Rising costs of gasoline explained.
With the summer season fast approaching, fuel prices are set to rise further, according to recent predictions. This trend can be attributed to several factors, including catch-up effects, limited shale oil production, the production discipline of OPEC countries, and the risk of new US sanctions after the Iranian presidential election.
In Europe, the average price of a liter of super gasoline has surpassed 1.50 euros, with the price of a barrel of Brent oil climbing above $70 US dollars in June and currently hovering around $74 US dollars. This surge in oil prices on the world markets is causing the increase in fuel prices.
Robert Greil, chief strategist at the private bank Merck Finck, has attributed the rise in oil prices to increasing demand due to the lifting or easing of COVID-19 restrictions. In fact, estimates suggest that the price of a barrel of Brent oil will rise to $80 US dollars per barrel by the end of the year.
However, it's important to note that these estimates are not specific to 2021. In fact, a search of archived reports and analyses from 2021 does not indicate that Brent oil was expected to reach $80 per barrel by the end of that year.
Looking beyond 2021, factors such as increased global oil supply and geopolitical events are expected to continue influencing oil prices. For instance, conflicts or sanctions impacting oil-producing countries could lead to price increases.
Meanwhile, the travel industry and the goods transport sector are seeing an increase in oil demand as restrictions ease and economies reopen. In India, after the pandemic subsides, there is likely to be a stronger economic dynamism with significantly higher oil demand.
It's worth mentioning that the major German parties are planning to increase gasoline and diesel prices, which could further drive up fuel prices. If you are looking for historical data or forecasts from 2021, you might need to consult archived reports or analyses from that period. The current search results focus on forecasts for 2025 and beyond.
Lastly, if you haven't received the email confirming your subscription, please check your spam folder. We appreciate your interest in staying informed about oil prices and related developments.
Read also:
- Foreign financial aid for German citizens residing abroad persists
- "Germany appears less environmentally friendly compared to Texas, according to Harald Lesch's climate documentary"
- Investing 1 billion funds into the police force of North Rhine-Westphalia for battling rodents and mold issues
- Tesla resurrects transferred Full Self-Driving feature amid other promotional offers
