The final months of 2020 were a tough end to a tough year, according to BP’s chief executive. But Bernard Looney’s verdict on the worst financial year in the industry’s history is a devastating understatement. It was a period marked by thousands of job cuts, battered dividend policies and record multibillion-dollar losses.
Massive losses should be a warning to Big Oil that its bonanza is over
If higher inflation leads the US Fed to raise rates soon, emerging markets will face problems.
By Kenneth Rogoff *
Uneven recovery from COVID recession could hit poorer countries hard

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