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Forecasters predict rise in world market price of oil following a decision by OPEC countries to increase oil production

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Posted: Sunday, July 18, 2021. 2:56 pm CST.

By Benjamin Flowers: CNBC reports that forecasters are predicting a rise in the price of oil following a deal struck by the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, to increase oil production.

The 13-member bloc of countries struck a deal today, following the 19th OPEC and non-OPEC Ministerial Meeting, to undo production scalebacks in production that were implemented last year due to the impact of the global COVID-19 pandemic. Under the new deal, OPEC+ will increase production every month by 400,000 barrels a day, topping off in December at an additional 2 million barrels a day. This new production scheme will take effect in August.

While the price per barrel for oil on Friday closed out at US$71.81 for West Texas Intermediate (WTI) Crude, and US$73.59 for Brent Crude, NBC reports that many forecasters are expecting to see oil go up to US$80 a barrel as a result of the new deal.

The increase in the world price of oil will undoubtedly result in an increase, yet undetermined, in the price of gas, which has already seen 18 adjustments for this year so far. Currently, the price of Premium gasoline is $11.64 per gallon, Regular gasoline is at $10.99 per gallon, while the prices for Kerosene and Diesel are at $7.41 and $10.59 per gallon, respectively, according to the Ministry of Finance.

The increase in global oil prices may be of some economic benefit to Belize in the form of increased revenues for crude oil exports, which only made $200,000 in the month of May, according to the Statistical Institute of Belize. This is, however, contingent on a shipment being exported, as there were notably no shipments exported for the month of May 2020, due to a steady decrease in Belize’s oil reserves being extracted by Belize Natural Energy (BNE), and a failure on the part of any other oil company with a concession to find new reserves in the country.

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