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US sanctions won't see oil price surge, shipping to be hit
Mint Bangalore
|January 23, 2025
Oil price is not projected to rise, may stay at $70-75 a barrel, and the situation will ease in a few months: BPCL CMD
With the US announcing fresh sanctions on two Russian oil producers and several vessels, shipping crude oil could be an issue in international energy markets. However, with the US planning to produce more oil under Donald Trump's presidency, there is unlikely to be a significant impact on the availability and prices of oil, said G. Krishnakumar, chairman and managing director of Bharat Petroleum Corp. Ltd (BPCL).
In an interview with Mint, Krishnakumar said oil price is not projected to rise and may remain tepid at $70-75 a barrel, but shipping will be an issue in the near term due to the sanctions, and the situation should ease within a few months.
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