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Seesaw on price of petroleum as OPEC and Russia reduce oil production

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With the recent rollback, the dread of one step backward and two steps forward that haunts consumers for years is here again as the oil price hike sets to take effect this second week on December.

This is due to the decision of OPEC and Russia to reduce oil production by more than 1.2 million barrels per day following the two days of exhausting negotiations and despite opposition from U.S. President Donald Trump.

Last Friday, both OPEC and Russia OPEC clinched the deal with allied oil-producing nations in Vienna, Austria that they will take 1.2 million barrels per day off the market for the first six months of 2019.

The price of the gasoline is expected to increase from P0.40-P0.50/L, while the diesel will likely to have between P0.10-P0.15/L rollback and the kerosene with P0.40-P0.50 decrease.

While there is no formal announcement yet to be made by petroleum company, the decision made by both OPEC and Russia to cut their output, would inevitably affect the price of the global market even if the 15-member OPEC group has still yet to make their final decision on how many barrels it would take off the market until Russia has finally made a specific reduction.

With this imminent oil price hike, prices of commodities would also be affected since this has been the trend during Christmas seasons wherein meat products, fruits and other products use for noche buena go up.
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