The prices of fuels remained virtually unchanged at the start of this week, in line with predictions, according to the updated average prices from the Directorate-General for Energy and Geology (DGEG).
The price of standard 95 petrol rose slightly from 1.709 euros per liter to 1.710 euros per liter between Friday and Monday. Meanwhile, standard diesel fell slightly from 1.563 euros per liter to 1.561 euros per liter over the same period.
What were the predictions?
Predictions had indicated that fuel prices would remain at the levels of last week. Expectations were the same for both petrol and diesel.
According to the Directorate-General for Energy and Geology (DGEG), the average price of standard diesel is 1.564 euros per liter, while that of standard 95 petrol is 1.710 euros per liter. Find out where it costs less to fill up your car’s tank.
How is oil doing in international markets?
The price of a barrel of Brent crude for delivery in November rose by 0.67% on Monday’s session in the London futures market, reaching 67.44 dollars.
The North Sea crude, a European benchmark, closed the session at the Intercontinental Exchange trading 45 cents higher than the 66.99 dollars at which it closed transactions on Friday.
This increase in pricing has been attributed to recent Ukrainian strikes on Russian energy installations and the US threat to impose further sanctions on the Russian Federation.
However, gains were tempered by the expectation of an increase in production from the OPEC+ group, which includes the members of the Organization of the Petroleum Exporting Countries along with allies such as the Russian Federation, and by signs of weakening demand in the US.
Warning from the International Energy Agency
The International Energy Agency (IEA) stated last Thursday that the forecasted rise in oil reserves “is unsustainable” following peak production in August and OPEC’s decision for a new increase in October.
In its monthly market report, the IEA estimates that, in the second half of the year, global reserves will grow by an average of 2.5 million barrels per day, due to supply significantly outpacing 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 OPEC+’s decision last Sunday, unless there is a shift that alters current market imbalances due to geopolitical tensions, trade policies, or new sanctions against Russia or Iran, according to the report’s authors.
OPEC+ agreed on Sunday to a new increase in crude oil production for October of 137,000 barrels per day, a rise smaller than in previous months due to weakening global demand.
The IEA notes that August saw a new record in crude oil demand, with 106.9 million barrels, and now estimates that the total for the year will average 105.8 million barrels per day, 2.7 million barrels per day more than in 2024, of which 1.3 million barrels per day will come from OPEC+.
