National Energy Regulatory Agency of Moldova says Middle East crisis influences fuel prices

The National Energy Regulatory Agency (ANRE) today informed that the escalation of the conflict between Israel and Iran continued to have a direct impact on international oil prices and, consequently, on the prices of petroleum products sold on the market of Moldova, which are fully come from imports.

Thus, Brent oil saw a sharp increase, surpassing the level of 78 dollars/barrel in one day. For today, the price is about 74 dollars/barrel, up by seven per cent, marking the highest level since last January.

At the same time, Platts quotations for petroleum products have increased significantly in just one day: by 40 dollars/ton for diesel and by 24 dollars/ton for petrol.

According to ANRE, the rise in quotations is fueled by concerns about potential disruptions to Iranian oil production and export, as well as the risks of blocking the Strait of Hormuz, a strategic corridor through which about 20 per cent of the global oil consumption transits.

Iran, a member of the Organization of the Petroleum Exporting Countries (OPEC), currently produces about 3.3 million barrels per day and exports over 2 million barrels daily. According to analysts, the spare capacity of OPEC and its allies, including Russia, is limited, which represents a vulnerability in case of significant disruptions, ANRE noted.

Under these conditions, ANRE announced for June 17 a maximum price for COR 95 petrol of 22.96 lei per liter, an increase of 0.06 lei. At the same time, diesel is increasing by 0.13 lei and will cost 18.85 lei on 17 June.