Fuel prices hitting an eight year high

Winterfrost

full member

Activity: 725

Merit: 142

Quote from: Ultegra134 on October 08, 2021, 12:40:58 PM

Fuel prices have skyrocketed in the past few months, on a worldwide scale. Here in Greece, the average price per liter for 95 Unleaded petrol is €1.75, while for diesel it's approximately €1.45. A huge surge is also expected, in the soon-to-be launched season of heating gas oil, which is expected to start within the next few weeks, with a rumored price of at least €1.10/liter.

I've read that this spike in prices is triggered by an increase in price per barrel, due to oil companies worrying about the pandemic, while their production is limited compared to the higher demand. Have you heard anything relative? What's causing this surge in prices, could it be a one-off thing which lasts a couple of months at most?

What's the average cost of petrol/diesel in your country? Share your thoughts on what exactly is causing this crisis, which is also spiking electricity costs up, increasing the budget for the average household.

Sources:
https://www.bruegel.org/2021/09/is-europes-gas-and-electricity-price-surge-a-one-off/
https://www.bbc.com/news/business-58718148

Serioously i taught this was a thing of a particular country i never knew it is something that is general and affects even countries i do not expect. Truly the world is going scarcity of fuel and this is as a result of lack of the raw products that produces fuel. We know that the main produces of fuels comes from the decay of dead bodies centuries ago. Especially during the world war. But currently there have been limit to which those products are being obtained and that is why countries who have the natural resources are increasing their prices on a daily basis. So that only few can afford it and those who cannot do without fuel will have no option but to buy it. The question is will there be a time when there will be no fuel for the global economy and what would be the alternative.

Ultegra134

hero member

Activity: 1680

Merit: 845

It's indeed been a while since this thread was last updated, but it's an interesting subject. Fortunately, crude oil prices have slightly dropped compared to what they were a few months ago, surpassing $90 or even $100 in some cases. Brent crude is now at $76.50 and WTI crude at $72, still a lot more expensive than it used to be a few years ago. Unfortunately, I don't expect prices to fall back to what they used to be anytime soon or ever, while the EUR/USD exchange rate is far from being what it used to be.

Even though crude has dropped in price and the exchange rate isn't that bad (1 EUR was equal to $1.10 a few days ago), thanks to our government and pure market speculation, fuel prices haven't dropped too much, with petrol costing an average of €1.87/liter and diesel at €1.69/liter. I'm not sure what to expect in the future, but I'm guessing that high fueling costs have become the norm, as €1.85 per liter was once considered high and was mostly noticed during the summer periods; now it's merely the average price to pay.

MFahad

hero member

Activity: 2506

Merit: 645

Eloncoin.org - Mars, here we come!

Quote from: 2girls on November 30, 2023, 03:43:10 PM

As Saudi Arabia has been the best fuel producer we all know about the fact. The have no use of it on almost when the people need it. That's why the price of water in the Saudi Arabia is high as compared to the Fuel in Saudi Arabia.

All because they have their own wells of the Fuel through which they are supplying in other sense they are exporting these fuel to other countries and are getting their profit in some other ways of income. That's why they didn't mostly take loan from other countries and are independent.

Those materials which are using in country abundantly will have no impact on Economy but those materials which are excessive in quantity are used for the purpose of exporting to other countries therefore it helps in making the economy of a country better.

Those countries in which the system of exporting is stronger than the process of importing will be successful always because others country will depend on them but they will not depends on others. Although water supply is maximum but is used in vast quantity by all countries all around the world therefore the quantity become less with the passage of time so obviously there will be a time when price of water will become more higher than the worth of energy supply. The price is related to the quantity so when quantity is lower the price will be higher and when quantity reduces price will directly proceed.

serveria.com

legendary

Activity: 2422

Merit: 1191

Privacy Servers. Since 2009.

Quote from: DrBeer on December 02, 2023, 06:27:32 AM

If this were pointless, then the Kremlin would not be screaming about the fall in income,

Do you hear them whining? Where? Perhaps you can provide some sources? Ahh, I forgot, you never provide sources! And "screaming" you hear is in your head most probably...

Quote from: DrBeer

Now we have figured out the operating scheme of the “shadow fleet”, identified the participants and the scheme, and “the crown is closing”, and it is no longer profitable for buyers, and no one needs Russian oil at the price of the Middle East

Now, this is interesting... Who are "we" you are referring to?

