Is there an ideal oil price that safeguards interests of consumers and producers?
As the oil price did not go up the way the OPEC+ expected, apart from temporarily being on the crosshairs of the US, analysts believe only a strategy of maintaining a price, ranging from $70 - $80 barrel, could be the pragmatic approach. A move of that kind, they believe, safeguard the interests of both the consumers and producers without causing irreparable damages to the producers and the global economy as a whole. Although the decision by the OPEC+ to reduce the production by over a million barrels a day, in theory, is supposed to push the price up for obvious reasons, the inflationary pressure on the consumers appeared to have effectively neutralized the effect. As of 14:30 GMT, the price of WTI, Brent and LNG, liquified natural gas, were at $85.32, $93.25 and $5.08 respectively. It is clear that the price of natural gas has come down significantly that in turn plays role in determining the current oil price. A few months ago, the price of crude oil went up in proportion to th