High oil prices worry developing countries

oil prices surged to their highest level in more than a year with US West Texas Intermediate (WTI) oil futures reaching US$95.03 per barrel.

Meanwhile, oil prices have fallen again, to below the level of US$90 per barrel.

If the price exceeds US$100, this will not benefit the producing country or anyone else's interests. You will have huge, organized chaos," said Hardeep Singh Puri during a panel at the ADIPEC oil and gas conference in Abu Dhabi, United Arab Emirates, Tuesday (3/10/2023).

"poor people had to switch from affordable gas and cooking fuels to wet wood, coal, or whatever they could get their hands on." he added

 

Oil price fluctuations can cause inflation and chaos as happened in Indonesia in 1998

 

Therefore, this requires sensitivity from oil producers to consider economic stability in developing countries, in order to maintain oil prices of no more than $100 per barrel.


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