Quote from: DrBeer

And this is easy to see even according to official data:
- The revenue of the largest oil and gas companies in Russia fell by 41% in January-September 2023, the Central Bank of the Russian Federation reported on Thursday in its Financial Stability Review. Report of the Central Bank of Russia, everyone can read it

http://cbr.ru/Collection/Collection/File/46610/2_3_q_2023.pdf

Fell by 41% compared to what? Last year's top? But I've actually translated the document and it's mostly positive news there.

Quote from: DrBeer

- And the most positive news: Sanctions will last for years - the United States intends to halve Russia’s current oil and gas revenues by 2030.

This is actually good news for Russia. It means sanctions can't hurt them and Russia won't disintegrate into any small states or some other apocalyptic crap you're spreading won't happen. But the question is: will Ukraine still be around in 2030?

DrBeer

legendary

Activity: 3752

Merit: 1864

Quote from: serveria.com on December 01, 2023, 05:51:12 PM

Quote from: DrBeer on December 01, 2023, 05:04:23 AM

Quote from: Sithara007 on September 08, 2022, 10:51:25 PM

Quote from: DrBeer on September 08, 2022, 10:22:08 AM

Despite the hysterical attempts of Russian propaganda to come up with at least some kind of fairy tale, how oil prices will rise and everyone will freeze without Russian gas - the market stubbornly shows that reality is far from propaganda

1. Today, Urals oil, "here and now" is below $70. But at this price, no one buys it. China is buying up the surplus already at a price of 32.5 - 34 dollars per barrel, with logistics costs on the supplier's side

2. Last week, after the visit of high-ranking US representatives to India, India reduced the purchase of Russian oil by 40%

China and India are Russia's "best friends" Grin

Urals was trading at $90 per barrel when Brent prices were around $120 per barrel. But the discount narrowed later, as Asian countries rushed to purchase the cheaper Russian crude. And it narrowed even further as the EU nations went on a shopping spree recently, to fill their oil reserves before the embargo on Russian crude is applied. Here in India, the private refineries are complaining that the discount for Russian crude is not attractive enough to pay for the higher freight costs. And that is the reason why India recently reduced Russian crude imports.

It should be understood that today's price of Urals crude oil is largely indicative, but it is not the price that Russia receives in its budget. Let me explain. For example, let the declared price be 100 dollars. But now most of the oil is bought for yuan and rupees. Yes, they are somehow recalculated into a "virtual dollar", but the facts are that Russia does not receive any dollars. Moreover, even with the same rupees there are a lot of problems !
Even the head of Rosneft complained about sanctions and blamed the Central Bank for the hang-up of export proceeds in India....

At the same time, sanctions against the "gray fleet" have led to a surge in freight prices: to rent a ship to India, which has become the largest buyer of Russian oil, now costs $10-11 million, although in early October it was $8 million, and in September - only $5 million. This situation presses on the price of Russian grade Urals, which is again sold at a discount of about $20 to the North European benchmark Brent. Last week, the price of Russian oil fell below $60 per barrel, while the government has budgeted $71 in the 2024 budget.
https://www.moscowtimes.ru/2023/11/30/sechin-pozhalovalsya-na-sanktsii-protiv-rosnefti-i-problemi-s-vozvratom-viruchki-ot-eksporta-a114678

I.e. it is not the price of oil that is rising, but the price of "gray transportation" costs

I guess you don't realize that it's a pointless, never-ending fighting with consequences? Close this sales channel, Russia will come up with 2 new ones. They have already mixed oil with other brands in order to trick the sanction system and done some other similar stuff. Sanctions are not working, it's EU and US suffocating themselves, nothing more.

If this were pointless, then the Kremlin would not be screaming about the fall in income, the lifting of sanctions, they would not be cutting budgets for their farm laborers, they would not be degrading social security for the population, etc. Those. everything works, of course not 100% but very effective. Now we have figured out the operating scheme of the “shadow fleet”, identified the participants and the scheme, and “the crown is closing”, and it is no longer profitable for buyers, and no one needs Russian oil at the price of the Middle East

And this is easy to see even according to official data:
- The revenue of the largest oil and gas companies in Russia fell by 41% in January-September 2023, the Central Bank of the Russian Federation reported on Thursday in its Financial Stability Review. Report of the Central Bank of Russia, everyone can read it

http://cbr.ru/Collection/Collection/File/46610/2_3_q_2023.pdf
- Urals fell in price by 10.6% mom in November, the discount to Brent increased to $10.3
- And the most positive news: Sanctions will last for years - the United States intends to halve Russia’s current oil and gas revenues by 2030.

serveria.com

legendary

Activity: 2422

Merit: 1191

Privacy Servers. Since 2009.

