No, crude prices are not headed for $150 a barrel
- Politicians in the US and Europe, and large oil exporters will do everything in their considerable power to prevent this as it goes against their self-interest
Now that oil has hit $95 a barrel, analysts have started to forecast higher prices. Estimates go all the way up to $150 a barrel, as in the case of JP Morgan’s energy analysts. This is followed by sympathetic projections of the likely impact on India’s macro fundamentals. It’s time we put a lid on this line of punditry. Oil prices are not going to go crazy.