Energy prices rise across Europe as OPEC + tightens production

Originally published at Europe in Review on October, 2023

The price of Brent Crude rose to a 2023 record of USD 97 on September 28 (91.67 Euro), the highest since 2022 when the war in Ukraine led to oil price spikes. OPEC + production decisions, rather than war, are the decisive factor this year.

Saudi Arabia and Russia agreed to output cuts of two million barrels per day in July as an increase in global demand led by China pushed prices higher, the International Energy Agency said in its September 2023 Oil Market Report.

Gasoline prices rose across Europe in September and analysts and the IAEA expects further increases in global prices this fall. Meanwhile a Russian export ban on diesel and refined fuel products expected to last through winter raised prices in Europe in September. [DW][Bloomberg][Times][IEA]

(rw/gc)