The price of oil is expected to rise to $100 a barrel in the fourth quarter of 2023, Jeff Curry, Goldman’s head of commodities research, said on March 6, Bloomberg reported.
“I am pretty sure we will see another price increase in the next 12 to 18 months”Curry said.
He noted that future price increases will be affected by China’s lifting of its strict Covid-19 policy and resumption of full work in the country and the expected overload of spare global production capacity in this regard.
Remember that the cost of a barrel of oil continues to decline, while Shell made a record profit of $40 billion in 2022. The conflict between the West and Russia in Ukraine allowed the energy giant to provide shareholders with unprecedented profits.
The fall in oil prices occurs in the context of a more restrictive monetary policy by the world’s central banks. In addition, stock speculators react to reports of the UAE’s withdrawal from OPEC and its rebuttal.
Source: Rossa Primavera
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