The output cuts are being considered on the back of a slide in oil prices from multi-year highs reached in March and market volatility
The recent oil sell-off has left prices trading lower than before Russia’s invasion of Ukraine. A stronger dollar has also weighed on prices.What could an oil price slide mean for you?
A larger-than-expected reduction would reflect the scale of concern that the global economy is slowing fast in the face of rapidly tightening monetary policy. The move could boost oil prices at a time when the world is trying to bring energy costs down. If oil prices soar much higher, this could create strain on energy providers who are currently capped on how much they can charge customers.
The Energy Price Guarantee introduced by Liz Truss says the average unit price for dual fuel customers paying by direct debit will be limited to 34p per kWh for electricity and 10.3p per kWh for gas, inclusive of VAT, from 1 October.However, lower oil prices are a good thing for motorists as it means they will pay less at the pumps.
If oil prices are boosted again, as supply is cut, the cost of fuel could increase leaving drivers paying more per litre.
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