After a period of slowdown observed between May and June 2023, oil prices showed positive signs at the end of July. According to data from the Central Bank of Congo (BCC), the price of a barrel of oil stood at 83.78 USD, recording a weekly increase of 4.18%.
This development is attributed in particular to the voluntary drop in oil production by the member countries of the Organization of the Petroleum Exporting Countries and its partners (OPEC+). By reducing production, these countries managed to support oil prices on the world market.
Furthermore, the increase in the price of a barrel of oil may also be linked to expectations of an increase in interest rates by the American Federal Reserve (FED). An increase in interest rates in the United States can impact the oil market by affecting demand and investment in the energy sector.
It is important to note that the price of oil is a key economic indicator, as it influences many sectors, such as transport, industry and the global economy in general. A rise in oil prices can be beneficial for producing countries, but can also lead to higher production costs and pressure on consumer prices.
It is therefore advisable to closely monitor the evolution of oil prices in the coming months, as this may have repercussions on the global economy and on the purchasing power of consumers. Oil market fluctuations are often a reflection of global geopolitical and economic dynamics, so it is essential to pay close attention to better understand trends and issues