Heating oil price update

Date Published: 18/11/2024

Heating Oil Price Update: Global Prices on the Rise Due to OPEC+ Production Cuts

Global oil prices are on the rise following recent announcements of additional oil production cuts. Saudi Arabia, a key member of OPEC+, has declared an extension of their voluntary production and export reductions until the end of this year. This decision adds more upward pressure to oil prices.

According to the official Saudi Press Agency, Saudi Arabia will maintain its 1 million barrels per day reduction in oil production until the end of December, despite originally presenting these cuts as a temporary measure. These ongoing production cuts are expected to tighten the global oil supply, leading to an increase in global oil prices.

What Does This Mean for Heating Oil Customers?

Given the current uncertainty in the heating oil market, it's challenging to predict how long heating oil prices will continue to rise. 

To stay informed about these fluctuations, we recommend signing up to receive our regular price updates via email. Alternatively, you can quickly obtain an online quote using our convenient quote tool.

 If you have space in your heating oil tank, now may be a good time to consider a top-up to prevent being caught out by any further price hikes.