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Tight global supply raises costs for industry and motorists, but for now, the pain is milder than it was during price spikes decades earlier.
It’s mostly down to the falling price of oil, but the ingredients and materials manufacturers use are getting cheaper too.
The addition of American crude oil to the Brent benchmark had an immediate impact on global oil prices.
OPEC is trying to cut production among its members in a bid to push up the price of oil, but it hasn’t gone according to plan.
The Saudis invited the Russians to the table and rolled out the red carpet. But the Russians haven’t always done what the Saudis want.
And if it doesn’t work, they’ll cut production.
The cartel releases its monthly oil market report on Thursday.
The economies of China, the U.S. and Europe will all be affected by the cartel’s move to boost energy prices.
Trouble in the banking sector is scrambling expectations of how much oil the global economy needs right now.
Small independent processors in China are being joined by larger Chinese refiners, driving prices higher.
