A bullish week for oil prices
Originally uploaded on April 22, 2022
This week, global oil prices have continued to remain volatile, pulled higher by a tighter supply outlook. The disruption to supply chains was fuelled by Western sanctions against Russia following its invasion of Ukraine.
In addition, the Organisation of the Petroleum Exporting Countries and its allies, known as OPEC+, produced 1.45 million barrels per day (BPD) below its production targets in March.
A report from the producer alliance, reviewed by Reuters, also showed that Russian output has begun to decline. The report showed that Russia produced about 300,000 BPD below its target in March at 10.018 million BPD, based on secondary sources.
Other outages added to the concerns about supply. Libya's National Oil Corporation declared force majeure at the Brega oil port on Tuesday, saying it was unable to fulfil its commitments to the oil market.
This week, fuel card prices are likely to rise in the region of 4 pence per litre, in respect of this week’s market movements. Overall retail prices continue to hold between 1.75ppl to 1.85ppl for diesel.
Make sure you are assessing which of your fuel cards will get you the best price for your fuel. If you are an existing customer, you can use our journey planner to find the most cost-effective routes. If not, give us a call and let us advise on the best way to utilise your cards while the prices rise.