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In just over a month, the price of oil has risen from just over 86 dollars a barrel to the current price of 60 dollars a barrel. According to Ulf Svahn, CEO of the Swedish Institute of Petroleum and Biofuels (SPBI), this price race is the biggest since the 2008 crisis, mainly because the US has significantly increased their oil production and created an overproduction.
– In early October, sanctions were imposed on Iran and oil prices were raised as they thought it would be short. At the same time, the Venezuelan government collapsed. However, many of Iran's trading partners have been exempted from sanctions and could continue trading Iranian oil. At the same time, the United States has begun to increase production, which means that the crisis in Venezuela has not been as great as expected, "Ulf Svahn told ATL.
The new target price for diesel is 15.61 kroner per liter of mackerel used.
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