Just as various countries are making policies to phase out diesel powered cars and replace with electric cars, United Kingdom as experienced drop in sales of Diesel cars.

According to The Society of Motor Manufacturers and Traders (SMMT) the overall sales of cars has dropped by 12% making it the seventh consecutive decline in the last seven months.

Michael Loewen, a commodities strategist at Scotiabank in Toronto, explained to Bloomberg that:

“The geopolitical supply risk premium is starting to bear its head in the market right now because OPEC supply cuts have made it relevant.”

Loewen added that, with supply capped and demand rising, potential risks to supply become more significant.

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