Significant new developments in fuels. Although the variations were small, or even zero last week and only marked by the continuous fall in the price of a barrel of Brent, the curves have moved more in recent days. In its weekly update, the Ministry for the Ecological Transition indicates that the Brent barrel is rising again, taking 3.2 dollars to settle at 76.9 dollars per unit.
At the pump, motorists can already feel this uptick, especially those driving Super Unleaded 95 E10 who now have to pay €1.9105 per liter purchased after a weekly rise of 2.5 eurocents. On the other hand, the trend is maintained for diesel, whose price is gradually approaching the threshold of 1.8 euros per liter, pointing precisely this week at 1.8093 after a very slight drop of 0.7 cents per liter. liter.
Impending sharp increases?
Therefore, if the price of gasoline is already moving significantly, the relative calm observed for almost two months around diesel prices should not last long. In fact, oil prices rose nearly 6% on Monday in Asian trade after the surprise announcement of major production cuts in May by Iraq, Algeria, Saudi Arabia, the United Arab Emirates and Kuwait. The price of a barrel of American WTI rose 5.74% to $80.01 and that of a barrel of North Sea Brent rose 5.67% to $84.42.
This cup announced on Sunday by Iraq, Algeria, Saudi Arabia, the United Arab Emirates, Oman and Kuwait will start in May and run until the end of the year. It means a total drop in production of about a million barrels a day, the biggest drop since October. This new cut “comes after oil prices reached their lowest level in two years in March (…) at less than $80 a barrel of Brent, an unacceptable level for OPEC+ members,” he explains. to AFP Ibrahim al-Ghitani, an expert in the oil market, based in the Emirates. The cuts “will change the mechanisms of the market and support prices beyond their current level,” he said.
Source: BFM TV
