Energy economics

OPEC, allies agree to lower oil production by 10 mln bpd

OPEC and its allies agreed early on April 10 to lower their collective crude oil production by 10 million barrels per day (bpd) until the end of the second quarter of 2020.

Saudi Arabia-led OPEC and Russia-led non-OPEC oil-producing nations started their 9th (Extraordinary) OPEC and non-OPEC ministerial meeting via webinar on April 9 at 1445GMT.

Petrol Stations: The Fuel Consumption Dropped by between 40 and 80% because of the State of Emergency

After Bulgaria declared a state of emergency because of the coronavirus, fuel consumption dropped by more than 40% in major cities and highways, and nearly 80% in small towns. The situation also creates great discomfort in fuel prices. This is commented on BGNES spokesman of the National Association of Traders and Transporters of Fuel Simo Simov.

Oil prices at 17-year lows as virus ravages world

Oil prices extended losses in Asian trade on March 30 and languished at 17-year lows, with the coronavirus crisis escalating around the world and no end in sight to a vicious price war.    

U.S. benchmark West Texas Intermediate fell 5.3 percent to trade at $20 a barrel, while international benchmark Brent crude was off 6.5 percent at $23.    

World Oil Prices Continue to Go Down

World oil prices continue to go down, with the WTI down to $ 23 a barrel - a price the market last saw on March 6, 2002.

As of 7:19 pm Bulgarian time, the price of the May futures of the Brent North Crude fell to 11.7% to $ 25.37 a barrel. The price of the May futures of WTI oil fell 17.23% to $ 22.62 a barrel.

Gasoline prices further cut back

The gasoline pump price is expected to decrease as low as 5.29 Turkish Liras per liter in Istanbul as of March 18, according to local media.

The Energy Petroleum Gas Refueling Station Employers Union announced on March 17 that the gasoline prices would be decreased 0.25 liras per liter at the end of the day.