Inside Oil
Oil price free fall positive at the pump
The last few months it was regularly painful to refuel. However, diesel prices have now fallen again. This is mainly due to the free fall in the oil price, although it has started to rise again.
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Choose the subscription that suits youDiesel cost more than €100 per 100 liters for months and at the end of October the price even reached €108 per 100 liters (for delivery of 4.000 liters). The price has now dropped to €98 to €99 per 100 liters, depending on the supplier.
The oil price entered a free fall in October (after peaking at $86 per barrel), causing the price to drop below $60 per barrel. The cause was rising oil production in the United States and Russia. However, Iran also plays a role. Several countries are allowed to import oil from the country, despite sanctions from the United States. That creates more supply.
Oil price is rising
The free fall seems to be over, because this week the oil price is rising again. This was partly due to an agreement between Saudi Arabia and Russia. The countries decided to continue to work together in 2019 to determine oil production in order to regulate the market. There is a lot of unrest due to Qatar's departure from OPEC.
