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Last weekend Organization of Petroleum Producing and Exporting Countries (OPEC) announced that by 2024 it will reduce crude oil production by more than a million barrels.
Considering this announcement, world oil prices again showed a new increase, exceeding $80 per barrel.
In March, Brent crude traded around $78 a barrel, hitting its lowest level in 15 months due to lower demand amid fears of a US banking crisis.
oil prices they have already fallen to pre-war levels between Russia and Ukraine that sent crude oil soaring to $130 a barrel last year.
However, over the past hours, the price has risen by more than 5% and is already above $84 per barrel.
For investment firm Pickering Energy Partners, oil prices could rise by about $10 due to this uncertainty, while Goldman Sachs expects oil to hit $95 a barrel by the end of this year.
Even other analysts such as Rystad Energy and UBS warn that the price Oil The price of Brent crude oil may range from 100 to 110 US dollars per barrel.
For now, Saudi Arabia and Iraq have indicated they are cutting production to maintain market stability. Other oil countries that will cut production are the United Arab Emirates, Kuwait, Algeria and Oman.
Now the situation is generating uncertainty in the face of high inflation, which still exists in most countries and which is expected to decline this year.
Source: RPP
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.