Oil exporting countries have decided to increase their production.
The price of oil therefore lowered mechanically.
At the pump, unleaded petrol fell at around 1.65 euros per liter.
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The fuel prices are still falling. The oil price decreased by around 2% on Monday May 5, which brings the price of a liter of SP95-E10, the best-selling fuel, to around 1.65 euros. Dasus is displayed around 1.55 euros per liter. A boon for motorists, who had suffered, in 2022, very high prices, exceeding 2 euros per liter.
The barrel of oil fell at around 60 dollars, and according to Goldman Sachs forecasts, it could reach 56 dollars in 2026. The price of fuel could therefore continue to drop. Since the start of the year, the oil price has already lost 20% of its value.
Where does this drop come from? On Saturday, oil exporting countries members of OPEC+ announced again to increase their oil production from June. They will release 411,000 additional barrels next month, after previous increases in April and May. In total, one million additional barrels will be put back on the market every day.
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“We don’t understand very well”note Pascal Perri, editorialist economics LCI. When there is less growth and prices drop, “The producer rations the market to bring up prices”. “There, growth slows down and OPEC increases its production.”
The explanation could come from potential sanctions against Iran, and those planned against Venezuela. Donald Trump, President of the United States, announced 25% taxes on countries buying oil in Caracas, while the country is “One of the first producers of the world”Pointe Pascal Perri. The billionaire could also sanction Iran and exclude it from the hydrocarbon market. Two decisions that would lower the amount of oil on the market, which OPEC+ members seem to anticipate.
