You would think that the falling petrol price of the past month is purely good news, but unfortunately there is a dark side to the story. The oil-producing countries, which together form OPEC+, decided yesterday to continue limiting oil production. As you might have expected, this is not good news for gasoline prices.
The oil price (and therefore the petrol price) has not been as low as it has been for a year and a half. And the oil countries don’t like that very much. The twelve OPEC countries agreed to limit oil production by 3.7 million barrels per day. A number of countries are imposing additional restrictions, which would bring the total to 5.9 million barrels per day, it reports NRC.
The oil price does not have to rise enormously, because a reduction is already in effect. The oil-producing countries will extend the restriction until the end of 2025. After that, they will start phasing out the restrictions. The US is not part of OPEC+, but because the cartel has so much influence on the oil price, the price of American oil often rises along with it.
The price of oil will therefore be kept artificially high for the next year and a half, so you should not expect huge drops in the price of petrol. The excise tax discount will remain in force in the Netherlands until 2025, so fortunately you don’t have to expect a huge increase there. Will Euro 98 ever become cheaper than 2 euros per liter?
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