The price of oil on international markets is surging this morning after yesterday's surprise announcement by OPEC and Russia that they were reducing daily output by more than 1 million barrels.
Brent crude traded above $86 this morning, rising as much as 8%. This also wipes out the drop in crude prices this year which had seen Brent drop as low as $70.
In the immediate term, this weekend's move probably wipes out any hopes for a substantial drop in the price of diesel over the coming months. The move by OPEC shows that the cartel is willing to do whatever it can to keep oil prices high.
ADVERTISEMENT
Without lower oil prices, there is no chance of lower diesel prices. Goldman Sachs, the global investment bank, said this morning that it now sees Brent ending the year at around €95 a barrel.
Register for free to read this story and our free stories.
This content is available to digital subscribers and loyalty code users only. Sign in to your account, use the code or subscribe to get unlimited access.
The reader loyalty code gives you full access to the site from when you enter it until the following Wednesday at 9pm. Find your unique code on the back page of Irish Country Living every week.
CODE ACCEPTED
You have full access to the site until next Wednesday at 9pm.
CODE NOT VALID
Please try again or contact support.
The price of oil on international markets is surging this morning after yesterday's surprise announcement by OPEC and Russia that they were reducing daily output by more than 1 million barrels.
Brent crude traded above $86 this morning, rising as much as 8%. This also wipes out the drop in crude prices this year which had seen Brent drop as low as $70.
In the immediate term, this weekend's move probably wipes out any hopes for a substantial drop in the price of diesel over the coming months. The move by OPEC shows that the cartel is willing to do whatever it can to keep oil prices high.
Without lower oil prices, there is no chance of lower diesel prices. Goldman Sachs, the global investment bank, said this morning that it now sees Brent ending the year at around €95 a barrel.
If you would like to speak to a member of our team, please call us on 01-4199525.
Link sent to your email address
We have sent an email to your address. Please click on the link in this email to reset your password. If you can't find it in your inbox, please check your spam folder. If you can't find the email, please call us on 01-4199525.
ENTER YOUR LOYALTY CODE:
The reader loyalty code gives you full access to the site from when you enter it until the following Wednesday at 9pm. Find your unique code on the back page of Irish Country Living every week.
SHARING OPTIONS