Oil cuts by Saudi Arabia and Russia have caused Brent crude oil to surpass $92 dollars a barrel, following a rise of 25% since late June. It is estimated that it will take about four weeks for these increases to impact Petrol prices. Analysts warn that oil prices could soon hit $100 per barrel due to a widening supply-demand gap expected by year-end. Global oil demand is projected to outstrip supply by 3.3 million barrels per day over the next three months, potentially marking the largest gap in over a decade.
- Saudi Arabia and Russia Cut Oil Supplies, Prices hit $92 a Barrel