AAA Daily Fuel Gauge Report for Friday, 7/31/20
National Average Price for Regular Unleaded Current: $2.189; Month Ago: $2.178; Year Ago: $2.721. National Average Price for Diesel Current: $2.432; Month Ago: $2.436; Year Ago: $2.988.
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Oil Extends Declines Before OPEC Meeting on Output-Cut Extension
Futures dropped as much as 1.2 percent in London, extending Monday’s decline. Uncertainty over the outcome of Thursday’s meeting is creating the risk of a slide in prices, which have gained on assumptions that the curbs will be prolonged for nine months, according to Goldman Sachs Group Inc. OPEC backs such an extension but is still waiting for commitments from Russia, according to people familiar with the matter. Crude surged earlier this month on signs the Organization of Petroleum Exporting Countries and its partners will prolong cuts aimed at shrinking a global glut. Prices, time spreads and hedge-fund positioning all reflect a high probability the group will follow a Saudi proposal to extend the pact to the end of 2018, Goldman said. Yet Saudi Energy Minister Khalid Al-Falih said Tuesday that it’s too early to talk about the duration. Click Read More below for additional information.
OPEC’s oil output jumps again in June as the group struggles to end the crude glut
OPEC's oil production rose again in June, driven by increases in Libya and Nigeria and as top exporter Saudi Arabia reported it pumped more than it agreed to last year. The producer group's total output jumped by about 393,500 barrels a day to a total of 32.6 million barrels a day last month, according to independent assessments cited by OPEC in a monthly report. The increases came despite the producer group extending a deal to limit production in May. Click Read More below for additional detail.