The week begins with no changes in fuel prices, anticipated to remain at last week’s levels, as indicated in forecasts announced on Friday by the Automóvel Club de Portugal (ACP).
According to the Direção-Geral de Energia e Geologia (DGEG), the average price for standard diesel is 1.564 euros per liter, while regular gasoline 95 stands at 1.710 euros per liter.
Where is it cheaper to refuel?
To find the cheapest gas stations near you, visit this link and select the option ‘filter by municipality’, then click on the respective district from the list presented. Finally, choose the municipality you wish to check, as well as the type of fuel.
According to DGEG data, these are the most economical gas stations in the country:
The most economical stations© Reprodução do site da DGEG
How is oil in international markets?
The Brent barrel price for delivery in November ended Thursday on the London futures market down by 1.66%, to 66.37 dollars, due to factors including the appreciation of the dollar.
The North Sea crude, a benchmark in Europe, concluded the Intercontinental Exchange session at 1.12 dollars below the 67.49 it closed at on Wednesday.
Analysts noted that the decline was not more pronounced due to concerns over Middle East supply stability, which exerts upward pressure on prices.
The International Energy Agency’s warning
The International Energy Agency (IEA) considered on Thursday that the forecasted increase in oil reserves “is unsustainable” after production peaked in August and OPEC decided on a further increase for October.
In its monthly market report, the IEA estimates that, in the second half, global reserves will grow by an average of 2.5 million barrels per day, as supply is far surpassing demand.
In July alone, reserves increased by 26.5 million barrels, marking the sixth consecutive month of expansion, accumulating an additional 187 million barrels since the beginning of the year.
The situation risks worsening with last Sunday’s decision by the Organization of the Petroleum Exporting Countries and their partners (OPEC+), unless a change occurs to modify the current market imbalances due to geopolitical tensions, trade policies, or new sanctions against Russia or Iran, according to the report authors.
OPEC+ agreed on Sunday to a new increase in crude oil production for October of 137,000 barrels per day, a rise that is nonetheless smaller than those applied in recent months due to the weakening of global demand.
The IEA recalls that in August a new record for crude oil demand was reached at 106.9 million barrels and now estimates that for the year as a whole, it will average 105.8 million barrels per day, which means 2.7 million barrels per day more than in 2024, of which 1.3 million barrels per day from OPEC+.
