A sharp rise in crude oil prices, analysts predicted

Oil prices hit a three-year high of about ڈالر 80 a barrel.

According to Arab News, Brent crude, which is considered the standard of world oil prices, was recorded at 79 79.6, which is 90 percent higher than last year.

Analysts predict that oil demand will continue to rise in the future as the global economy recovers faster from the damage caused by the coronavirus.

Damien Caroline, an analyst at US bank Goldman Sachs, said: “Current oil demand and supply deficits exceed our expectations. Recovering rapidly from the effects.

Goldman Sachs has predicted a further ڈالر 10 rise in oil prices by the end of this year, after which crude will reach 90 90.

Kirsten Malik of US investment bank JP Morgan predicts that the price of oil will reach 100 100 a barrel by the end of this year as all commodity prices go through a ‘supercycle’, a time when “Demand continues to grow,” he said.

The recovery in the global economic situation has led to an improvement in oil prices. But it is also due to the action taken by the group of oil-producing countries, OPEC Plus.

By allowing an additional 400,000 barrels per month by December 2022, OPEC Plus has begun to cut oil supplies. However, Goldman Sachs Bank says the oil market will once again be in a ‘structural deficit’ in 2023, when demand for oil exceeds its supply and investment declines.

OPEC Plus has increased its oil supply quota, but some large-scale producers are finding it difficult to meet the needs of the global market. The Arabs will probably benefit the most from rising oil prices and production.

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On the other hand, gas shortages in Europe and elsewhere are also expected to push up oil prices, according to Goldman Sachs. ۔

The next meeting of OPEC Plus will decide whether to provide an additional 400,000 barrels per month. If prices continue to rise, OPEC Plus will be hesitant.

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