June 10, 2023

Wire Service Canada

Complete Canadian News World

Gasoline, another touch will arrive | Is the sting coming?

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Disastrous situation with +8% in the market for crude oil prices: the turn that no one wanted. Asian Stock Markets Are Going Crazy, Are We Heading For Another Depression?

Terrible year for gasoline, as increases are now very unpredictable, especially after the latest worrying news from OPEC+.

In fact, it seems that the decision to cut the various Arab countries to cut it 1 million barrels of gasoline Until the end of the year, namely: Saudi Arabia will reduce its daily oil production by half a million barrels, the UAE by 144 thousand barrels, and Kuwait by 128 thousand barrels.

It is also a situation directly related to Russia, which previously hinted that it would cut gasoline production.

All of these variables can drive petrol and diesel to very high levels in terms of prices, which are currently around 1.85 liters for petrol and 1.80 liters for diesel.

OPEC + and gasoline: How is the situation developing and what is the opinion of the press about it?

Obviously, the press has also intervened in recent days about the unexpected increase in crude oil prices and there is no shortage of concern about the official notes circulating.

As stated in an official note from the Nova agency: The decision was announced on the eve of a remote OPEC+ meeting to monitor the latest developments following the October 2022 decision to cut oil production by 2 million barrels per day.

For everyday truth: “OPEC +’s move aims to reduce supply to support oil prices, which are currently trading at $82 a barrel (Brent), the lowest values ​​for about 15 months,” he added.

Obviously, this is all because the rule that fuels an increase in gasoline is very simple: the fewer barrels a day there are produced, the easier it is for the price to go up dramatically.

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Good government petrol
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And what is happening in Italy? Given that concern is already high after the Meloni government’s decision to prevent cuts on petrol that would have affected the state coffers by 700 million, it may still not be possible to contain the costs, which could again exceed the ceiling of 2 euros per liter.

However, the executive has promised that if that happens, cuts to gasoline for everyone will come back into existence.