He said: “In the short-term, there is nothing to suggest petrol prices will come down.
“The combination of under-investment in new capacity before and, especially, during Covid, a rapid rebound in demand since the relaxing of Covid lockdowns, and uncertainty created by Russia’s invasion of Ukraine means that high prices are likely to be here for a while.
“In addition, whereas in the past it was usually possible for the big producing countries to turn on the taps and increase supply, the reality is that with global oil demand now approaching 100m barrels per day, there are few countries left with the ability to act as the ‘central bank of oil’.
“The US has started releasing oil from its strategic reserves and has also announced that it will ease sanctions on Venezuela to allow more oil exports from that country.
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