Soaring oil prices : the price at the pump will rise quite rapidly in France

The attack of the installations in saudi arabia by drones will have consequences on the price at the pump in France, warn the professionals.

An attack in the Middle East, the consequences in France. The skyrocketing oil prices in the aftermath of the attack of the facilities saudi arabia is an event that is "significant" that will "fairly quickly" by an increase of the order of 5 cents at the pump in France, have warned this Monday, the professionals of the sector.

"We can expect pretty quickly to an increase of the order of 4 or 5 cents" because "the big companies impact in the day-to-day price movements on the market of Rotterdam on gasoline and diesel fuel," said Francis Duseux, president of the French Union of petroleum industries (UFIP).

"When you pay 1,50 euro on a liter of petrol, you have an almost 50 cents of raw materials, refining, and distribution", the rest being composed of various taxes, he recalled. It is this fraction of about a third of the price at the pump, which follows the increase of the current. "Five cents, assuming that it remains at this level, it is quite considerable. It is perhaps this that is most worrying for the French," pointed out Francis Duseux.

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No risk of a shortage in France

oil prices have climbed 10% on Monday morning, two days after attacks on oil infrastructure in saudi Arabia, which resulted in a reduction of half of its production. They have caused an abrupt reduction in production of 5.7 million barrels per day, or about 6% of the world's supply.

"This is a military attack to the front, surprising, unexpected," who represents a "very significant" for the industry, " commented Francis Duseux.

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However, France is in the shelter of a supply disruption, according to him : "we have in France three months of reserve stocks, it is the law that we are obliged to have in storage three months for the consumption of the previous year". "In the case where the supply of crude would be a little more tense, I think that there would be no problem to continue supplying the French in the service stations or to fill up their tank of heating oil", he said.

The evolution of the situation will now depend on several factors such as the time to repair the damaged facilities, the mobilization of stocks, saudis and the increase of the production of other countries, but especially the reaction to diplomatic and possibly military.

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"The danger is, is it that we could see a conflagration of the region, with all the consequences that it might have? Frankly I think this is not desirable," concluded Francis Duseux.