Oil prices to surge tremendously in international market

Washington: The sanctions imposed by the West on Russia and the reduction in fuel production by the OPEC Plus countries will push fuel prices back above $100 by the end of next year, warned Goldman Sachs, the leading US financial institution. The financial institution claimed that the rising demand for fuel in China would also support fuel price hikes. Currently, the price of crude oil in the international market is around $80 per barrel.

Based in the US, Goldman Sachs is a leading international investment and securities management financial institution. Goldman Sachs provides investment advice and other financial services to governments, financial institutions, corporations and the ultra-wealthy in various countries worldwide. Working in this field for the past 150 years, the financial institution has clients from the United States to developed and developing countries, as well as leading business clients of the world. The financial institution predicts the impact of international politics and events on global markets. Therefore, the statement made by Goldman Sachs is taken seriously.

Two days ago, while speaking at an event held in Saudi Arabia, Jeffrey Currie, a senior analyst at this financial institution, expressed concern over fuel’s declining productivity in the international market. Since the start of the conflict in Ukraine, the sanctions imposed on Russia by the US and its allies have disrupted the supply of Russian fuel to the international market. At the same time, the countries of OPEC plus have also refused to increase fuel production. The cumulative effect of this will be on the price of fuel in the world market and by the end of the next year, fuel prices will go beyond $100 per barrel, Jeffrey Currie warned.

Furthermore, Currie warned that sanctions on Russia, a drop in fuel production and an increase in demand for fuel in China would create a more dire problem in early 2024. Fuel productivity has to be increased to meet the increasing fuel demand. Currie also suggested that the ratio of fuel supply to demand by May this year will change. Saudi Oil Minister Prince Abdulaziz bin Salman also warned that Western sanctions against Russia would have dire consequences.

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