Petrol, stop rising prices: there is an agreement between producing countries

Faced with the surge in the cost of fuel, which has been going on for months in Italy as well as in the rest of the world, the oil-producing countries have found an agreement to respond to the growth of question. In fact, a compromise to raise supply levels to 400,000 barrels a day.

Petrol, stop on the rise in prices: the compromise of the members of OPEC +

Alliance members, including the United Arab Emirates, Saudi Arabia, Russia, Iraq and Kuwait, will have a base of production highest, on which the objectives of each country are established.

From August to the end of the year, the supply will be increased by about 2 million barrels, but the agreement will be valid until the end of 2022. In this way the Countries aim to avert a price war, which have already recorded the highest levels of the last 6 years.

Only in Italy has the cost of fuel reached the highs for three years now: in June the gasoline reached 1.65 euros per liter and 1.508 euros per liter for diesel.

A year-to-date increase of over 14%, 17.5% more than in the same period of 2020 for petrol and 16.8% for diesel, which, according to Codacons estimates, is equivalent to an average expenditure dthe extra 295 euros per family.

Petrol, stop on the rise in prices: the effects of Covid-19

The 19th ministerial meeting of OPEC +, which was held under the presidency of Prince Abdul Aziz Bin Salman, Minister of Energy of Saudi Arabia “noted the continued strengthening of market fundamentals, with the demand for oil showing clear signs of improvement “, reads the press release issued by the group.

During the pandemic, countries had reduced oil production by nearly 10 million barrels per day as a result of the lockdowns and restriction measures, and then gradually return to normal supply with the reopening of the world economy. 5.8 million barrels are still blocked, but they should be put back on the market by the end of 2022.

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