The world has begun to produce more oil, fearing surprises from Trump. The Telegraph found out how this affects fuel prices in Ukraine.
World oil prices fell sharply after OPEC+ unexpectedly increased production more than expected. Uncertainty about Trump’s tariffs and their possible impact on the global economy also negatively affected demand forecasts.
On July 7, Brent crude futures fell by 47 cents to $67.83 per barrel. American West Texas Intermediate crude fell by $0.95 to $66.05 per barrel. Reuters reports.
What caused the decline in oil prices
The Organization of the Petroleum Exporting Countries and its allies agreed to increase production by 548,000 barrels per day in August. This is significantly more than the monthly increase of 411,000 barrels per day approved for May, June and July.
