Crude oil prices may increase further in the coming days. Crude oil prices could cross $100 a barrel and go up to $107 a barrel. Goldman Sachs believes that crude oil can go up to $ 107 a barrel in the international market if Russia continues its decision to cut crude oil production. Goldman Sachs said crude oil in the international market could go up to $107 a barrel if the OPEC+ countries do not reverse the decision to cut crude oil production in 2024.
On Tuesday, September 5, 2023, Saudi Arabia decided to cut one million barrels of crude oil by December. Saudi Arabia said it would review whether more cuts were needed. Russia has also decided to cut 300,000 barrels of crude oil exports by December. After this decision of both countries, crude oil has crossed $ 90 per barrel and reached the level of $ 91 per barrel. Which is its highest level of 10 months.
If Goldman Sachs' prediction of rising crude oil prices and $ 107 per barrel turns out to be true, then India's troubles may increase. The rise in crude oil prices in India is at risk of rising inflation. The pressure on government oil companies to increase the prices of petrol and diesel will increase. Then his profits will decrease. For the government, efforts to make petrol and diesel cheaper before the assembly and Lok Sabha elections will suffer a setback. The rupee will also be weak against the dollar.
Earlier, after Russia's attack on Ukraine in February 2022, there was a sharp jump in the price of crude oil in the international market and the prices reached $ 139 per barrel. However, after that, the prices came down. In June 2008, crude oil reached $ 147 a barrel before the financial crisis worldwide.
The prices of petrol and diesel have not changed in the country since Last year. In April last year, state-run oil marketing companies had last revised the prices of petrol and diesel. Since May, when the central government reduced excise duty on petrol and diesel, there has been no change in the price of petrol and diesel. The price of petrol in many cities of the country is more than 100. Petrol and diesel prices: Petrol price in Delhi stands at Rs 101.64 per litre while diesel is available for Rs 89.99.