Global oil prices to fall to $70 per barrel: Moody’s Analytics

Chennai: Global oil prices are expected to fall to almost $70 per barrel by the end of 2024, said Moody’s Analytics in a recent report on the Asia Pacific (APAC) region.
Pointing out the increase in oil prices to $120/barrel in June after Russia’s invasion of Ukraine and its fall to $100/barrel in August Moody’s Analytic said: “This trend will continue; we expect crude prices to fall to almost $70 a barrel by the end of next year.” “For the APAC region’s big oil importers, notably Singapore and Hong Kong, this will ease pinching price pressures,” Moody’s Analytics said.
Also Read China sanctions 7 top Taiwanese officials after 2nd US delegation’s visit According to Moody’s Analytics, the impact of oil price increase has been varied for the APAC region.
“For net energy importers such as Thailand, Japan, South Korea and Singapore, household energy bills have risen sharply. But for the region’s key energy exporters, Indonesia, Malaysia and Australia, households have been more sheltered,” the report notes.
But coal and natural gas prices remain stubbornly high.