After five weeks of decline, fuel price is back go up In the heat of the announcement of 23 major countries manufacturers oil, rimmed sign OPEC+, which last week decided to reduce its production by 2 million barrels per day (2% of the world’s supply), Prayers from the West to do the opposite. The reaction was as intended: increase in crude oil prices. This also got into the fuels. How long and for how long remains to be seen, but the International Energy Agency (IEA) warns that this reduction in supply recession of the world economy.
decision thirteen members Organization of the Petroleum Exporting Countries (OPEC) led by Saudi Arabia and ten partnersled by Russia, OPEC+ creator caused last week most gasoline increased by 2.1%up to an average of 1,711 euros per liter, and diesel, 2.6%up to 1.856 Euros per litre, European Commission Oil Bulletin Released this Thursday. Actually, if you look average daily pricethrough the geographic portal of the Ministry of Ecological Transition, in full October 5, the day of the announcement, way up.
And this despite the fact that there will be no interruption in production until November, but the simple expectation that it will happen, 7 percent increase in crude oil prices (Brent barrel) in October after accumulated rise 25% from summer. and at this speed affected the price of service stations so it is known as ‘rocket effect’ which is nothing but immediate response to fuel price increases, when the reference price index increases, vice versa (decreases) ‘feather effect’, with a later contamination.
fuels still far from the peaks reached in summerIn July when gasoline reaches 2,141 euros per liter and diesel reaches 2.1 euros per liter. When it comes to gasoline, it’s also a lower price issue. levels before the 20 cents per liter bonus Approved by the Government at the end of March (1,818 euros per liter), not valid for diesel (1,837 euros per liter). But International Energy Agency (IEA) bay Accent about what will happen, not for drivers, set Because the increase in energy prices will push inflation higher in countries.
“With the ruthless inflationary pressures and interest increases, oil price increase it can be turning point for one person global economy what’s this on the verge of recession“The agency, the energy arm of the OECD, says in its monthly oil market report released this Thursday. The report states that the cut announced by OPEC+ will not be 2 million barrels, but about one millionbecause most of the cartel countries produce below their allocated quotas and Most of the cut will be covered by Saudi Arabia and United Arab Emirates (UAE). They can also come from Russia from DecemberWhen the embargo decided by the European Union is applied.