Heating Oil Prices

The Organisation of the Petroleum Exporting Countries (OPEC) meet on a regular basis to agree policy in an attempt to stabilise global oil prices whilst maintaining a reliable supply, which predominately impacts on the price of crude oil but as kerosene is refined from crude oil it’s price is directly linked.

We  import our heating oil from other countries, this means changes in exchange rates between currencies can directly affect the amount you pay for kerosene heating oil.

Conflict in oil producing countries can destabilise supply which affects the price of crude oil. Oil exports may still be possible but additional protection and security at the oil facilities and refineries will cause an increase in the prices.

Winter weather can lead to demanding delivery conditions which can lead to the price of kerosene rising, however it’s not only the weather in our local community that can cause fluctuations in global oil prices. Extreme weather in oil producing countries can cause oil production to slow or even stop which threatens global oil supply often leading to increasing prices for oil.