High fuel prices to persist into 2023, Wood Mackenzie says – Reuters

High fuel prices to persist into 2023, Wood Mackenzie says – Reuters

LONDON, June 16 (Reuters) - Consumers can expect fuel prices at the pump to remain high into next year due to disruptions to Russian oil supplies and as refineries struggle to meet demand recovering from the pandemic, consultancy Wood Mackenzie said.

The pressure should ease in the second half of next year when several new large refineries including in the Middle East are expected to start up, WoodMac said in a report.

For now, record gasoline and diesel prices in the United States, Europe and elsewhere have cooled global oil demand by around 1 million barrels per day (bpd), roughly 1% of global demand, according to Wood Mackenzie analyst Alan Gelder.