The price of a barrel of Brent crude oil has been very low for a long time. OPEC's export restrictive measures do not bring the expected price increase they wanted. The price for a barrel of crude oil rose slightly last Friday to just over $ 50. Analysts expect the price to rise further to $ 60 as more export-restrictive measures have been agreed.
The ECB has been trying to get European inflation at 2% for years. The oil price is an important ingredient. The buy-back program of the ECB is partly offset by the low oil price. Inflation does not yet reach the desired level.
Also, production in Libya and Iran is affected. Libya is exempt from export restrictive measures to allow the country to grow and rebuild the economy. The production of oil has risen in Libya to the highest point in 4 years. And also Iran may increase production to levels before the sanctions were announced. In addition, the number of installations in the US has increased by 2 over the past week. For consumers and companies who consume a lot of oil, this news is of course positive. Although the low price of oil does not work directly on the pump, they notice a slight fall in fuel prices.