Oil demand, weak NZ dollar could mean more pain at the pump

(Image: Getty)

Thu, 05 Oct 2023

Very high demand combined with OPEC supply cuts is fuelling oil prices that could soon breach the US$100 (NZ$169.12) a barrel mark. That would fuel more price pain at New Zealand’s petrol pumps, particularly if the NZ dollar continues to weaken.But geopolitics also plays a part against a backdrop of war in Ukraine and sanctions against oil producer Russia. Last month, the benchmark Brent Crude peaked at US$94.43 a barrel but was down to US$86.27 on Oct 5.In NZ, policies around the emissions trading scheme (ETS) could also play their...

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