Global Oil – By Deslyn A Joseph
Global Oil Crisis Wioc
A sharp escalation in global oil prices has triggered significant economic concern in Antigua and Barbuda, as Brent crude surged more than 9% on Friday to top $93 per barrel, the highest level recorded since the autumn of 2023.
The price spike follows a dire warning from Qatar’s Energy Minister, Saad Sherida Al-Kaabi, who told the Financial Times that the intensifying conflict in the Middle East could force Gulf oil and gas exporters to halt production within days. Al-Kaabi warned that the disruption to critical shipping routes and energy supplies poses a systemic threat to the global economy.
In Antigua and Barbuda, the impact of the volatile market is already being felt at the import level. Gregory Georges, Chief Executive Officer of the West Indies Oil Company (WIOC), confirmed that a recent fuel order arrived with substantially higher price tags. According to Georges, the most dramatic increases have been observed in diesel and jet fuel.
“There are currently no immediate supply shortages for the twin-island nation, however the price pressure is undeniable,” he stated.
Preliminary figures shared by WIOC indicate a projected 15% increase in the cost of gasoline, while the cost of diesel is expected to climb by approximately 40 percent.
The final decision regarding adjustments to local pump prices rests with the Ministry of Finance. However, Georges emphasized that the early market data is already raising “red flags” for the energy sector. Officials continue to monitor the situation closely as the region braces for the potential ripple effects of the Middle East crisis on domestic living costs and transport.
