2024-06-03 02:02:02
We do not change something. Even higher, we lengthen it for eighteen months. The ten members of the Group of the Petroleum Exporting International locations (OPEC), plus regarding 10 non-member oil producers resembling Russia, agreed on Sunday, June 2, to take care of the decline in black gold manufacturing, determined in 2022, till the tip of 2025.
Considering the financial and geopolitical state of affairs, this determination ought to result in gasoline costs remaining at present ranges for a very long time. In line with the newest readings, the common worth of unleaded 95 (E10) is round 1.84 €/litre and diesel is round 1.70 €/litre.
With 2 million barrels much less launched per day and 4 million barrels saved underground by some member international locations, OPEC+, which concentrates 50% of oil manufacturing, has been dedicated to protecting oil costs at excessive ranges for the reason that finish of 2022. “This technique has barely stored the value of a barrel of oil between $75 and $85, regardless of the rising world oil consumption,” stated Olivier Gantois, president of the French oil trade union (Ufip).
“The oil system appears to have discovered its stability”
And it’s tough to chop manufacturing additional. “For some international locations, it’s sophisticated to show off the faucets additional,” added Francis Pus, nationwide president of the “gasoline distributors” chapter of the Mobilian Union. They don’t have any assure that costs will rise once more once they want cash. So that is the state of affairs. »
As a result of on the similar time, as a way to meet the worldwide oil demand rising by 1 million barrels per day, non-OPEC international locations resembling america have elevated manufacturing.
“The oil system appears to have discovered its stability,” believes Olivier Gantois. My prediction is that the tunnel we’ve identified since 2022 is prone to proceed, with the battle between Russia and Ukraine creating uncertainty, consumption rising, OPEC+ sustaining its cuts and different international locations rising manufacturing. The excellent news is that costs on the pump haven’t skyrocketed as demand has elevated. The dangerous information is that costs won’t fall. »
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