Expect oil prices to swing weekly due to tight supply: DOE | ABS-CBN
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Expect oil prices to swing weekly due to tight supply: DOE
Expect oil prices to swing weekly due to tight supply: DOE
Motorists queue for fuel at a gas station in Pasig City on October 10, 2022, a day before a new round of oil price hike takes effect. Mark Demayo, ABS-CBN News
Motorists queue for fuel at a gas station in Pasig City on October 10, 2022, a day before a new round of oil price hike takes effect. Mark Demayo, ABS-CBN NewsMANILA -- Oil prices are expected to swing in the coming weeks due to tight supply in the world market, the Department of Energy (DOE) said on Monday.
MANILA -- Oil prices are expected to swing in the coming weeks due to tight supply in the world market, the Department of Energy (DOE) said on Monday.
Supply and demand for crude oils remains to be “very tight” and “very volatile” in the world market after the Organization of the Petroleum Exporting Countries (OPEC) announced that it would extend their supply cut policy up to the end of 2025, said Rino Abad, director of the DOE’s Oil Industry Management Bureau.
Supply and demand for crude oils remains to be “very tight” and “very volatile” in the world market after the Organization of the Petroleum Exporting Countries (OPEC) announced that it would extend their supply cut policy up to the end of 2025, said Rino Abad, director of the DOE’s Oil Industry Management Bureau.
“Itong gasolina we can expect in the coming days na baka mag increase din tayo dahil nga ang epekto po nitong recent OPEC+ decision… Magre-range talaga ang crude oil from $80 to $90 per barrel,” he told state television PTV.
“Itong gasolina we can expect in the coming days na baka mag increase din tayo dahil nga ang epekto po nitong recent OPEC+ decision… Magre-range talaga ang crude oil from $80 to $90 per barrel,” he told state television PTV.
“Walang oversupply, wala ring undersupply so the price will swing on a weekly basis. Mahirap ipredict dahil it can swing both ways,” he said, noting the both oil supply and demand are both at 102 million barrels a day.
“Walang oversupply, wala ring undersupply so the price will swing on a weekly basis. Mahirap ipredict dahil it can swing both ways,” he said, noting the both oil supply and demand are both at 102 million barrels a day.
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(We can expect gasoline prices in the coming days to increase due to the efect of the recent OPEC+ decision… Crude oil is expected to range between $80 and $90 per barrel. There is no oversupply, there is also no undersupply so the price will swing on a weekly basis. It is hard to predict because it can swing both ways.)
(We can expect gasoline prices in the coming days to increase due to the efect of the recent OPEC+ decision… Crude oil is expected to range between $80 and $90 per barrel. There is no oversupply, there is also no undersupply so the price will swing on a weekly basis. It is hard to predict because it can swing both ways.)
Abad said this week, the Philippines is expected to see a 90-centavo to P1 roll back in gasoline prices, while diesel and kerosene are expected to increase by around 60 centavos and 80 centavos per liter, respectively.
Abad said this week, the Philippines is expected to see a 90-centavo to P1 roll back in gasoline prices, while diesel and kerosene are expected to increase by around 60 centavos and 80 centavos per liter, respectively.
The United States has been “trying hard to compensate” for the OPEC’s supply cut by increasing its production to around 13 million barrels a day, Abad said.
The United States has been “trying hard to compensate” for the OPEC’s supply cut by increasing its production to around 13 million barrels a day, Abad said.
“Tinatry ng non-OPEC ang makabawi pero hindi din enough doon sa around 5.7 percent sa global supply ang tinanggal na ng OPEC+,” he said.
“Tinatry ng non-OPEC ang makabawi pero hindi din enough doon sa around 5.7 percent sa global supply ang tinanggal na ng OPEC+,” he said.
(Non-OPEC countries are trying to compensate but it is not enough to address the 5.7 percent of the global supply that OPEC+ removed.)
(Non-OPEC countries are trying to compensate but it is not enough to address the 5.7 percent of the global supply that OPEC+ removed.)
OPEC+ countries include the Algeria, Congo, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, United Arab Emirates, Venezuela, Russia, Mexico, and Kazakhstan among others.
OPEC+ countries include the Algeria, Congo, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, United Arab Emirates, Venezuela, Russia, Mexico, and Kazakhstan among others.
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