Quote from: DrBeer on December 01, 2023, 05:04:23 AM

Quote from: Sithara007 on September 08, 2022, 10:51:25 PM

Quote from: DrBeer on September 08, 2022, 10:22:08 AM

Despite the hysterical attempts of Russian propaganda to come up with at least some kind of fairy tale, how oil prices will rise and everyone will freeze without Russian gas - the market stubbornly shows that reality is far from propaganda

1. Today, Urals oil, "here and now" is below $70. But at this price, no one buys it. China is buying up the surplus already at a price of 32.5 - 34 dollars per barrel, with logistics costs on the supplier's side

2. Last week, after the visit of high-ranking US representatives to India, India reduced the purchase of Russian oil by 40%

China and India are Russia's "best friends" Grin

Urals was trading at $90 per barrel when Brent prices were around $120 per barrel. But the discount narrowed later, as Asian countries rushed to purchase the cheaper Russian crude. And it narrowed even further as the EU nations went on a shopping spree recently, to fill their oil reserves before the embargo on Russian crude is applied. Here in India, the private refineries are complaining that the discount for Russian crude is not attractive enough to pay for the higher freight costs. And that is the reason why India recently reduced Russian crude imports.

It should be understood that today's price of Urals crude oil is largely indicative, but it is not the price that Russia receives in its budget. Let me explain. For example, let the declared price be 100 dollars. But now most of the oil is bought for yuan and rupees. Yes, they are somehow recalculated into a "virtual dollar", but the facts are that Russia does not receive any dollars. Moreover, even with the same rupees there are a lot of problems !
Even the head of Rosneft complained about sanctions and blamed the Central Bank for the hang-up of export proceeds in India....

At the same time, sanctions against the "gray fleet" have led to a surge in freight prices: to rent a ship to India, which has become the largest buyer of Russian oil, now costs $10-11 million, although in early October it was $8 million, and in September - only $5 million. This situation presses on the price of Russian grade Urals, which is again sold at a discount of about $20 to the North European benchmark Brent. Last week, the price of Russian oil fell below $60 per barrel, while the government has budgeted $71 in the 2024 budget.
https://www.moscowtimes.ru/2023/11/30/sechin-pozhalovalsya-na-sanktsii-protiv-rosnefti-i-problemi-s-vozvratom-viruchki-ot-eksporta-a114678

I.e. it is not the price of oil that is rising, but the price of "gray transportation" costs

I guess you don't realize that it's a pointless, never-ending fighting with consequences? Close this sales channel, Russia will come up with 2 new ones. They have already mixed oil with other brands in order to trick the sanction system and done some other similar stuff. Sanctions are not working, it's EU and US suffocating themselves, nothing more.

DrBeer

legendary

Activity: 3752

Merit: 1864

Quote from: Sithara007 on September 08, 2022, 10:51:25 PM

Quote from: DrBeer on September 08, 2022, 10:22:08 AM

Despite the hysterical attempts of Russian propaganda to come up with at least some kind of fairy tale, how oil prices will rise and everyone will freeze without Russian gas - the market stubbornly shows that reality is far from propaganda

1. Today, Urals oil, "here and now" is below $70. But at this price, no one buys it. China is buying up the surplus already at a price of 32.5 - 34 dollars per barrel, with logistics costs on the supplier's side

2. Last week, after the visit of high-ranking US representatives to India, India reduced the purchase of Russian oil by 40%

China and India are Russia's "best friends" Grin

Urals was trading at $90 per barrel when Brent prices were around $120 per barrel. But the discount narrowed later, as Asian countries rushed to purchase the cheaper Russian crude. And it narrowed even further as the EU nations went on a shopping spree recently, to fill their oil reserves before the embargo on Russian crude is applied. Here in India, the private refineries are complaining that the discount for Russian crude is not attractive enough to pay for the higher freight costs. And that is the reason why India recently reduced Russian crude imports.

