Oil prices rise significantly ahead of Opec + meetings

D.he oil prices rose significantly at the beginning of the new year in the run-up to a meeting of a group of oil-producing countries (OPEC +). A barrel (159 liters) of North Sea Brent cost around $ 53 on Monday morning. That was $ 1.27 more than on Thursday (December 31, 2020). The price of a barrel of the US West Texas Intermediate (WTI) also rose noticeably by around one dollar to 49.55 dollars.

The coming on Monday OPEC + group for the first regular monthly meeting at ministerial level to discuss funding quotas. In December OPEC + decided to cut 500,000 barrels a day for January after OPEC production rose by 190,000 barrels a day, especially in Libya. No significant expansion of funding is expected for February.

Basically, the producing countries, above all Russia, want to ramp up production again, but are currently still reluctant. Hopes of the vaccinations that have started to come out of the Corona crisis and the recent price recovery would support an increase in production.

However, other factors also support the oil price. The weak dollar ensures that there is greater demand for raw materials, but also Iran’s recent threat to America, which prompted it to postpone the withdrawal of the aircraft carrier Nimitz from the region.

Meanwhile, prices at German petrol stations have risen sharply. While the average price for Super E10 on December 30th was 1.252 euros per liter, it is currently 1.33 euros. Value-added tax has returned to the old rate of 19 percent, and the new CO2 tax makes fuel more expensive. According to the Mineralölwirtschaftsverband and ADAC, this amounts to 10 to 11 cents per liter.

Nationwide, the price fluctuates, according to the Clever Tanken website, between EUR 1.256 in Reutlingen and EUR 1.504 in Trier. In Reutlingen the price has risen by five cents per liter since December 30, in Trier by ten cents. In Munich the increase is also just under ten cents, in Berlin 8.5 cents.

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