US gasoline prices may rise to $ 4 per gallon due to conflict between oil-producing countries - ForumDaily
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Conflict of oil-producing countries may cause US gasoline prices to rise to $ 4 per gallon

Fierce struggles within the Organization of the Petroleum Exporting Countries (OPEC) and ongoing tensions with allied oil-producing countries could lead to larger increases in fuel prices. Writes about it Fox Business.

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«Борьба за власть» между ведущими участниками организации Саудовской Аравией и Объединенными Арабскими Эмиратами за уровень добычи может подтолкнуть цены на бензин до $3,50 или $4 за галлон (3,7 л)», — сказал старший аналитик PRICE Futures Group Фил Флинн.

«Если ОПЕК не придут к компромиссу, это может означать, что цены на нефть резко вырастут», — предупредил Флинн.

Meanwhile, gasoline prices in Los Angeles, California are already "just one penny" from a nine-year record of approximately $ 4,33 per gallonPatrick de Hann, head of petroleum analysis at GasBuddy, wrote on Twitter on Tuesday.

Цены в значительной степени зависят от того, смогут ли Саудовская Аравия и ОАЭ достичь соглашения — хотя неясно, когда переговоры возобновятся, если вообще они будут.

On the subject: In the summer in the USA there may be problems with gasoline: how to prepare for it

On July 4, the UAE opposed the OPEC + group, which includes non-OPEC manufacturers such as Russia. The UAE said it supports the proposed gradual increase in production favored by Saudi Arabia, the group's largest producer, and non-member Russia. But the UAE has said it also wants to increase the permitted production level.

Since no new date has been set for the resumption of negotiations, oil markets remain in a state of at least temporary uncertainty about the future. In addition, fuel demand continues to grow gradually as the COVID-19 pandemic emerges.

However, Flynn said the fight could have the opposite effect on gasoline prices.

«Все может пойти и по другому пути, когда страны ОПЕК+ не выдержат, вступят в производственную войну и попытаются затопить рынок нефтью и снова снизить цены», — сказал Флинн.

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As the economy began to recover from the COVID-19 pandemic and vaccine distribution gained momentum, the OPEC + group cut production.

The OPEC + alliance is currently producing about 37 million barrels per day, up from about 43 million barrels per day in April last year, at the start of the pandemic.

OPEC + meets monthly to decide on the addition of additional production volumes. However, two days of negotiations last week did not lead to an agreement. Negotiations were supposed to resume on Monday 5 July, but a few hours before the meeting it was announced that the meeting had been canceled.

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