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Fears Grow for The Possible End of The Cheap Oil Era

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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…

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