Drivers are at a loss: the price of 95th gasoline has reached 2 euros

After the OPEC decision to limit oil production, which led to an increase in oil prices by an average of 2%, gasoline prices in Greece rose by 5-7% at once.

In particular, those who visited the gas station today saw an increase of 0.10 euros. In detail, according to the morning TV report, at the gas station on the main avenue of Athens, the prices were set as follows:

• 95 – 1,928€
• 98 – 2,048€
• 100 and super – 2,245€.

Gas sellers appear to be very worried, having put up new price plates at gas stations today, but failing to explain the sharp increase. Which, it seems, will continue into the Easter period, when residents of provincial cities and islands will face gasoline prices exceeding 2 euros per liter.

Analysts have adjusted their forecasts after the unexpected decision of the OPEC + countries to cut oil production – now they do not exclude that its price will rise to $100 per barrel, informed Bloomberg.

Goldman Sachs now expects Brent to be $95/bbl in December 2023 and $100/bbl in December 2024. Previously, analysts predicted price growth by these periods to $90 and $95, respectively. Bank analysts Daan Struyven and Callum Bruce noted that the current situation is different from the previous OPEC+ production cut in October 2022: now the dynamics of global oil demand remains positive, against the backdrop of China’s economic recovery and stable refining margins. “The unexpected cuts are consistent with the new OPEC+ doctrine to act proactively because they can do so without a significant loss of market share,” analysts said.

OPEC+ exporters are no longer wary of a major response from U.S. shale oil producers to rising prices, so cutting production to strengthen prices no longer carries the same risks as five years ago, agrees the head of commodities and derivatives research at Bank of America Francisco Blanche. He stressed that “any unexpected change in the terms of supply or demand for 1 million barrels per day during the year could affect prices in the range of $20 to $25 per barrel.” At the same time, BofA maintains its forecast for Brent oil prices above $90 per barrel in the second half of the year.

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