News about Energy crisis

Following the reduction in Russian gas supplies, Europe has begun to purchase more liquefied natural gas (LNG) on the global market. However, this market remains global: European buyers are competing for the same volumes with Asian countries, where energy demand is also growing.

Iran announced the closure of the Strait of Hormuz to shipping, stating that this was in response to U.S. actions and Israeli strikes on Lebanon. This was reported by the Iranian news agency Mehr, citing the “Khatam al-Anbia” Armed Forces General Staff.

Once tensions in the Middle East have de-escalated, prices will react in different ways to the “easing of international tensions.” Speculative pressure on energy resources will disappear, while food prices will remain high due to logistical challenges, market inertia, and a protracted recovery in production.

According to estimates by the analytical firms Vortexa, Kpler, and Energy Aspects, approximately 1 million barrels of oil per day will be drawn from reserves in the coming months.

Shares of major European air carriers fell on Monday after the International Air Transport Association (IATA) sharply downgraded the aviation industry’s profit forecast for 2026. The reason was rising jet fuel prices and the consequences of the conflict in the Middle East.

British Airways is preparing to increase prices for air tickets due to rising fuel costs amid the conflict in the Middle East. This is reported by Bloomberg with reference to the airline’s CEO Sean Doyle.

We should not expect the global energy crisis to end soon, the balance of global oil supply and demand will not even out in the rest of the year.

The International Energy Agency (IEA) has warned that global oil inventories could reach critical levels ahead of summer demand if the current rate of inventory drawdown continues.

The energy shock of the war over Iran is turning into a financial crisis for developing countries. As many as 27 nations have begun urgently accessing World Bank reserve facilities to get quick cash amid soaring fuel prices, supply disruptions and pressure on budgets.

Prices may increase by 10% by the end of the year. This was pointed out by the Minister of Economic Development and Digitalization, Eugeniu Osmochescu. According to him, petrol and diesel will be followed by an inevitable rise in the prices of everyday products and services.

European Commissioner for Economic Affairs Valdis Dombrovskis said Russia is using the crisis in the Middle East to make profits, but the EU will not relax the sanctions regime for the sake of cheaper oil or gas supplies. Even in the face of global energy fluctuations.

The National Energy Regulatory Agency (NERA) has set new maximum fuel prices that will be in effect tomorrow, May 22.

In May, the volume of visible stocks of crude oil and petroleum products fell by 8.7 million bpd. This decline indicates a critical supply deficit – this is almost twice the average rate of decline since the start of the conflict.

The National Energy Regulatory Agency (NERA) has set new maximum fuel prices that will be in effect tomorrow, May 19.

The bad news is that energy and commodity shortages will push prices higher. The good news is that core inflation remains largely subdued, giving central banks room to maneuver. The bad news is that inflation is rising sharply in the euro area and developing countries face rising inflationary risks from possible food shocks and climate risks. The good news is that a cooler labor market and incomes are keeping core commodity prices in check.

One of the largest and most developed chemical clusters in the world is on the verge of a large-scale crisis. Over the past year, two of the cluster’s ten companies have already closed plants. Europe’s chemical industry is under pressure due to high energy prices, weak demand and growing competition from China.

While diesel prices in Moldova have been decreasing for a week already, gasoline is becoming more expensive.

The European Commission has confirmed that rising jet fuel prices cannot be a reason to deny passengers compensation for canceled flights.

The National Energy Regulatory Agency (NERA) has set new maximum fuel prices that will be in effect tomorrow, May 13.

Since the announcement of the crisis on the Romanian oil and oil products market until now, the Romanian state has approved 30 applications for diesel exports, most of which are aimed at supplies to neighboring countries.