It should be understood that today's price of Urals crude oil is largely indicative, but it is not the price that Russia receives in its budget. Let me explain. For example, let the declared price be 100 dollars. But now most of the oil is bought for yuan and rupees. Yes, they are somehow recalculated into a "virtual dollar", but the facts are that Russia does not receive any dollars. Moreover, even with the same rupees there are a lot of problems !
Even the head of Rosneft complained about sanctions and blamed the Central Bank for the hang-up of export proceeds in India....

At the same time, sanctions against the "gray fleet" have led to a surge in freight prices: to rent a ship to India, which has become the largest buyer of Russian oil, now costs $10-11 million, although in early October it was $8 million, and in September - only $5 million. This situation presses on the price of Russian grade Urals, which is again sold at a discount of about $20 to the North European benchmark Brent. Last week, the price of Russian oil fell below $60 per barrel, while the government has budgeted $71 in the 2024 budget.
https://www.moscowtimes.ru/2023/11/30/sechin-pozhalovalsya-na-sanktsii-protiv-rosnefti-i-problemi-s-vozvratom-viruchki-ot-eksporta-a114678

I.e. it is not the price of oil that is rising, but the price of "gray transportation" costs

bestcoins1

hero member

Activity: 2338

Merit: 737

Quote from: electronicash on September 08, 2022, 06:51:45 PM

its not going to be rich in times like this because they're also going to be robbed. if you just watch the news daily about robberies and killings, you'd be afraid to allow your family to go out.

Lol, it seems like that's quite true so I rarely watch news like that in my days so far because I also don't want to limit my family when they want to leave the house. Likewise with other things where when my family and I want to have something that they think could be better, I will also obey them even though I will also do some kind of research myself on the matter, for example using electric vehicles or non-electric vehicles.

Quote

price of gas will rocket more because Putin had sanctioned EU also through his Nordstream. their leaders are affecting the world. I might just be using bike forever. Cheesy

Using a bicycle forever in your life will not be bad for your own health because now many people also use bicycles to exercise. And this is also quite beneficial for the body and there are also other benefits such as being able to reduce the cost of buying fuel because rowing bikes don't need that. It seems that Putin is also very serious about imposing sanctions on the European Union because Putin really doesn't want any country to disturb him in any sector, let alone countries in the west.

Sithara007

legendary

Activity: 3346

Merit: 1352

Leading Crypto Sports Betting & Casino Platform

Quote from: bakasabo on November 30, 2023, 06:30:47 AM

As I understand, AED is another intermediary in a trading link. Adding one more link, one more hungry mouth always increases total cost of a product. As to current price decrease, it cant be connected with currency change or addition. Volatility aint that huge, it can be counted in tens of percents. Yesterday, after making my post, I paid more attention to fuel price, and they are even lower. Cant explain why. The lowest was 1.48 EUR for petrol, while I am already used to see prices to be on 1.70 EUR level.

Obviously United Arab Emirates Dirham (AED) is being used as an intermediary. Indian companies don't want to use CNY (the government has prohibited them from doing so), and therefore they make the payments to Russian oil companies using AED. The Russians convert AED to CNY or any other currency they can use to import items that they need (such as pharmaceuticals and engine parts). Now the trade may shift to Singapore Dollar (SGD) or Hong Kong Dollar (HKD) since the UAE banks are not very comfortable with making payments to Russian clients.

2girls

sr. member

Activity: 1002

Merit: 254

Tontogether | Save Smart & Win Big

Quote from: Wakate on November 30, 2023, 03:03:14 PM

So many things had affected the price of fuel and we don't find an alternative, things might get worse with time.
As the fight between Ukraine and Russia still continues, it will be hard for the price of fuel to come down because this is one of the reasons why price of goods and food stuffs are getting expensive everyday because the means of transportation of raw materials and food items are expensive which had contributed to the hike in price of food and other materials. This war had caused severe problems to the world and something needed to be done or else the worse might happens.

As Saudi Arabia has been the best fuel producer we all know about the fact. The have no use of it on almost when the people need it. That's why the price of water in the Saudi Arabia is high as compared to the Fuel in Saudi Arabia.

