Crude Oil Price Could Hit $107 Per Barrel If OPEC+ Extends Cuts In 2024 Says Goldman Sachs

Crude Oil Price: In the coming days, there may be more fire in the prices of crude oil. The price of crude oil can cross $100 per barrel and go up to $107 per dollar. Goldman Sachs believes that if Russia and Saudi Arabia uphold their decision to cut crude oil production, then crude oil can go up to $ 107 per barrel in the international market.

Russia and Saudi Arabia’s decision increased pressure

Goldman Sachs said that if OPEC+ countries do not withdraw the decision to cut crude oil production in 2024, then crude oil in the international market can go up to the level of $ 107 per kg. On Tuesday, September 5, 2023, Saudi Arabia has decided to cut one million barrels of crude oil by December. At the same time, Saudi Arabia said that it will review whether further cuts are needed or not. Russia has also decided to cut the export of 3 lakh barrels of crude oil by December. After this decision of both the countries, crude oil has crossed $90 per barrel and reached the level of $91 per barrel.

Inflation may increase in India

If Goldman Sachs’s prediction of rising crude oil prices and going up to $107 per barrel turns out to be true, then India’s troubles may increase. There is a danger of rising inflation in India due to the rise in the prices of crude oil. The pressure on government oil companies to increase the price of petrol and diesel will increase. At the same time, there will be a decrease in their profits. The government’s efforts to make petrol diesel cheaper before the assembly and Lok Sabha elections will be a setback. The rupee will also weaken against the dollar.

There was a sharp jump in prices after the Ukraine war

Earlier, after Russia’s attack on Ukraine in February 2022, there was a sharp jump in the prices of crude oil in the international market and the prices reached up to $ 139 per barrel. However, after this the prices came down. In June 2008, crude oil had reached $ 147 per barrel before the worldwide financial crisis.

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