‘OPEC+ steps away from pattern and does not increase oil production further’
Oil cartel OPEC+ has decided not to pump any more oil in the first quarter of next year. In doing so, the countries are moving away from their previous pattern of steadily increasing oil production, which potentially depressed pump prices in the Netherlands slightly. ANP reports.
The alliance, led by Saudi Arabia and Russia, comes to that decision against the backdrop of the new US attempt to broker a peace deal between Russia and Ukraine. Should peace be achieved, it could increase global oil supplies, as sanctions against Russia are likely to be relaxed. As a result, there are concerns about an imminent oversupply, writes the ANP.
Petrol prices in the Netherlands have already risen in recent months, despite OPEC+’s earlier production increases. The ANP reports that this presumably had to do with ongoing geopolitical unrest. Major oil companies might also have tried to increase their margins at the pump.
From next year, refuelling in the Netherlands will become more expensive anyway. From 1 January, fuel taxes will rise, making petrol more than 5.5 cents more expensive at the pump.
Read also:
- Fuel tourism causes substantially lower petrol and diesel sales in the Netherlands
- Will Americans get their hands on Lukoil, or will it be Arab?
- IEA predicts oil price drop in 2026 due to oversupply
