich nations, lies one of the world’s biggest undeveloped deposits of iron ore.
Developing the Simandou deposit and building the railway and port required to export the ore are expected to cost an estimated $20bn – three times Guinea’s gross domestic product. Read more
Government climate change policies will save the typical household £41 in energy bills by 2030 according to figures released by the Department for Energy and Climate Change, although the same policies will increase the retail price of electricity by 41 per cent.
One of the ways DECC achieves its net savings figure is by assuming sizeable energy efficiency savings over the coming decades. By 2030, the document projects efficiency savings equivalent to 5 per cent of what the typical dual fuel bill would be were the policies not put in place.