Oil producers are getting benefitted but it's not enough as they are reporting staggering losses. The pandemic has triggered a crisis, a battle for survival in the oil sector.&nbsp;

A barrel of oil costs around 60 dollars. In April last year, it was 20 dollars. It is a three-fold jump. But it's not enough for oil exporters. They are still losing money.&nbsp;

Saudi Arabia needs to balance its budget next year and it would like oil to sell at 68 dollars a barrel. &nbsp;&nbsp;

For Iraq, the ideal price should be 80 dollars per barrel. Will oil touch these levels? The answer depends on which projections you believe.&nbsp;

Golman Sachs says oil prices will see a 20 per cent jump this year. The World Bank, on the other hand, is not so optimistic.&nbsp;

It says oil prices are will remain below 50 dollars per barrel through 2022. It will put a big hole in the budgets of oil exporting countries. &nbsp;

<a href="https://www.wionews.com/videos/gravitas-despite-a-price-jump-major-oil-exporters-are-losing-cash-365533">WATCH|</a>

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-despite-a-price-jump-major-oil-exporters-are-losing-cash-365533/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

The regional alliance of Arab states is already predicting a budget deficit. Last year, the deficit was a little more than nine per cent.&nbsp;

In 2021, it will be close to six per cent. The losses could grow in the future. Between 2020 and 2023, the deficit of GCC countries is set to touch $ 490 billion dollars.&nbsp;

The lack of alternatives to cover up losses, forced this bloc to borrow more in 2020. An estimate from last year suggests GCC government debt is set to surge by $ 100 billion dollars. &nbsp;

Major oil countries are still reeling from the pandemic shock. And they are losing money on every barrel they sell. The world's biggest oil producing companies too are losing billions. &nbsp;

This month, they have reported record annual losses.&nbsp;

US's biggest oil producer, Exxon Mobil, has suffered a loss of more than 20 billion dollars. The first annual loss in the company's history. Conoco Phillips lost 2.7 billion dollars. In the United Kingdom, energy group BP reported 5.7 billion in losses.&nbsp;

It is a sign. The world wants to wean itself away from oil. It will mean trillions of dollars of losses in the next 20 years for oil producers. &nbsp;&nbsp;

Around 40 countries, which rely on oil for most of their income, could see their revenues fall by 46 per cent on average. &nbsp;&nbsp;

A total of $9 trillion over the next 20 years due to international initiatives to meet the Paris Agreement’s emission targets. It means a total loss of nine trillion dollars.&nbsp;

Oil producers are getting benefitted but it's not enough as they are reporting staggering losses. The pandemic has triggered a crisis, a battle for survival in the oil sector.

Oil producers are getting benefitted but it's not enough as they are reporting staggering losses. The pandemic has triggered a crisis, a battle for survival in the oil sector. A barrel of oil costs around 60 dollars. In April last year, it was 20 dollars. It is a three-fold jump. But it's not enough for oil exporters. They are still losing money. Saudi Arabia needs to balance its budget next year and it would like oil to sell at 68 dollars a barrel. For Iraq, the ideal price should be 80 dollars per barrel. Will oil touch these levels? The answer depends on which projections you believe. Golman Sachs says oil prices will see a 20 per cent jump this year. The World Bank, on the other hand, is not so optimistic. It says oil prices are will remain below 50 dollars per barrel through 2022. It will put a big hole in the budgets of oil exporting countries. WATCH| The regional alliance of Arab states is already predicting a budget deficit. Last year, the deficit was a little more than nine per cent. In 2021, it will be close to six per cent. The losses could grow in the future. Between 2020 and 2023, the deficit of GCC countries is set to touch $ 490 billion dollars. The lack of alternatives to cover up losses, forced this bloc to borrow more in 2020. An estimate from last year suggests GCC government debt is set to surge by $ 100 billion dollars. Major oil countries are still reeling from the pandemic shock. And they are losing money on every barrel they sell. The world's biggest oil producing companies too are losing billions. This month, they have reported record annual losses. US's biggest oil producer, Exxon Mobil, has suffered a loss of more than 20 billion dollars. The first annual loss in the company's history. Conoco Phillips lost 2.7 billion dollars. In the United Kingdom, energy group BP reported 5.7 billion in losses. It is a sign. The world wants to wean itself away from oil. It will mean trillions of dollars of losses in the next 20 years for oil producers. Around 40 countries, which rely on oil for most of their income, could see their revenues fall by 46 per cent on average. A total of $9 trillion over the next 20 years due to international initiatives to meet the Paris Agreement’s emission targets. It means a total loss of nine trillion dollars.

Oil exporters report losses despite price hike

There is a notable no-show among the dozens of national pavilions at Shanghai's massive import fair -- the United States -- a metaphor for isolationist Trump policies that attendees say are pushing them closer to China.

