Will we have another oil crisis?

Again we are seeing the global oil market in the headlines following the oil prices peak for 2018 according to The Week.

Oil prices have fluctuated massively over the past four years and looks like it will continue to do so. This all has significant impact on the markets both for the economy and politically.

Why the recent increase?  BBC News reported on Wednesday 26th “Following a meeting between Opec and non-Opec members such as Russia, they said that they did not intend to increase production output despite calls from US President Donald Trump to do so to lower oil prices.”  Furthermore, “The US is poised to re-implement sanctions against Iran in November. At its peak this year, Iran exported around 3 million barrels per day of crude oil, equal to 3% of global consumption”.

So what does this mean for the near future? OilPrice.com reports “An oil price spike is starting to look increasingly possible, with a rerun of 2008 not entirely out of the question”.  Some analysts are suggesting a possible oil price increase of up to $100/barrel as we head towards the end of the year.  So as this evolves and we head into the final quarter, it looks as though we will be paying more for our fuel.

With this in mind, now is the ideal time for you to be thinking about your oil tank requirements for bulk storage wherever possible.

We are very happy to discuss and are here to help. Get in touch today regarding your oil or diesel bulk storage or dispensing tank. Please do not hesitate to call 01953 665940 or email info@tanks-uk.com