The escalation of the conflict in Middle East caused a sharp rise in oil and of natural gas, that reached the highest levels in the last four years. The rising values responded to the closure of the Strait of Hormuz and the attacks on refineries in that region, strategic for supply around the world.
The president of the USA, donald trumpannounced this Monday that it was suspending strategic attacks on Iran for five days. The novelty had a positive reaction in the oil and stock market.
But the cut in transportation of 20% of oil, gas and much of the fertilizer supplies has already had consequences. in production chainsas well as significant increases in fuel prices in many countries, especially those that depend on imports. Also, increases were recorded in plane tickets, in maritime transport costs and, to a smaller scale, in the prices of goods. food.
In this context, the fears as to what the world is going into a recession, with higher inflation and lower economic growth.
While in Argentina there have already been increases, although partial, in the prices of gasoline and diesel, as well as in some mass consumption products, other countries have already adopted emergency measures to try to contain a potential crisis.
Fuel prices jumped sharply in several countries following the rise in oil prices. (Photo: AFP)
Export restrictions oil and derivatives; tax reduction and direct subsidies to moderate the impact on the pockets of increases at the pumps are part of the battery of measures implemented by countries such as China, Italy, Japan and Brazil waiting for the war to end and normality to return to the energy market.
The measures that countries took to contain oil prices
In an attempt to stop the escalation in international crude oil prices caused by the war in the Middle East, the 32 member countries of the International Energy Agency (IEA) approved the largest release of emergency reserves in its history. It is a medium-term strategy.
In that sense, they were also the decisions of USA . to temporarily lift restrictions to trade in oil Russia and oil tankers in transit Iran.
Oil above US$100 changes the global scenario and can lead to higher inflation and lower growth. (Photo: REUTERS/Dado Ruvic/Illustratio/File Photo)
In Europe and Asia, governments scrambled to contain the impact of rising oil and gas prices on their economies.
China restricted exports of refined petroleum. This Monday, in addition, he announced the limitation temporary of prices of fuel to cushion the impact of the rise in oil.
In Thailandtwo coal-fired power plants that had been inactive due to the LNG supply crisis were reactivated.
Russia does not rule out closing sales of its crude oil in case the conflict in the Middle East spreads.
Meanwhile, Japan began releasing oil reserves that private refineries are required to store. In addition, the Japanese government reactivated an emergency plan to “limit the retail price” of fuel.
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SpainFor its part, in addition to committing to release up to 11.5 million barrels of oil from its reserves, it established a VAT reduction until June 30 to fuels, which went from 21% to 10%, including fuel, electricity, natural gas and butane, which remained at a frozen price.
In parallel, it capped the annual increase to renew housing rental contracts (2%), while extending the terms of these agreements to 2 years. He justified the measure in the housing crisis that the country is going through and in containing the effects of the war on its economy.
From Portugal, António Seguro’s administration applied a “temporary and extraordinary” reduction of the Tax on Petroleum and Energy Products.
Italyfor its part, will use the “extra” VAT collected on fuel to subsidize consumers. And it plans to fine the oil companies if it proves that they took advantage of the context to improve their margins.
While in Croatia and in Hungarywhere Milei was this weekend, the authorities established maximum prices for gasoline and diesel until the end of March.
Germany and Austria limited oil companies the number of times they can raise prices to the consumer while the war lasts. Berlin allows it to be done once a day, while the Austrians can only increase prices three times a week.
Fuel prices in Europe have jumped in line with the rise in oil prices and governments are reacting in different ways. (Photo: COFFRINI / AFP)
In Latin America, for its part, the government of Brazil suspended until the end of 2026 the application of the PIS and Cofins taxes on the import and sale of diesel. Brazilian President Lula da Silva decided to subsidize diesel for fuel producers and importers.
Furthermore, this weekend, the Brazilian government intensified control over the fuel market and granted a 48-hour period to the main distributors (Ipiranga, Raízen and Vibra) to explain recent increases considered atypical.
Moderate increases at the pumps and on the shelves: the impact of the war in the Middle East in Argentina
Volatility in energy markets also puts upward pressure on the internal price of fuel, which they rose up to 16% so far this month. In this way, local oil companies did not fully transfer the jump of more than 30% that the barrel of Brent has accumulated since February 28, when the war began.
The Government must define whether to validate at the end of the month an increase in fuel taxes, which are updated by past inflation and have a direct impact on consumer prices.
Until now, after the increases in pumps, as reported TN, supermarkets and wholesalers They began to receive lists of products with increases of between 2% and 9% that will impact the shelves until April.
In parallel, in the Argentinaa scenario with oil above US$100 can boost energy sector income and the expansion of Dead Cow.
In the first half of March, 2.5 million barrels of oil were exported from Vaca Muerta to the US. (Photo: Puerto Rosales)
As an example, in the first half of March, the oil export local had a big move. From the Rosales port, in the south of Buenos Aires, 340,000 tons of crude oil were loaded, which is equivalent to 2.5 million barrels destined for the United States.
In that framework, the IMF highlighted that the Argentina “has resisted this shock relatively well until now, especially since it is now a net energy exporter.
