The International Energy Agency (IEA) warned last week that the ongoing supply cuts made by these two Opec+ leaders would create a “significant supply shortfall”, which poses a considerable threat to ongoing price volatility. Supply cuts by Russia to boost prices have also supported efforts by other Opec countries to push prices towards $100 a barrel. Prices averaged $3.07 a gallon at the end of August, up by 50% from a recent low of $2.05 in early May.Įarlier this month, Saudi Arabia extended 1.3m barrels per day (bpd) of combined cuts to the end of the year, accelerating a drawdown in global inventories. In the US, where tax makes up a smaller proportion of the price at the pumps, gasoline has jumped by more than 10% to $3.90 (£3.15) a gallon (3.8 litres).Īn increase in demand for flights in the US, Europe, and more recently China have spurred an even larger increase in jet fuel prices tracked by the Energy Information Administration (EIA). The motoring organisation RAC said the average price of unleaded fuel was £1.52 a litre on Friday, up from £1.43 in June. Petrol and diesel prices in the UK have begun to rise modestly, adding 10p to the cost of a litre since June.
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