Fuel prices' decrease in Moldova interrupted by U.S. sanctions on Russian oil companies

The fuel prices will slightly increase on the days to come, after nearly four consecutive weeks of their decrease. The National Energy Regulatory Agency (ANRE) today said the changes were influenced by the imposition by the USA of economic sanctions on two Russian oil companies.

According to ANRE, international oil prices recorded a sharp increase of about 5 per cent on October 23, after the U.S. Treasury Department's Office of Foreign Assets Control (OFAC) had announced sanctions targeting major Russian oil companies. Together, Rosneft and Lukoil export approximately 3.1 million barrels per day, which represents a significant portion of Russia's crude oil flows.

At the same time, ANRE emphasizes that the risk of U.S. secondary sanctions extends to maritime transport, banking and insurance sectors that facilitate trade with Russian crude oil, amplifying uncertainties regarding supply chains and logistical costs of oil globally.

In the context of these developments, the Organization of the Petroleum Exporting Countries (OPEC) said that it was prepared to increase its production to stabilize the global market, if sanctions continue to affect trade flows. OPEC, which provides about half of the world's crude oil production, has already increased its production targets for the 2025 year by over 2.7 million barrels per day, equivalent to approximately 2.5 per cent of global demand.

As a result, Platts price assessments for petroleum-derived products recorded in the last trading session a significant increase of about 4 per cent for petrol and 6.5 per cent for diesel.

Under these conditions, on the next three days, the petrol’s price will rise by 0.04 lei bani and will cost 22.48 lei. Diesel will be priced at 19.26 lei, up by 0.06 lei.