Fears Grow for The Possible End of The Cheap Oil Era

It seemed that consumers had begun to breathe when, after more than two years of almost constant growth in the price of crude oil and a record-breaking March, in June 2022. The value of a barrel began to fall to around 76 dollars a barrel. An amount that, compared to previous peaks, seemed “cheap”. But the decision by the Organization of the Petroleum Exporting Countries (OPEC) and its partners (OPEC+) to respond to this situation with a cut in oil production of two million barrels a day that will last until the end of 2023 and is intended to readjust…