Petrol Prices to Drop to 3-Year Low
Good news for motorists as petrol prices in Slovakia are heading for their lowest level in three years to under EUR 1.30 a litre thanks to world oil prices nosediving over the past few months. Oil producer cartel OPEC is forecasting the price decline to continue as demands drops.
Global oil demand for 2015 is expected to slow by 300,000 bpd to 28.9 million bpd, that is more than 1 million bpd below the cartel’s current production. Oil prices have hit a five-year low and are still falling, hitting as low as USD 58.70 a barrel (WTI), while Brent crude touched USD 62.60. Prices dropped 4% today alone as the market braces for oversupply.
The falling prices should be seen at the Slovak pumps over the next few days, with further drops possible through the beginning of next year.
Info source: WBP Online