His prices have risen oilafter the unexpected announcement by OPEC+ countries to cut production.
The price of a barrel of West Texas Intermediate (WTI) oil rose by about 8%. This is the largest daily increase in more than a year. Shortly after 08:30 Greek time, the price was $79.22, while earlier it was as high as $81.
Accordingly, Brent jumped to $83.26, while the previous maximum price reached $84.46.
The impact of these events, of course, is felt in our country. How does he convey MoneyOverview, gas stations and retailers will have to add at least 15 cents to the price of fuel oil, so the national average is expected to rise to 1.35 euros per liter before the end of the winter season. Gasoline prices are expected to suffer accordingly.
HOUR unexpected decision by OPEC+ cut oil production to 1 million barrels per day has caused turmoil in the world market.
“The move could push the market into a deficit in the second quarter, compared to previous expectations of a surplus. However, higher prices could dampen demand as well as exacerbate the stubborn inflation that central banks are trying to fight, raising the risk of a recession,” said Vanda Insights founder Vandana Hari.
According to MoneyReview, Bloomberg
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Source: Kathimerini
Lori Barajas is an accomplished journalist, known for her insightful and thought-provoking writing on economy. She currently works as a writer at 247 news reel. With a passion for understanding the economy, Lori’s writing delves deep into the financial issues that matter most, providing readers with a unique perspective on current events.