Synopsis
Oil is on the boil, once again. Brent crude, which was at USD100 a barrel levels in 2014, is nearing the dreaded triple-digit figure amid inflation worries. But not everyone is dreading it. Oil companies have turned around from nearly nursing a debt to becoming cash rich now. Amid all this, oil consumers are at the receiving end.
In the past two years, if Covid-19 wreaked havoc on the health front, inflation and the resulting hike in prices of essential commodities amid salary cuts and job losses dealt a double blow on the common man. In October 2021, when global Brent crude prices surpassed USD75 per barrel, it gave enough indications that it was ready to roar towards triple-digit figures. ET Prime discussed this and explained the reasons why crude-oil prices could
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