Reduced oil output, higher gas prices for Polish drivers

The price of a barrel of oil will reach $70 in 2017, according to an analyst who predicted the 2014 oil price collapse. Crude oil will become more expensive because OPEC and Russia are ready to reduce output. In the wake of rising oil prices, gasoline prices at Polish filling stations will also rise. On Monday, Brent crude broke through the $53 a barrel mark, which is the highest level in a year. Analysts believe that serious price rises are in store for us. Pierre Andurand, who controls $1.4 billion of Andurand Capital assets and predicted the 2014 price collapse, believes crude will hit $60 within three months and $70 next year. The price hikes have been fuelled by an OPEC agreement to cut output and Vladimir Putin’s support for it. The effect of rising oil prices is already visible at Polish gas stations. Since the beginning of October, price have gone up PLN 0.14. According to BM Reflex, on October 13, drivers paid PLN 4.53 (+0.04 from last week) for Pb95, PLN 4.82 (+0.03) for Pb98, and PLN 4.37 for diesel (+o.05) – the highest prices since November 2015.