With speculations that crude oil prices may go up again after Qatar deciding to pull out of the oil cartel Opec and an expected supply cut this week, Hindustan Petroleum Corporation (HPCL) Chairman and Managing Director M K Surana on Monday said that while the prices may go up, they will still be below $70 a barrel for the rest of the current financial year.
This comes after the Brent crude prices increased by 2.76 per cent to $62.22 a barrel at one point on Monday, arresting the recent declining trend. “The exit of Qatar is depending on the individual interests of the country. Despite all the geo-political situations, prices will still be below $70 a barrel for the rest of this financial year,” Surana told Business Standard.
This comes close to the statement by Qatar Energy Minister Saad al-Kaabi that his country will be exiting the Organization of Petroleum Exporting Countries (Opec) by January 1, 2019, to focus on gas production. Read More