In one week, the oil price has fallen by more than 7 percent. The biggest weekly drop in three months. The decrease is striking, but there is little noticeable for motorists.
At the pump, the recommended retail price has been high for weeks at 2.27 euros per liter of gasoline. However, now that the oil price is falling, motorists can expect that the price of petrol will also fall in the long term. “It takes time to see it at the pump, at the moment the price is still very high there,” says car journalist Noud Broekhof of the National Auto Show. He points out that gas station owners are more inclined to increase prices than decrease them.
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There are several reasons why the oil price is now falling. This is partly due to the uncertainty surrounding the stock, because a huge amount is being produced. This was to the reluctance of the OPEC+ oil cartel, which has long been forcing countries to reduce their oil production so that the price can remain high and stable. On the other hand, the demand for oil is also lower.
Relatively quiet in the Middle East
What is also causing the oil price to fall is the relative calm in the Middle East. Because Israel and Iran have fought each other out and each has had a chance to pee, the uncertainty surrounding a larger regional conflict appears to have diminished. As a result, prices have fallen by about 10 percent from their mid-April high. At that time, the conflict between Israel and Iran was at a peak with attacks on both sides.
