Lahore (Urdu Point News Latest. 08 January 2024) Crude oil has become cheaper in the global market, crude oil prices have decreased by more than 4% at the beginning of the new business week. According to the details, at the beginning of the second business week of the new year, unlike last week, the trend of crude oil prices in the world market is significantly decreasing. According to media reports, crude oil prices in the global market fell by 4 percent at the beginning of the second week of the new year.
During trading in the global market, the price of British crude oil fell below 76 dollars per barrel, while the price of American crude oil fell to the level of 70 dollars per barrel. The price of gas in the global market also decreased. Gas prices fell 5 percent to $2.76 cents per mmbtu.
Despite gas demand reaching the highest level of the year, gas prices have come down.
On the other hand, while reacting to the fluctuation in oil prices, experts say that the price of crude oil in the world market is likely to remain at the level of 80 to 85 dollars per barrel during the next year. OPEC decisions will continue to affect oil prices in 2024. Oil prices are unlikely to drop much this year due to the non-increase in oil production by oil producing countries, especially Saudi Arabia.
It should be noted here that Saudi Arabia is the largest producer of oil in the OPEC organization. Any decision on oil production by Saudi Arabia affects oil prices in the global market
