Deripaska predicts a 20% drop in oil prices in 2024 – Kommersant
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Businessman Oleg Deripaska believes that world oil prices will drop by another 20%. According to him, this will support the fight against inflation. This is how he commented on the material Financial Times (FT) that steady growth in non-OPEC+ oil supplies and uncertain economic prospects will curb oil price increases this year.
“Cheaper oil, which will fall another 20 percent on the world market this year, will be a good help in the fight against inflation,” Mr. Deripaska wrote in Telegram.
The FT writes that oil prices showed modest growth in the first week of 2024. Yesterday, January 8, they fell after Saudi Arabia reduced the selling price of export oil in February. The newspaper notes that analysts are reluctant to make forecasts for oil prices due to the possibility of oversupply, an uncertain economic outlook and a lack of clarity about how the conflict between Israel and the Palestinian movement Hamas will develop. Experts say another factor is the US presidential elections, which will be held in November.
In mid-December, the price of Brent oil rose to almost $80 per barrel, and quotes for Russian Urals exceeded $66 per barrel amid regular Houthi attacks on merchant ships in the Red Sea. Despite this, further rise in oil prices analysts didn’t predict. Goldman Sachs reduced its forecast for Brent oil to $70–90.
Details are in the Kommersant FM publication. “Oil is calculating its prospects”.
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