DOE explains implementation of oil price hike this week

Transcript

00:00 The Department of Energy explained the reason for the implementation of the big-time oil

00:04 price hike this week.

00:05 Lawyer Rino Abad of the DOE said that the increase in prices of petroleum products was

00:11 mainly due to the decision of Saudi Arabia to cut down on production, consequently affecting

00:16 the supply chain.

00:17 Currently Abad said global demand for fuel is at 101 million barrels per day.

00:23 Another factor will also affect the supply chain of oil as Russia also intends to cut

00:28 down on production.

00:29 "What aggravated the situation is that in August, Saudi continued with its commitment

00:40 and probably in September, it will be directed.

00:44 But Russia has already joined.

00:46 It has already added 500,000 barrels, as he said, for this month and 300,000 barrels for

00:55 September.

00:56 So, that is the situation.

00:59 The result of what happened this month of August, is that it will be reduced to 1.5.

01:07 We will have a shortage in daily production."

01:12 [BLANK_AUDIO]