
Gasoline and Diesel Prices Rise as Crude Oil Price Soars Up in July 2023
By Anshula Mandaokar , 31 July, 2023
With the rising crude oil prices, diesel and gasoline prices also soar in July 2023. The rise in oil prices has been witnessed after months of lower crude prices, diesel, and gasoline prices.
Energy Information Administration (EIA) forecasts that oil prices will remain high in the second half of 2023 and for 2024 at a moderate level. The organization also expects less production from the Organization for Petroleum Countries (OPEC) members. It anticipates petroleum consumption to an average drawdown of 0.4 million barrels per day starting from July 2023 by the end of 2024. The forecast by EIA shows the price of bent crude oil will rise to USD 80 per barrel by the end of 2024 with USD 75 per day from June 2023. In the United States, the average gas prices have risen to USD 3.565 per gallon from USD 3.543 per gallon, according to reliable sources. Similarly, diesel prices have increased from USD 3.837 to USD 3.842 within a week. The oil markets are hopeful about three weeks of oil price increase that may coincide even with the oil price rally.
For three weeks, between June and July months in 2023, the oil prices have barely crossed USD 80 per barrel. According to the recent forecasts by EIA, non-OECD petroleum and liquid fuels consumption is expected to rise by 1.6 million barrels per day from 2022 to 55.1 million barrels per day in 2023 on average. The supply from global oil markets tightens the rising production from the oil-producing countries due to oil price rally.Short-Term Energy Outlook Crude Oil Spot Price Forecast

Latest News

China rightfully takes center stage in progress in ultra-fast charging EV batteries. As it appears, a Chinese electric vehicle manufacturer has emerged as a clear industry leader by developing the fastest charging battery in the world that can go…

Chinese market goes through significant economic changes in 2024. Globally, Chinese brands are climbing the ladder higher in the market. A 2024 survey shows the performance of some Chinese companies with the highest brand value. These companies help…

There is a global race to clean energy sources because of climate change in 2024. However, there is a danger that the impending metal supply crisis will offset this gain. The move to renewable energy technologies greatly depends on critical minerals…

Indian economy is facing new challenges at the end of the month of 2024. India's gross domestic product (GDP) expanded to 6.7 percent in the second quarter of 2024. From April to June 2024, the Indian market began to shrink continuously. It led to a…

Global oil demand reports show unbalanced statistics due to different analyses in two consecutive months of 2024. The International Energy Agency (IEA) states that global oil demand will decline by 2030. The report explains that fossil fuel demand…

Team Lead - Research