Is there enough fuel for the holiday route? French experts like the government, who are concerned about Europe’s “shortages”, will be reaffirming their confidence in the supply of fuel this summer.
Fatih Birol (executive director of the International Energy Agency, IEA) told Spiegel, a German newspaper three days ago that there might be shortages of diesel, gasoline, or kerosene when the holiday season begins in Europe and the United States and demand rises.
Since Russia’s invasion of Ukraine, the world is now in an unprecedented energy crisis. Russia is a major producer and exporter of hydrocarbons as well as refined petroleum products like diesel. The European Union just issued a partial embargo against Russian crude oil in 6 months, and on refined products in 8 months. The EU will stop 90% of Russian oil exports by the end the year.
“Europe is dependent not only on crude oil deliveries but also on petroleum product imports,” says Fatih Birol. Fatih Birol warns that some exporting countries, such as China, impose export bans first to protect their consumers.
However, French professionals don’t share this fearful vision. Olivier Gantois (president of Ufip Energies and Mobilities), which gathers the largest oil companies in France, says, “We don’t foresee any shortage in France, nor in crude oil or in diesel.” “The supplies have already been organized. He emphasizes that we don’t have to wait until July 3rd to see if we will have fuel at the service stations the weekend after.
Francis Pousse, president and chief executive officer of Mobilians’ new energy branch and service station, said that the actors had had ample time to prepare for the embargo, which will be applied gradually. He says that the entire sector is searching for other sources of supply because they have known for at least two months that this would happen.
On France Info, Agnes Pannier Runacher, Minister for Energy Transition, said that “Today, oil continues being imported” from Russia. She stressed that “we are replacing over the time, we aren’t intend to suddenly reduce oil imports”, but to “diversify them”.
The Minister also mentioned the existence of strategic storage for crude and finished products. These usually account for 29.5% of all volumes consumed in a year (i.e. More than three months.
Professionals are not surprised by the IEA’s alert. It brings together developed nations. Olivier Gantois, judge, said that she “is in her position” and “sends message to OPEC”.
The cartel is regularly contacted by it, who appeals to it to increase its production. This message seems to have been heard by the producers, who announced Thursday that they would be opening their valves earlier than anticipated this summer in an effort to reduce the price rise.