Petrol: prices stay at record highs as exports to England and France cease

The conflict with Iran is starting to have ever greater consequences for our battered economy, a few days ago we reported on Iran’s review of supply conditions for several European countries, including Spain.

And now, according to Iranian state television, the country has stopped supplying crude oil to England and France. For the moment we are spared, but this whole situation of instability is keeping the price of oil sky-high, closing today at a peak of 121 dollars (the highest in eight months).

The situation in our country is also more delicate, because these prices only worsen an already critical situation amid the economic crisis, so filling the tank with 95-octane petrol at €1.40 per litre is, to say the least, prohibitive.

That said, this was to be expected. Our country depends heavily on Iranian crude, and if the European Union takes measures against the Arab country, it was clear they would not stand idly by. Reforms and new laws are coming, but we are still facing a very serious problem of energy dependence, which leaves us vulnerable to any problem in Arab countries.

Still, it could be worse. According to the EU, should Iran cut off the countries of Europe it has threatened, Greece has no guaranteed supply.

Source | EFE, La Vanguardia