Recent events in the Middle East, particularly Iran’s active participation, are exacerbating uncertainties in the crude oil market, leading to a surge in both Brent and fuel prices in Greece. Further escalation of tensions threatens to have profound implications for the global market.
The current landscape is marked by a scarcity of products, stimulated by European sanctions on Russian refineries and the destruction of Russian refining facilities from Ukrainian assaults. Simultaneously, there is a substantial demand from China and India.
Both nations traditionally rely on Russian sources, but disruptions in oil production are redirecting them to alternative markets favored by Europe and the USA. Iran’s recent attack on Israel has added to the turmoil, compounding challenges in the international oil sector.
Ioannis Aligizakis, President of the Hellenic Petroleum Marketing Companies Association and CEO of ELINOIL, warns that depending on the extent and duration of Iran’s involvement in the Middle East, Brent prices could regularly exceed 90 euros per barrel. Thus far, prices have fluctuated between 85 euros and 90 euros per barrel.
Domestically, considering the heightened demand for gasoline and diesel fuel due to increased travel activity expected during the forthcoming summer season, it is improbable that Greek market prices will remain unaffected.
Source: tovima.com
Latest News
Deadline for Postal Vote Registration Expires on Mon.
More than 157,000 Greek citizens had registered on the relevant online platform so far
Orthodox Palm Sunday Today; Shops Open in Greater Athens-Piraeus Area
Orthodox Holy Week begins on Monday, April 29, and ends on Sunday, Easter Sunday or Great and Holy Pascha (May 5)
Greek Retailers Remain Optimistic About Easter Shoppers’ Turnout
While stores are expected to be open on Sunday, April 28, the majority of Easter shoppers will likely do their shopping during the Holy Week, following the deposit of Easter bonuses
Europeche: Greek Apricot Production Recovers
Europeche forecasts the production will bounce back despite a slight decrease in varieties attributed to high winter temperatures
Bank of Greece (BoG): Business-Household Deposits Up 1,675bln in March 2024
In March 2024, the monthly net flow of credit to the general government was negative by 469 million euros
FT: Greece’s Economic Rebound a Balance of Growth and Poverty
Eurostat data revealed a significant 10.8% drop in Greek public debt relative to GDP in 2023, alongside a 2% economic expansion, outpacing Germany's performance.
Lavrio Port Authority Next Up for Privatization
A deadline for the submission of expressions of interest is May 14, 2024
Eurostat: Greece Records Largest Drop in Natural Gas Prices in 2nd Half of 2023
The price of electricity and natural gas in Europe was down following a substantial surge that began before the Russian invasion of Ukraine and peaked in 2022
GEK TERNA Still Considers Leveraging Concessions Portfolio as Financial Tool
President and CEO of Gek Terna George Peristeris explained the company's plans on Tuesday on the sidelines of the inauguration of sections of Greece's E65 highway
NielsenIQ: 3% Supermarket Revenue Increase in Q1
Private label products are gaining traction, comprising 25.4% of shopping basket shares, up from 24.7%