Drivers who breathed a slight sigh of relief as petrol prices fell back from nudging £2 a litre have been warned more increases could be on the way. It's all because of a cut in oil exports that could see prices rise at the pumps.
The oil group Opec+ has voted to reduce the volume of oil experts to Western nations, BirminghamLive reports. The RAC has said this decision will 'inevitably' mean higher prices at supermarkets and garage forecourts.
A spokesman for the motoring group added: “The question is when, and to what extent, retailers choose to pass these increased costs on at their forecourts. We believe that in many cases drivers are being charged more to fill up today than they should be based on average wholesale prices over the last few weeks.”
Saudi Energy Minister Abdulaziz bin Salman stressed the stated role of Opec+ as a guardian of stable energy markets. He told reporters: "We are here to stay as a moderating force, to bring about stability.
"We are going through a period of diverse uncertainties, which could come our way, it's a brewing cloud," Mr bin Salman said, adding that Opec+ sought to remain "ahead of the curve".
Energy ministers meeting at the Vienna headquarters of the Opec oil cartel cut production by a larger-than-expected two million barrels per day starting in November after gathering for their first face-to-face meeting since the start of the Covid-19 pandemic.
