2023-08-02 17:21:00
Those who fill their gas tanks are no better off: both the 95 and the 98 will see their prices rise again, for a third increase in a month.
Maximum fuel prices are on the rise. ©FPS Economy
Repeated increases which would find their explanation in the positioning of Saudi Arabia which made cuts in its production to stem the vertiginous fall in oil prices.
A little background: at the height of the energy crisis, the price of a barrel of brent had approached its historic record reached in 2008 ($147.5): the barrel was trading around $130 on March 7, 2022, with peaks at $139 during the day. With almost immediate consequences on prices at the pump: on March 11, a liter of diesel reached its historic record (€2.286), almost equaled 7 months later (€2.239). Gasoline 95 also reached its record price in June 2022 (€2.155).
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Between June 2022 and June 2023, Brent prices had collapsed somewhat. From $123.6 a barrel, we had fallen to less than $72. That is a drop of 42% in one year.
Brent price ©IPM Graphics
But if oil prices have returned to their pre-energy crisis levels, they have started to rise again. From $72 on June 26, a barrel of Brent is now at $85. That is an increase in value of 18% in just over a month.
An increase whose origin is therefore to be found in Saudi Arabia’s decision to limit its oil production. While OPEC + had already decided in April to reduce its daily production by 1.16 million barrels in order to curb the loss of speed in the price of Brent, Saudi Arabia, yet a member of OPEC +, has unilaterally decided to reduce its daily oil production by nearly one million barrels. “The supply of crude which remains limited and the probable extension of the Saudi production cuts until September continue to influence the markets, confides Aude Fischer, spokesperson for Carbu.com, the fuel price comparator. At their highest level in three months, oil prices continued to rise slowly on Monday. Brent then started the day at a value of $84.24 when the markets opened. Although they have since remained flat, WTI and Brent are on course for their strongest monthly gains since January 2022.”
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Reaching their highest level since the beginning of April, oil prices are also on track to achieve their best performance for a month of July in almost twenty years. “However, the increase at the start of the week remains modest. As China takes steps to support its economy and the United States slowly wins its battle against inflation, demand concerns are easing.
It should be noted that while gasoline and diesel are on the rise again, this is also the case for fuel oil, which recorded an increase of almost 15% for the month of July alone.
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