OPEC countries' announcement of oil cuts causes fuel price hikes in Moldova too
The price of Brent crude oil rose from $78/barrel to $86/barrel, and international fuel prices rose in a single day by about $40/tonne for gasoline and about $30/tonne for diesel. This increase is due to the OPEC group's reduction in oil production, immediately generating a substantial rise in both crude oil and crude oil derivatives.
"Following this weekend's announcement by the major OPEC+ oil producers of their decision to voluntarily reduce production, international markets reacted immediately, generating a substantial increase in both crude oil and crude oil derivatives prices," says the National Agency for Energy Regulation (ANRE).
According to ANRE, these developments also have an impact on final pump price calculations. Thus, tomorrow, in the Republic of Moldova, petrol will be 13 cents more expensive and a litre will cost 25.02 lei. The price of diesel remains unchanged for now - 20.79 lei, according to ANRE.
Members of the OPEC+ group of countries unexpectedly decided last weekend to cut production by one million barrels a day. The OPEC+ organisation includes Saudi Arabia, Iraq, several Persian Gulf countries and Russia. They account for about 40% of world oil production.
