Photo: RNZ / Dan CookThe pain at the pump is expected to worsen over coming months as petrol companies pass on price hikes from a cut in global oil production and sanctions on Russian marine oil tankers. Jennifer Martin said she would have less money for discretionary spending if the price of petrol rose. The organisation for petroleum exporting countries, OPEC, will cut oil production by two million barrels a day or two percent of global demand - its deepest cuts since the pandemic began. Given oil production has been falling short of its target, analysts say the real cut will likely be less. That probably will take about 2 million barrels of oil production out of the market and that will have an impact on prices."

Source: Stuff October 07, 2022 00:18 UTC