Oil price explodes, highest price in months

Oil price explodes, highest price in months
Oil price explodes, highest price in months
--
EconomyApr 2 ’24 12:12Author: BNR Web Editorial

The price for a barrel of Brent crude oil has exploded. In a short time, the price for a barrel of oil flew from $87.5 to $89. Over a longer period of time, the price increase can be described as even greater. In December, the price of oil was still at its lowest point of $74.5. That is an increase of almost 20 percent.

Geopolitical circumstances also play a role in the large price increase. For example, Ukraine has attacked several oil refineries in Russia.

The enormous rise in the oil price in recent months has several causes. For example, the OPEC oil cartel, which includes a large part of the oil-producing countries, has reduced production to drive up prices. This was due to the enormous production decline that was visible in the United States, which caused a large price drop in the months before December.

Also read | High petrol price has not yet reached ceiling

Geopolitical circumstances also play a role in the large price increase. For example, Ukraine has attacked several oil refineries in Russia, slowing down oil production there. The conflict in the Middle East also has a flywheel effect on the oil price. The Israeli attack on an Iranian embassy and consulate in Syria further increases tensions, which also drives up the price.

The article is in Dutch

Tags: Oil price explodes highest price months

-

PREV Tesla autonomous driving system out of test phase in the US | Tweakers
NEXT Ma Ying-jeou calls for both sides of Taiwan Strait to work together and ‘avoid war’