All because they have their own wells of the Fuel through which they are supplying in other sense they are exporting these fuel to other countries and are getting their profit in some other ways of income. That's why they didn't mostly take loan from other countries and are independent.

Wakate

hero member

Activity: 1176

Merit: 543

fillippone - Winner contest Pizza 2022

Quote from: trendcoin on September 08, 2022, 06:25:09 PM

We encounter similar scenarios all over the world. We see the same news everywhere from the USA to China because the name of the crisis we are in is the energy crisis. The supply problem that started after the Covid virus prevented us from using the production tools efficiently. This opened the door to a period in which we could not produce as much energy as we consume. Everything looks like a storm that breaks one after another. But the preparer of this storm is a small virus. It's a tiny virus that cannot be seen with the naked eye. I guess this is what they call the butterfly effect.

So many things had affected the price of fuel and we don't find an alternative, things might get worse with time.
As the fight between Ukraine and Russia still continues, it will be hard for the price of fuel to come down because this is one of the reasons why price of goods and food stuffs are getting expensive everyday because the means of transportation of raw materials and food items are expensive which had contributed to the hike in price of food and other materials. This war had caused severe problems to the world and something needed to be done or else the worse might happens.

AnonBitCoiner

sr. member

Activity: 1456

Merit: 326

Eloncoin.org - Mars, here we come!

Quote from: bestcoins1 on September 08, 2022, 06:39:04 PM

In our country the price of oil for all needs has also increased and that is due to the increase in the oil used for daily fuel so that everything else also increases. And what I am afraid of is the magnitude of inflation that will occur here when the simple and poor people no longer have the effort to buy any goods because their ability has run out. And it's only the rich who don't feel destitute in their lives that perhaps the rich don't feel the effects of an increase in all goods.

The worth of oil increased and the major reason behind its increase value is that population is increasing which use oils and another sources of energy hence the power reduces and worth increases. In my opinion the increase in the worth of all necessary materials and minerals is due to enhancement in oil price so it is necessary to keep control on the uses of oil energy in our daily use so the price will reduces to some extent.

Rich don't hesitate to buy things because they already have large amount of money so they don't need to spend according to plan but poor people always think about their pocket so they use money only for useful works. Rich people focus only on completing their dreams because they have already completed their needs whereas poor people focus to get money for just their needs and they sacrifices their wishes.

Ben Barubal

member

Activity: 560

Merit: 17

Eloncoin.org - Mars, here we come!

Quote from: siniminomorocomunisakito on November 30, 2023, 12:26:50 AM

Quote from: kingvirtus09 on November 29, 2023, 09:12:48 AM

Well, honestly, right now, the price of gasoline here in our country can be said to have dropped a little, but only a little, because I can still say that it is expensive per liter, to be honest. He never returned to the price value of 0.8–0.9 dollars per liter.

And I think it looks like it's going to take a long time, or they'll just play with its current price of 1.2 dollars per liter, so it's still a bit painful in the pocket. In reality, it's very difficult for people who are poor in life.

For example, petrol is a necessity, even though it is not a basic need, it is a necessity that must always be available for operations. Now. For people who have a monthly income below the average, an increase in gasoline prices, even just $0.020, will be quite noticeable. There is no way to avoid it because it is a necessity.

No matter how expensive or high the fuel is today, drivers can't do anything but buy fuel because if they don't do it, they won't be able to use their cars. Of course, if you have a car, can you do something? isn't there either.

That's why the only thing we can really do is allocate a lot of budget for the gas in our car and even for other things that use gasoline; that's just the way to understand. Even if there is a drop in the price of gasoline, after a few weeks, the increase will triple.

bakasabo

legendary

Activity: 2492

Merit: 1215

So what should we expect from "Russia can neither store, not trade normally her oil" ? Fuel prices would continue to drop? Or current price decrease is just temporary?

Quote from: Sithara007 on November 29, 2023, 09:48:15 PM

Now coming to the Russian oil import to India, one of the oil tankers (NS Century) has been denied permission to offload its cargo after it was sanctioned by the US. Looks like all of a sudden the oil trade between India and Russia will come to a halt. As of now, the trade is primarily conducted using United Arab Emirates Dirham (AED), but the banks in UAE are now reluctant to process payments. Indian oil companies are now discussing with banks in Singapore and Hong Kong to process the payments.

