The World Blog by humble servant.

US gasoline prices averaged more than $5 per gallon on Saturday, setting a new all-time high, data from the American Automobile Association (AAA) shows. According to the non-profit AAA, which tracks prices at more than 60,000 gas stations across the country, the national average price for regular unleaded gas rose to $5.004 per gallon on June 11 from $4.986 the day before. The highest prices have traditionally been recorded in the state of California, at up to $6.43 per gallon, and the lowest in Georgia, at $4.46 per gallon. Data shows that US fuel prices have now more than doubled since US President Joe Biden was inaugurated in January 2021, when a gallon of gasoline cost only $2.39 on average. The Biden administration has been determined to curb the soaring prices, which have propelled inflation to four-decade highs. The government has ordered a record-large release of barrels from US strategic reserves, suspended a rule prohibiting the sale of higher-ethanol blend gasoline duri...

Iran and Venezuela signed a 20-year cooperation deal on Saturday during a visit by Venezuelan President Nicolas Maduro to Tehran, Iranian state media has reported. The agreement reached by two of the most sanctioned countries in the world “shows the determination of the high-level officials of the two countries for development of relations in different fields,” Iranian President Ebrahim Raisi said on state TV, as cited by AFP. Details of the new agreement between the two countries have not yet been made public. However, during his visit, Maduro was accompanied by officials from areas including agriculture, technology, oil, communications, tourism, and transportation, which may signify the spheres of cooperation the two nations have in mind. Both Iran and Venezuela are under heavy US sanctions, and according to Maduro, they have “a common vision” regarding international issues, and plan to work together in the “war of sanctions and find ways to counter them with steadfastness.” “Car...

Prices at the pump in the Netherlands have soared to record highs, driven by the growing cost of oil, according to data by Dutch consumer group UnitedConsumers. The retail price for a liter of gasoline is currently at €2.50, data showed. It was reaching €2.505 per liter at the pump. The cost of gasoline rose by 0.2 cents per liter, compared with that recorded on March 10. The price of diesel has also increased, to €2.22 per liter on average. Higher fuel prices have been attributed to the rising price of oil, with Brent crude hitting $122 a barrel on Friday. Experts say the EU’s decision to halt all imports of Russian oil by the end of 2022 will have a significant impact on how much Dutch drivers will pay at the pump. Gasoline prices are likely to rise further over the coming months, analysts predict. The rising prices of oil, gas and electricity have affected companies and customers across Europe. Annual inflation in the Netherlands in May was 10.2%, compared to 11.2% a month earl...

Consumer prices in Denmark in May were 7.4% higher than a year earlier, official data released on Friday shows. That is the highest 12-month inflation recorded in the country since 1983, The Local reports. The rise has been blamed on soaring electricity, energy and food prices. According to Mathias Dollerup Sproegel, senior economist with Sydbank, the average household budget for a family with two children in Denmark is now 30,000 kroner ($4,264) more per year compared to a year ago. “The Danish economy is therefore facing some challenging months and quarters in which it will be decisive whether consumers decide to take a hit on their savings to maintain spending power,” Sproegel told the outlet. Senior economist with the Danish Chamber of Commerce, Tore Stramer, projected that inflation could peak this summer before declining. “The speed at which inflation declines is, however, uncertain and depends upon factors including future development of energy prices,” Stramer said, as qu...

Saudi Arabia will cut oil shipments to China in July, Reuters and Bloomberg reported on Friday, citing sources with knowledge of the matter. According to the reports, the world’s largest oil exporter, Saudi Aramco, has notified at least four Chinese refiners that it will be supplying less than the contracted volumes of oil next month. Sources say the move is due to the fact that China is increasing imports of Russian oil at a substantial discount, which Moscow offered to buyers after Western states began canceling Russian deliveries amid the Ukraine-related sanctions. In addition, there is growing demand for Saudi oil worldwide, especially in Europe, amid the phasing out of Russian energy and the search for new suppliers. Reports also state that refineries in Japan, South Korea, Thailand, and India will receive their oil in full, while some will even receive extra supplies, including a Malaysian refinery in Pengerang. Also, at least three European refiners have received full contra...