The Department of Energy (DOE) yesterday forecast a big-time oil price hike of as much as P1.35 per liter next week to reflect the movement of prices in
The Department of Energy yesterday forecast a big-time oil price hike of as much as P1.35 per liter next week to reflect the movement of prices in the world oil market.
The oil executive noted that the latest Organization of the Petroleum Exporting Countries and its allies’ output plan, which will require seven member nations to make further oil output cuts to compensate for their past overproduction, could overtake the production hikes the group plans to introduce next month.
Bellas said this overshadowed the adverse effects of the wider trade war on the world’s economy and demand for oil.
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