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Home > Stories > Global oil supply issues driving high fuel prices at home

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Global oil supply issues driving high fuel prices at home

If you’ve been on the road lately, you may have noticed the price of petrol has jumped. Several factors have conspired in a perfect storm to affect the international oil supply chain, driving up the price of fuel here at home in Australia.

For one, the Organisation of Petroleum Exporting Countries (OPEC) has restricted its production of crude oil by a million barrels a day in an effort to boost prices amongst flagging global demand. In addition, the extreme heatwaves that have been unfolding across the Northern Hemisphere recently has caused oil refineries to slow production. Like humans, these complex facilities are unable to operate in persistent high temperatures.

Curtin University energy markets expert, Associate Professor Liam Wagner, says these factors could now see prices stay higher for longer. Professor Wagner joins us to discuss.

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