Difficult winter forecast as rising fuel prices plunge Greeks into despair

The oil market is experiencing significant fluctuations following the recent decision by Russia and Saudi Arabia to cut production, which in turn will lead to higher fuel prices and plunge Greeks into despair as the new fuel pass (and in general… others pass) not expected.

Rising fuel prices mean an increase in transportation costs, which, in turn, portends an increase in the cost of products sold. This is the same increase to what already exists due to inflation and rising prices. Brent is now at an objectively high price – more than $94 per barrel. These moves by the two oil giants appear to be aimed at maintaining stability in international oil markets. However, these decisions have direct consequences for consumers around the world, as the price of oil has a significant impact on the cost of fuel.

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While all consumers are facing problems in their pockets, the real challenges to survival (compared to Western countries) will be for Greek consumers, who will have to cope with alarmingly rising prices for food, fuel and goods on meager wages. In Greece, fuel prices have already skyrocketed, and global changes in the oil market are already affecting the costs of Greek consumers. In many regions of the country, prices exceed 2 euros per liter, which creates a huge burden on the budgets of both households and companies.

Saudi Arabia has announced that it will conduct monthly production assessments, and similar actions are expected from Russia. This means that the oil market will remain in a state of uncertainty in the near future.

It is obvious that the dynamics of the oil market are determined by the strategic choice of the main producers. After all, after the pandemic and war in Ukraine, the economy ceased to exist, and geopolitics took its place.

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