"The situation on the Bulgarian fuel market is currently calm. We have no problems in terms of supplies or processing, even in terms of prices. Ours continue to be one of the lowest in the EU". This was stated by the Chairman of the Bulgarian Oil and Gas Association (BPGA), Svetoslav Benchev, to the Bulgarian National Radio.
We recall that the main oil grades reached their highest values in more than a month today against the backdrop of the ninth consecutive night of exchange of blows between the US and Iran after their cessation in the process of negotiations for a ceasefire and a request by the United States Secretary of State Marco Rubio for the American attacks to continue until Tehran's attacks on ships in the Strait of Hormuz stop, news.bg indicated.
Subsequently, oil prices decreased after the Iranian Foreign Ministry stated that negotiations with the US could be held if they met the country's national interests.
"The short ceasefire, which existed for about 30 days, allowed some quantities to move through the strait and some of the holes in the reserves to be filled, but this in no way solves the problem. We are returning to the same situation we were in a few weeks ago. I hope it ends as soon as possible. The markets react immediately," Benchev commented.
According to him, the problem of global oil shortages is deepening, and the big unknown is China, because the data on the country's reserves are not public and it is not known how much has been used and how much has been restored.
"The G-7 countries managed to restore very minimal quantities, but sufficient to maintain some balance in the coming days and weeks," said Svetoslav Benchev. According to him, trade, transportation and supplies are becoming increasingly uncertain, and some countries are trying to reduce their dependence on oil products.
He noted that the period for restoring supplies after the end of the conflict depends on the damage to the infrastructure for extraction and loading of oil products. "We also need to see how long it will take for traffic in Hormuz to normalize. One of the most important things is when the security of the shipping industry will return", said Benchev. He also said that the Bulgarian fuel market will follow the international one.
"According to the latest conversations I had with the refinery, the products are provided until mid-September. There is oil to be processed. The exemption from US sanctions expires on October 29. Nobody wants to supply oil after that or if they supply, they will do so at very high prices, because if the obligation cannot be fulfilled, i.e. - the payment by "Lukoil". There must be a guarantee that this ship will not make a pointless trip to the port in Burgas," explained Svetoslav Benchev.
He also expressed expectation for a new extension of the deadline for the sale of the international assets of the Russian company "Lukoil", which includes the "Neftochim" refinery in Burgas.
Last month, the deadline was extended by the US Treasury Department once again - until July 25.