The year 2020 was a special one when it comes to oil and the price of petrol and diesel at the pump. But now we have bad news.
Drivers who have petrol and diesel cars need to know. The period with low fuel prices is almost over. OPEC estimates that prices will return to normal in 2021 and how the situation looks now is clear.
Currently, oil is trading at a 5-month high, as production in the Gulf of Mexico has been reduced pending Hurricane Laura. At the same time, US stock stocks fell for the fifth week in a row.
The American authorities estimate that over 84% of the oil production in the Gulf of Mexico has been stopped, the equivalent of 1.56 million barrels per day, Profit.ro notes. The reduction in offshore production in the Gulf of Mexico is thus close to the level of 90% reached 15 years ago due to Hurricane Katrina.
Craig Erlam, an analyst at Oanda, said that the level of quotations depends on the damage caused and the time required for refineries to be put back into operation. as we could have seen in other conditions, but the market does not even face a supply deficit “, he added.
According to the latest information, prices are also supported by the fact that the US Energy Intelligence Administration (IEA) reported a weekly decline of 4.7 million on August 26. barrels of US oil stocks, this being the fifth week of declines.
Brent oil is trading at around $ 46.5 a barrel and WTI at about $ 43.5 a barrel.
For the time being, even in Romania, the prices are even lower. As various activities are resumed, they will certainly increase. If you want to see how we stand, you can research this analysis on how much a refill costs in Romania.