The Vice President of the Bahamas Petroleum Retailers Association is foreshadowing a rise in gas prices due to the recently agrees cut in oil production to 3.66 million barrels per day by the Organization of the Petroleum Exporting Countries (OPEC).
Vasco Bastian told ZNS News, “this just means that in the next couple weeks you’ll find that the price of gas at the pumps will increase. Whether or not is increase by ten cents, fifteen cents, twenty five cents, no one knows.”
Bastian further explained, “for the last two years or three years people around the world were confined because of the pandemic so you find that a lot of people around the world are gonna be traveling, they do a lot of road trips. So doing that road trips those persons in OPEC, those oil producing countries they always tie into this supply and demand. So you find that in the summer months especially if you track the price of crude oil it tends to go up and the opposite happens in the winter months. So this is a direct correlation of the reduction of those countries holding back supply and the feeding into this supply and demand situation.”
As to the ongoing negotiations between the Bahamas Petroleum Retailers Association and the government Bastian said there is a tentative meeting set for next week.