Better for Indian policymakers to understand what makes oil prices move

By how much will oil prices move this winter, and in 2023? If one had the key to the chaotic world of oil prices, then she or he would be the most influential and richest astrologer in the world. Even seasoned oil wizards working for some of the world’s most storied banks like Goldman Sachs have stumbled. When Brent crude soared to a record $147.50 a barrel in the summer of 2008, Goldman Sachs predicted the world’s biggest addiction to touch $200 a barrel — crude plunged to $45 a barrel in the winter of 2008.

The perils of predictions