The price of gasoline will continue to rise. OPEC warns that Russian oil has no possible replacement at the global level, and Germany recalls that energy dependence is almost absolute. We could reach $300 per barrel of oil soon.
The war in ukraine has been a gigantic geopolitical problem which, among other things, is seriously affecting the energies. OPEC has ruled on this, and specifically they have alerted about him oil supply. They assure that Russian oil exports are critical for world supply, and warn that there are no sources that can compensate for the million barrels coming out of Russia.
Although the United States has already taken the step of banning the import of gas and russian oilthe rest of the countries –including all of Europe they have remained on the sidelines. And it makes sense, because as the OPEC secretary general, ‘there is no capacity in the world to replace Russia’s 7 million barrels a day’. That is Russian oil cannot be replaced.
OPEC cannot cushion the unstoppable rise in oil prices
Mohammed Barkindo, secretary general of OPEC since 2016, has commented that the market pace of oil is currently being marked by geopolitics. He points out that OPEC has no direct control over this relentless rise in oil prices, and the rise in the gasoline price that we are living as a direct consequence.
However, from OPEC they have not wanted to increase production of oil, which is the measure that would cushion the worrying situation. Meanwhile, the barrel of Brent oil, a reference in Europe, has already caressed the $130 marking the maximum price of the last decade.
All this also has to do with the fact that oil buyers and refiners have opted for move away from russian supply and look for alternatives. In other words, although only the United States has made the decision to veto Russian supply, alternatives are being sought within the market itself to avoid Russian crude.
Germany rules out vetoing Russian oil and Russia threatens even higher prices
Chancellor Olaf Scholz has ruled out vetoing Russian oil and remembered that the energy of Russia is of essential importance for European citizens, and especially Germans. As she explained in a statement, ‘the supply of energy to Europe for the generation of heat, Mobilityelectricity supply and industry cannot be guaranteed no other way at the moment’.
Europe could perhaps seek future alternativesbut for now the Russia dependency it is almost absolute. And meanwhile, the Russian deputy prime minister has already threatened that oil prices could continue to rise to 300 dollars for each barrel.
All this, as we have already been able to experience, has direct consequences on the gasoline price. For now, the rise in the price of a barrel of oil does not seem close to ending. So, as suspected from the beginning of the war between Ukraine and Russia, gasoline prices will continue to rise.