The economies of Japan, India, Germany and France, which are heavily dependent on oil supply, will be hit hardest, as a barrel of oil is likely to jump to $100 by the end of 2023. In this respect writer Edition World, referring to the opinion of experts.
If the price of oil rises to 100 per barrel due to the OPEC+ members cutting oil production, this will negatively affect the economy of ten countries except the USA. It was stated in the publication that five oil-importing countries would be harmed directly, and five more, including Turkey, would be indirectly harmed.
Market experts agree that countries most dependent on fuel supplies will suffer the most. Especially Japan, India, Germany and France will be directly affected. South Korea will also have some issues that will affect certain industrial areas.
According to experts, emerging markets that do not have much currency will also suffer from rising oil prices. However, this fuel price will not be fixed. In the long run, the price of oil per barrel will range from $80 to $90.
April 4, Japan Cabinet Secretary General Hirokazu Matsuno declarationHe stated that the country’s authorities plan to closely monitor the possible impact of the OPEC+ member countries’ decision to cut oil production on the Japanese economy in order to maintain the stability in the energy market.