What happens to oil, after the endless queues at Romanian gas stations: all drivers need to know

In an unprecedented upheaval for Romanians, after many drivers missed their evenings at the gas stations due to the fear that the price of petrol and diesel could explode, the oil went to their heads.

Yesterday, several things happened that created panic among Romanians. First, the United States and Britain suspended oil imports from Russia, a day after Shell made a similar announcement about Putin’s country. After lunch, a picture of a gas station on the Romanian border where a price of 11 lei for gasoline and diesel was passed began to circulate on the Internet. That image was not necessarily false, but it certainly did not reflect the current or future situation in the whole of Romania. However, the drivers got scared and took it as a warning about what is going to happen at the pump in the coming weeks, if not days.

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Oil production is rising, petrol prices are falling, in theory

In the same evening in which the Romanians hoped to make a business with gasoline, not that the price was very low, the oil went to the head with no less than 17%. The value is fabulous and with great chances to be reflected in the price paid by drivers at the pump. In other words, there is a good chance that those who have filled up and filled their canisters may have been fooled.

The price of oil fell by no less than 17% last night after a confirmation from the international press of Iraq and the United Arab Emirates regarding the increase in production under OPEC was confirmed. The announcement was made precisely in order to calm global markets in the context of the supply disruption caused by the sanctions imposed on Russian oil after the invasion of Ukraine.

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Shortly after OPEC was reported, Brent oil fell by more than $ 17 percent or about $ 22 to reach a $ 105.6 session low. The reference price recovered some of its losses, trading down $ 13.29, or 10.4%, to $ 114.69 a barrel. US crude oil fell $ 12.01, or 9.7 percent, to $ 111.69.

“It simply came to our notice then. I can probably bring in about 800,000 barrels on the market very quickly, right away, which brings us to seventeen of the way to replace the Russian supply, “said Bob Yawger, director of energy futures at Mizuho. All in all, the market deficit caused by the situation in Russia, at least in terms of oil, can be compensated quickly.

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