Oil: a barrel at 100 dollars, we are getting dangerously close

This was already the case last week, the question of fuel prices has become even more of a concern since the government revealed through the press its rather poorly received plan of attack (to say the least). can say) which consists of authorizing distributors to sell at a loss and which he hopes to launch in December. As if that were not enough, the situation could become even more complicated in the coming weeks or even the coming days as the price of a barrel of oil has continued to rise since June…

The fault always lies with Saudi Arabia and Russia

It’s simple, the price of a barrel of Brent (the European benchmark) is today close to $95. It’s been almost a year since we last saw such values. Given that it is on an upward trend, it is not excluded that it will reach 100 dollars in the near future, worry specialists in the sector. The last time it exceeded this fateful bar was in the summer of 2022. The record was broken at the start of the conflict between Russia and Ukraine with a barrel turning at that time around 130 dollars.

The problem is still the same, namely that Saudi Arabia and Russia have decided to reduce their oil production until the end of the current year, which automatically increases crude prices. At the same time, demand is still strong, and even increasing in the United States and China. More limited reserves, high demand, an inevitably explosive cocktail.

A “significant supply shortage” in the 4th quarter

… which makes the International Energy Agency (IEA) fear a “significant shortage of supply” in the 4th quarter, as it noted in its latest monthly report published recently. In other words, we’re not done talking about fuels…

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