Oil prices likely to fall sharply in global market

WASHINGTON: A significant drop in global oil prices has been predicted, which is expected to bring about a major change in the energy market.

US Treasury Secretary Scott Besant has indicated that crude oil prices should fall after the recent war situation.

In an interview with US media, he said that futures market trends are clearly indicating that oil prices may fall in the coming days, increasing global supply and improving conditions will be the main reasons for this decline.

Scott Besant added that the movement of oil tankers passing through the Strait of Hormuz will continue as usual and Iran does not earn much revenue from this route in the form of tolls, so this issue will not have much impact on prices.

On the other hand, the seven member countries of the global oil organization OPEC+ have decided to increase oil production. According to the report, in a recent meeting, an increase of 188,000 barrels per day was agreed upon, which will be implemented from June.

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According to experts, the increase in production will increase the supply of oil in the global market, which is likely to result in a further decline in prices.

This development is being described as a positive signal for the global economy, as a decrease in oil prices can help control inflation.