Crude price: Signs of a decrease in crude oil prices!

S&P Global has predicted that the price of crude oil per barrel will fall below $60by December this year .It is currently trading near $70. Despite sluggish global demand, OPEC+ countries decision to increase production is the reason for controlling oil prices, said Premashish Das, executive director of S&P Global Commodity Insights.He predicted that the price of a barrel of crude oil could fluctuate in the $55-60 range by the end of this year. He warned that if
tensions between Iran and Israel
escalate, along with geopolitical tensions, OPEC countries could cut production, but the price of a barrel of oil could reach $70-75. He said that the demand for oil in India is likely to improve in the second half of this year. It is estimated that our country's demand may increase by 1.1-1.2 lakh barrels per day.

Domestic demand growth forecast
Oil price movements are as follows: In the wake of declining oil prices in 2022, OPEC+ countries have initiated production cuts. Monthly2.2In early April this year, OPEC decided to reverse its decision to cut production by a million barrels. As a result, the price of a barrel of oil fell below $60. It is now hovering around $70 again due to Iran-Israel tensions.
Past history price movementsOPEC
+ announced a production cut of 2.2 million barrels in 2022 as prices fell. OPEC reduced this cut and increased production in 2024, which led to a decline in prices. Oil prices have recently returned to trading around $70 due to geopolitical tensions.

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