After having evolved in dispersed order the previous week – diesel falling by 2.6 cents but SP95-E10 (the best-selling petrol) on the contrary taking 8 cents –, fuel prices are again moving downwards and in a more coordinated way. According to figures from the Ministry of the Directorate General for Energy and Climate (DGEC), this same SP95-E10 sold last week for an average of 1.93 euros per liter at service stations in France. , against 1.94 euros per liter the previous week. Ditto for diesel, at 1.83 euros per litre, or two cents less (1.85 euros per litre).
Crude oil markets nonetheless remain extremely turbulent. This Monday morning, at the opening of Rotterdam (Netherlands), the barrel of Brent from the North Sea (the reference in Europe) was displayed at 119.28 dollars (110.82 euros), the highest for two month. And the ongoing negotiations on a new proposed embargo on Russian hydrocarbons should not help matters. The ambassadors of the Twenty-Seven had met Sunday, all afternoon and until evening, to try to find an agreement. In vain so far. This Monday, it is the turn of the leaders of these same countries to sit around the table to discuss a compromise which would make it possible to adopt a sixth package of sanctions from the European Union (EU) against Moscow.
Oil markets in turmoil
But Hungary, which is very dependent on Russia, has so far opposed the oil embargo project. A temporary exemption for crude oil transported by pipeline to the continent, in particular to Hungary, Slovakia and the Czech Republic, could make it possible to lift Budapest’s veto. A prospect that puts the markets in turmoil.
In addition to the continuation of the war in Ukraine, the boarding of two Greek oil tankers by the Iranians, in protest against the sequestration since last April of one of their tankers transporting Russian oil, had the effect of stretching them even further little more. Those of crude oil, but also those of refined products, gasoline and diesel first. China’s easing of restrictions linked to its zero Covid policy also raises fears of a recovery in consumption. And therefore the demand for petroleum products. What would not fail there also to make jump the courses.
The only hope to counter this inflation: that OPEC + (the Organization of Petroleum Countries, plus ten other countries including Russia) agrees to increase its production at a meeting scheduled for this week. But there is nothing to indicate that these countries – which make rain or shine on the oil markets – are going in this direction. This would therefore augur further increases at the pump in the coming weeks.