Crude Oil Price: Is there a huge fall in crude oil? By the end of this year, the price of crude is expected to slip to $ 65

By the end of this year, the price of crude oil may slip to $ 65.

City estimates that there is going to be a huge fall in the price of crude oil. By the end of this year, the price of crude oil is expected to fall to $ 65. By the end of 2023, it has been estimated to slip to $ 45.

The price of crude oil is being discussed all around. Crude oil ,Crude Oil PriceTwo types of things are being said about the value of ). Some experts say that if the global economy moves towards recession, then the price of crude oil will fall in the coming time. On the other hand, some experts also say that due to the sanctions imposed on Russia, the demand for crude oil is not being met. In such a situation, the rise in crude oil will continue. If Russia decides to reduce production and supply, then the situation has also been feared to be dangerous. Meanwhile, Citigroup believes that by the end of this year, the price of crude oil can fall to $ 65 and by the end of 2023 it may slip to $ 45. At present, the price of crude oil is around $112 in the international market.

A Reuters report quoted Citigroup as saying that based on the current situation, it seems that Russian oil exports will be in a strong position in the years 2022 and 2023. In the coming days, the demand for crude oil is expected to decrease, due to which the inventory will increase a lot, due to which the pressure on the price will increase.

What will be the average price of crude oil?

Citi estimates that by the September quarter, the average price of crude oil in the international market will fall to $ 99 per barrel. This will come down to $85 in the December quarter. The average rate of Brent crude oil for the year 2022 has been kept at $ 98. In the year 2023, the average price of oil has been reduced to $ 75.

Average Price Estimation for WTI Crude

Regarding WTI crude, it was said on behalf of the city that in the year 2022 its average price will be $ 95 and in 2023 the average price will be $ 72. In the September quarter of the year 2022, the average price for WTI crude has been estimated to be $ 94 and in the December quarter the average price has been estimated to be $ 81.

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Oil market will change due to Putin’s decision

Recently a report by JP Morgan came. According to this report, if Russia reduces oil production, giving a befitting reply to all kinds of sanctions imposed by America and Europe, then the price of crude oil in the international market can reach $ 380 per barrel. Is. Recently, an important meeting of G-7 countries was held in which it has been decided to impose many types of sanctions on Russia. JP Morgan has written in its report that if Putin reduces the production of crude oil by 5 million barrels on a daily basis, then Russia’s economy will not be affected much, but it will have a great impact on the global economy. If production is cut by 3 million barrels per day, the London crude oil price will rise to $190 per barrel. If this cut is 5 million barrels on a daily basis, then the price will increase to $ 380.