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The pattern of significant declines in the price of diesel fuel is showing its first sign of slowing, as the federal government’s weekly Energy Information Administration report released May 11 shows diesel dropped only half a penny nationwide to $2.394 from $2.399 the previous week.

Still, the trucking industry’s primary fuel is 76.6 cents less expensive than it was a year ago, and the price of diesel was down in seven of the 10 regions of the country, the EIA says in its report.

The least expensive diesel remains in the Gulf Coast region, which is home to much of the nation’s extensive refining capacity. There, diesel increased nine-tenths of a penny to $2.178 a gallon. But in that area, diesel remains 72.7 cents less expensive than it was a year ago. California remains the most expensive location in the nation to purchase diesel at $3.182 a gallon, but that’s 95.4 cents a gallon less than a year ago.

Of all the regions, the Rocky Mountain region saw the most significant dip in price according to EIA, declining 2.4 cents per gallon to $2.346 a gallon, and it’s 83.5 cents less expensive than it was a year ago.

The average price of a gallon of gasoline in the United States rose for the second week in a row, increasing 6.2 cents to $1.851, which is still $1.015 cheaper than a year ago. In the Midwest the price surged 17.8 cents per gallon to $1.751.

Meanwhile, in another indication there is still a global glut of oil, Saudi Arabia said it is cutting its oil production even further, directing its national oil company, Saudi Aramco, to reduce its crude oil output by an extra 1 million barrels per day starting in June. That cut would put Saudi Arabia’s daily oil production at an estimated 7.5 million barrels per day.

Kuwait also said it would cut its production by 80,000 barrels a day.

“The kingdom aims through this additional cut to encourage OPEC+ participants, as well as other producing countries, to comply with the production cuts they have committed to, and to provide additional voluntary cuts, in an effort to support the stability of global oil markets,” the Saudi Oil Ministry said in a statement.

Vào tháng Tư, the OPEC+ nations agreed to cut their production by 9.5 million barrels per day. However, most oil industry analysts said that reduction was only about 30% of what would be needed to bring supply and demand back into balance. Before the coronavirus pandemic, the world used an estimated 100 million barrels of oil per day. With hundreds of millions of people not traveling and staying at home, world oil usage has fallen to about 70 million barrels per day.

The industry’s benchmark crude, West Texas Intermediate, closed down 53 cents at $24.50 a barrel on May 11, which is down more than 63% from its 52-week high of $66.65 a barrel.

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Source: https://www.ttnews.com/articles/diesel-prices-level-oil-producing-nations-cut-output-further