As I understand, AED is another intermediary in a trading link. Adding one more link, one more hungry mouth always increases total cost of a product. As to current price decrease, it cant be connected with currency change or addition. Volatility aint that huge, it can be counted in tens of percents. Yesterday, after making my post, I paid more attention to fuel price, and they are even lower. Cant explain why. The lowest was 1.48 EUR for petrol, while I am already used to see prices to be on 1.70 EUR level.

Sithara007

legendary

Activity: 3346

Merit: 1352

Leading Crypto Sports Betting & Casino Platform

Quote from: leonair on November 30, 2023, 12:52:54 AM

Oil and gas are the daily necessities of people which every family needs because now a family has 1-2 cars and motorcycles which are completely dependent on oil and gas. And countries that depend on other countries for oil and gas have a lot of effect on the price of oil and gas. On the one hand, the rate of inflection of money has increased, along with the increase in oil/gas prices, the countries are in a lot of trouble and have created a huge pressure on the common people.

One of the reasons for the high inflation is the rising cost of crude oil. From mid-2014 to end of 2020, crude oil prices remained at around $50 per barrel. But that changed with the election of Joe Biden as the POTUS. As a result of his policies (cancelling of Keystone XL pipeline, ban on fracking.etc), there was an immediate spike in crude prices. And then the Russo-Ukrainian war happened and the prices went up even more. Now the Israel vs Hamas war is the latest political factor which is resulting in higher crude oil prices.

Hewlet

full member

Activity: 462

Merit: 196

Quote from: Ultegra134 on October 08, 2021, 12:40:58 PM

Fuel prices have skyrocketed in the past few months, on a worldwide scale. Here in Greece, the average price per liter for 95 Unleaded petrol is €1.75, while for diesel it's approximately €1.45. A huge surge is also expected, in the soon-to-be launched season of heating gas oil, which is expected to start within the next few weeks, with a rumored price of at least €1.10/liter.

I've read that this spike in prices is triggered by an increase in price per barrel, due to oil companies worrying about the pandemic, while their production is limited compared to the higher demand. Have you heard anything relative? What's causing this surge in prices, could it be a one-off thing which lasts a couple of months at most?

What's the average cost of petrol/diesel in your country? Share your thoughts on what exactly is causing this crisis, which is also spiking electricity costs up, increasing the budget for the average household.

Sources:
https://www.bruegel.org/2021/09/is-europes-gas-and-electricity-price-surge-a-one-off/
https://www.bbc.com/news/business-58718148

since we've had an increase in the price of fuel, we've not seen fuel this expensive compared to what's happening now in my country. In the last four years, I still remember a little of fuel was around 200 of our Nigerian naira but it surprise me that just this fed years along the line, the price of fuel as gone as far as 800 of the Nigerian naira which is almost for four times of it normal price. And the issue with the increase in the price of fuel is that it directing affect almost all other commodities in the market. One's there is a slight surge in it price, transportation people will increase price of transport and market women will almost double the price of goods making it difficult for the average man to survive in such a condition.

leonair

sr. member

Activity: 1400

Merit: 420

Quote from: Sithara007 on October 09, 2021, 11:11:10 PM

Trump had kept the oil prices in check, by removing obstacles for fracking and oil/natural gas exports from the United States. He also streamlined the approval process for the new pipelines. But after the regime change, Biden has reversed most of these policies, and as a result the crude prices have gone up by 100% and the natural gas prices have gone up by 1200%. In the end, the citizens in non-oil producing countries are going to suffer, as they will witness steep inflation rates and a weakening of their national currency.

Oil and gas are the daily necessities of people which every family needs because now a family has 1-2 cars and motorcycles which are completely dependent on oil and gas. And countries that depend on other countries for oil and gas have a lot of effect on the price of oil and gas. On the one hand, the rate of inflection of money has increased, along with the increase in oil/gas prices, the countries are in a lot of trouble and have created a huge pressure on the common people.

siniminomorocomunisakito

member

Activity: 416

Merit: 34

Quote from: kingvirtus09 on November 29, 2023, 09:12:48 AM

Well, honestly, right now, the price of gasoline here in our country can be said to have dropped a little, but only a little, because I can still say that it is expensive per liter, to be honest. He never returned to the price value of 0.8–0.9 dollars per liter.

