Philippines Would Feel Most Of The Effect Of Oil Price Hike
PHILIPPINES – As oil prices continue to spike up, it may reach up to $100/ barrel and Philippines would probably feel the effects most.
Oil price continues to rise this year as huge oil companies start applying price increases. Here is the recent oil price hike report.
According to an Oxford Economics research note, they foresaw a possible continuous increase in oil prices as tensions build in the Middle East.
This is according to an article from Philstar. Based on the article,
Inflation could also blow and cause the global economy to drop by 0.6% below the bottom line in the last months of the year 2020.
The think tank also explained how it is possible for oil prices to reach 100$ per barrel in the statement:
“In the short-run, it is likely the supply impact will be offset by higher production elsewhere, but the market is tightening and all it would take is one more shock to supply and oil could reach $100 per barrel.”
The United States’ move to take off waivers to allow countries to buy from Iran is also expected to affect oil supplies.
Meanwhile, Saudi Arabia declared that they do not have plans to increase oil production on Wednesday.
On the other hand, as the Philippines suffer the most due to the massive oil price spike, there are countries that would benefit from it.
Oil producers such as Russia, Saudi Arabia and the United Arab Emirates would benefit largely from this increase.
That is all there is to it, at least for now. We’ll post updates as soon as we got them.