Petrol, what happens to petrol prices with oil rising? – Corriere.it

Oil prices fall slightly after the increases linked to the OPEC decision to cut production. Wti drops 0.66% but remains at 80.17 dollars a barrel and Brent drops by 0.24% to 84.74 dollars a barrel. For analysts, prices could soon rise again and the choice of the cut in production desired by the Organization of Exporting Countries and their allies (including Russia) will always weigh.

OPEC decision

The big names have announced production cuts of 1.16 million barrels per day since May 2023 which has already caused prices to rise by almost 6%. An amount which, added to the -500,000 barrels per day announced by Russia, brings the overall reduction to 1.66 million barrels. Kremlin spokesman Dmitry Peskov said the announced cuts were in the interests of global energy markets. The accusation of the EU Commissioner for Energy, Thierry Breton is clear: Those who control fossil fuels are playing. They see that prices are going down because demand is going down, so they produce less to raise prices

Forecasts

According to Goldman Sachs experts, it will be possible to reach 100 dollars a barrel for oil in 2023, while Morgan Stanley technicians have instead lowered their forecasts for increases. The U.S. bank cut its Brent Crude forecast for the second quarter of 2023 to $85 from a previously forecast $90 a barrel. The third quarter forecast was also reduced by $5 a barrel, to $90 from $95, while the fourth quarter price estimate was reduced to $87.50 from $95 a barrel.

Gasoline: hikes at Easter

Concern for consumers rising prices. From May, fuel prices could start to grow again. All in a complex picture for Italy. Even before the OPEC decision, Codacons signaled increases in petrol and fuel prices. Compared to Easter 2022, when the average price of petrol (self) was 1,757 euros per litre, there was a 6% increase in price lists, equivalent to +5.35 euros for a full tank, while diesel prices appear substantially in in line with those practiced last year (1,750 euro/litre). If we consider the movements of Italians by car along the peninsula during Easter and on the occasion of the long weekend of April 25, and the higher fuel supplies that families will have to deal with, the increases in petrol prices risk causing a blow equal to overall + 120 million euros compared to the expenditure incurred for the Easter holidays in 2022, concludes the Codacons.