The China International Import Expo opened Monday with thousands of foreign companies wooing Chinese buyers with products including Italian helicopters, Canadian fur, Dominican cigars, and Japanese fresh fish.

China touts the first annual event as a milestone marking its economic transition from "the world's factory" to a major consuming nation, and President Xi Jinping opened it with a vow to import US $30 trillion in goods and services over the next 15 years.

But the US has snubbed the gathering amid an increasingly bitter tariffs standoff with China, with Donald Trump accusing it of unfair trade practices.

And foreign businesses and officials at the show said the US president's combative approach to trade has made it imperative for them to turn more toward China.

Sigfrido Reyes, an El Salvadoran trade official, said market turbulence caused by Trump had hurt his country by driving down prices of commodities such as coffee.

It now looks to China to reduce reliance on the United States.

"What really worries us is the uncertainty. In an uncertain environment, everybody loses. So we don’t want to have all our eggs in one basket," Reyes said.

'We want to diversify'&nbsp;

China is expected to remain reliant on US electronics and other high-tech goods that it, and other countries, cannot yet supply.

But tariffs imposed by each side could cut off the flow of a range of other US goods.&nbsp;

While few dispute that China's mercantilist trade policies need to change, the trade spat has started to bite in the United States, where a Chinese shift to non-US suppliers of soybeans and other key import goods has left American farmers without buyers.

Major Chinese meat importers also have told AFP they will simply source from other countries.

Even Canada, which relies heavily on US trade, wants to diversify.

"Of course we are close to the US and we always will be. But we want to diversify our trade, especially including China because it's a huge country," said John McCallum, Canadian ambassador to China.

Canadian officials said Tuesday at the expo that Ottawa plans to double its trade with China by 2025.

China's growing appetite for imports, fuelled by increasing incomes, will benefit many US companies, dozens of which are at the expo including Boeing, Caterpillar, General Motors, Honeywell and Tesla.

But the shocks delivered by Trump's trade policies give opportunities to others.

China is already the world's largest exporter and is catching up to the US on import volumes. The resulting trade relationships that China develops add to its global leverage.

Political risk&nbsp;

Ye Ming, one of thousands of Chinese buyers milling about the show, imports footballs.

China increasingly buys such lower-value products from abroad as it moves up the global production chain, and Ye chose Pakistan because its sound relations with Beijing mean less political risk.

"Right now, if you are doing businesses with America, you'd have that problem," Ye said.

"(The import expo) is also a message that America can buy from around the world, and we can buy from around the world, too."

Attendees said China's emergence as a powerful importing nation depends on whether it removes trade barriers it has used for decades to coddle domestic industries.

Xi opened the expo by declaring China's resolve to tear down hurdles, but his comments were widely seen as repeating earlier unfulfilled promises.

"It is a huge market that is demanding every single product, but it is still very difficult to penetrate," said Reyes.

But that means little right now to foreign delegates like Marcelo Sobrinho, who exports handmade shoes under the 71-year-old Brazilian brand Ferrucci.

Sobrinho said the China-US trade war resulted in both countries making Brazilian imports easier, and Ferrucci sought to take advantage by grabbing its first toehold in China.

"(The trade conflict) helped us. China opened its market and the US reduced import taxes. So two doors have opened for us," he said.

There is a notable no-show among the dozens of national pavilions at Shanghai's massive import fair -- the United States -- a metaphor for isolationist Trump policies that attendees say are pushing them closer to China.