And I think it looks like it's going to take a long time, or they'll just play with its current price of 1.2 dollars per liter, so it's still a bit painful in the pocket. In reality, it's very difficult for people who are poor in life.

For example, petrol is a necessity, even though it is not a basic need, it is a necessity that must always be available for operations. Now. For people who have a monthly income below the average, an increase in gasoline prices, even just $0.020, will be quite noticeable. There is no way to avoid it because it is a necessity.

Sithara007

legendary

Activity: 3346

Merit: 1352

Leading Crypto Sports Betting & Casino Platform

Quote from: DrBeer on November 29, 2023, 10:35:28 AM

1. Angola and Guyana become potential terrorist attack points. this is how one of the "world's oil suppliers", often "solves" its problems.
2. The "Let's Light Up the Middle East Project", where the country from point 1 was definitely one of the scenarios, also failed and the oil market remained stable.
3. Cutting oil production has no impact as the Chinese economy is in bad shape and the outlook is even worse. And it is one of the largest consumers of oil. So the demand for oil is not so high, and even decreased.

In a word - "rosy dreams" of some countries trying to manipulate or even terrorize the market - failed !

PS There is one more news that can affect the oil market - Russia is hysterical and demands from India to refuse to pay for Russian oil in rupees. Because whatever the price of Russian oil sold to India do not draw, even 90 dollars per barrel, the same dollars Russia does not get

If Russia stops supplying its oil in exchange for illiquid currency, there will be a surplus on the market, which Russia will be forced to sell "for pennies". The reason is banal: the gray fleet is no longer working so efficiently (and will soon be even smaller), China will not buy oil now, except "for 1 yuan per barrel", Russia has nowhere to store oil physically.

I don't know about Angola, but reports are emerging that Venezuela is planning to invade Guyana militarily. There is a territorial dispute between the two nations stretching for over two centuries, and Venezuela claims that the region they call as "Guayana Esequiba" (some 160,000 sq.kms, or around 80% of the area of Guyana) is legally theirs. Next Sunday, Venezuela is holding a referendum on the "Essequibo question".

Now coming to the Russian oil import to India, one of the oil tankers (NS Century) has been denied permission to offload its cargo after it was sanctioned by the US. Looks like all of a sudden the oil trade between India and Russia will come to a halt. As of now, the trade is primarily conducted using United Arab Emirates Dirham (AED), but the banks in UAE are now reluctant to process payments. Indian oil companies are now discussing with banks in Singapore and Hong Kong to process the payments.

DrBeer

legendary

Activity: 3752

Merit: 1864

Quote from: Sithara007 on November 29, 2023, 09:45:08 AM

For the last 12 months, the price of Brent crude has remained in two digits. And for the last few weeks, it is really struggling to break even the $80 per barrel level. Remember that this is happening despite the fact that Saudi Arabia and Russia are continuing with their production cuts. Saudis have taken 1 million barrels per day offline, while Russians have reduced their output by 300,000 barrels per day. But this is not having any impact because countries such as Angola and Guyana are stepping up their crude oil output. Saudis and Russians are losing their market share, while non-OPEC nations are increasing theirs.

1. Angola and Guyana become potential terrorist attack points. this is how one of the "world's oil suppliers", often "solves" its problems.
2. The "Let's Light Up the Middle East Project", where the country from point 1 was definitely one of the scenarios, also failed and the oil market remained stable.
3. Cutting oil production has no impact as the Chinese economy is in bad shape and the outlook is even worse. And it is one of the largest consumers of oil. So the demand for oil is not so high, and even decreased.

In a word - "rosy dreams" of some countries trying to manipulate or even terrorize the market - failed !

PS There is one more news that can affect the oil market - Russia is hysterical and demands from India to refuse to pay for Russian oil in rupees. Because whatever the price of Russian oil sold to India do not draw, even 90 dollars per barrel, the same dollars Russia does not get

If Russia stops supplying its oil in exchange for illiquid currency, there will be a surplus on the market, which Russia will be forced to sell "for pennies". The reason is banal: the gray fleet is no longer working so efficiently (and will soon be even smaller), China will not buy oil now, except "for 1 yuan per barrel", Russia has nowhere to store oil physically.

Topic: Fuel prices hitting an eight year high (Read 3994 times)