Petroleum prices likely to drop significantly: Experts

Islamabad: The energy experts said that the prices of petroleum products are likely to decrease significantly in early 2024 due to low demand and high production of oil.

According to the experts, crude oil prices declined in November and December due to a weak global economy and a drop in demand due to rising crude oil inventories in the United States.

The analysts monitoring the market stated that while crude oil supply is currently higher than demand, for the first half of 2024, we expect Brent (crude) to range from $60 to $65 per barrel to $85 to $90 per barrel.

Experts believe that only geopolitical tensions in the Middle East can increase oil prices, otherwise there is a possibility of significant decline in oil prices.