There is a notable no-show among the dozens of national pavilions at Shanghai's massive import fair -- the United States -- a metaphor for isolationist Trump policies that attendees say are pushing them closer to China. The China International Import Expo opened Monday with thousands of foreign companies wooing Chinese buyers with products including Italian helicopters, Canadian fur, Dominican cigars, and Japanese fresh fish. China touts the first annual event as a milestone marking its economic transition from "the world's factory" to a major consuming nation, and President Xi Jinping opened it with a vow to import US $30 trillion in goods and services over the next 15 years. But the US has snubbed the gathering amid an increasingly bitter tariffs standoff with China, with Donald Trump accusing it of unfair trade practices. And foreign businesses and officials at the show said the US president's combative approach to trade has made it imperative for them to turn more toward China. Sigfrido Reyes, an El Salvadoran trade official, said market turbulence caused by Trump had hurt his country by driving down prices of commodities such as coffee. It now looks to China to reduce reliance on the United States. "What really worries us is the uncertainty. In an uncertain environment, everybody loses. So we don’t want to have all our eggs in one basket," Reyes said. 'We want to diversify' China is expected to remain reliant on US electronics and other high-tech goods that it, and other countries, cannot yet supply. But tariffs imposed by each side could cut off the flow of a range of other US goods. While few dispute that China's mercantilist trade policies need to change, the trade spat has started to bite in the United States, where a Chinese shift to non-US suppliers of soybeans and other key import goods has left American farmers without buyers. Major Chinese meat importers also have told AFP they will simply source from other countries. Even Canada, which relies heavily on US trade, wants to diversify. "Of course we are close to the US and we always will be. But we want to diversify our trade, especially including China because it's a huge country," said John McCallum, Canadian ambassador to China. Canadian officials said Tuesday at the expo that Ottawa plans to double its trade with China by 2025. China's growing appetite for imports, fuelled by increasing incomes, will benefit many US companies, dozens of which are at the expo including Boeing, Caterpillar, General Motors, Honeywell and Tesla. But the shocks delivered by Trump's trade policies give opportunities to others. China is already the world's largest exporter and is catching up to the US on import volumes. The resulting trade relationships that China develops add to its global leverage. Political risk Ye Ming, one of thousands of Chinese buyers milling about the show, imports footballs. China increasingly buys such lower-value products from abroad as it moves up the global production chain, and Ye chose Pakistan because its sound relations with Beijing mean less political risk. "Right now, if you are doing businesses with America, you'd have that problem," Ye said. "(The import expo) is also a message that America can buy from around the world, and we can buy from around the world, too." Attendees said China's emergence as a powerful importing nation depends on whether it removes trade barriers it has used for decades to coddle domestic industries. Xi opened the expo by declaring China's resolve to tear down hurdles, but his comments were widely seen as repeating earlier unfulfilled promises. "It is a huge market that is demanding every single product, but it is still very difficult to penetrate," said Reyes. But that means little right now to foreign delegates like Marcelo Sobrinho, who exports handmade shoes under the 71-year-old Brazilian brand Ferrucci. Sobrinho said the China-US trade war resulted in both countries making Brazilian imports easier, and Ferrucci sought to take advantage by grabbing its first toehold in China. "(The trade conflict) helped us. China opened its market and the US reduced import taxes. So two doors have opened for us," he said.

With US absent, world's exporters turn attention to China

The Central Board of Indirect Taxes and Customs (CBIC) has cleared over Rs 7000 crore worth Goods and Services Tax (GST) refunds of exporters during the initial phase of the special refund drive undertaken by the authorities.

The tax department has also asked the exporters and traders to visit their jurisdictional GST office or Custom House/Port and settle their pending claims during the Special Refund Fortnight from May 31, 2018, to June 14, 2018.

On the other hand, Chief Commissioner of Delhi Customs Sunil K Sawhney has informed that they will try to scroll down around 26,000 shipping bills, which are still pending due to lack of relevant documents, during this special drive.

"To facilitate the exporters for an expeditious disbursal of the refund of Integrated Goods and Services Tax (IGST) paid on the goods exported by them up to 30th April, we are holding a special fortnight from 31 may to June 14, 2018, to remove the errors made by the exporters in their shipping bills," Sawhney said.

As of now, the Delhi customs zone has successfully scrolled out IGST refunds amounting to Rs 290 crore over 12,000 shipping bills in the last eight days.

During this process, the customs department has been able to correct 8,000 shipping bills of the exporters involving about Rs 143 crore of IGST and Rs 194.75 crore of Rebate of State Levies (RoSL), till June 8.

Incomplete information and mismatch errors have caused much trouble in processing the refund amount for exporters.

Several measures have been taken by the government to ease the backlog of refunds and help exporters and traders.

Incomplete information and mismatch errors have caused much trouble in processing the refund amount for exporters.

The Central Board of Indirect Taxes and Customs (CBIC) has cleared over Rs 7000 crore worth Goods and Services Tax (GST) refunds of exporters during the initial phase of the special refund drive undertaken by the authorities. The tax department has also asked the exporters and traders to visit their jurisdictional GST office or Custom House/Port and settle their pending claims during the Special Refund Fortnight from May 31, 2018, to June 14, 2018. On the other hand, Chief Commissioner of Delhi Customs Sunil K Sawhney has informed that they will try to scroll down around 26,000 shipping bills, which are still pending due to lack of relevant documents, during this special drive. "To facilitate the exporters for an expeditious disbursal of the refund of Integrated Goods and Services Tax (IGST) paid on the goods exported by them up to 30th April, we are holding a special fortnight from 31 may to June 14, 2018, to remove the errors made by the exporters in their shipping bills," Sawhney said. As of now, the Delhi customs zone has successfully scrolled out IGST refunds amounting to Rs 290 crore over 12,000 shipping bills in the last eight days. During this process, the customs department has been able to correct 8,000 shipping bills of the exporters involving about Rs 143 crore of IGST and Rs 194.75 crore of Rebate of State Levies (RoSL), till June 8. Incomplete information and mismatch errors have caused much trouble in processing the refund amount for exporters. Several measures have been taken by the government to ease the backlog of refunds and help exporters and traders.

Over Rs 7000 cr GST refunds of exporters cleared

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