French media: If the EU embargoes Russian oil is imposed, it may continue to drive up French fuel prices

According to French media reports on May 4, if the European Union finally decides to impose an embargo on Russian oil, France will not experience fuel shortages, but fuel prices that have been at high levels may continue to rise
.

According to French BFM television, Le Monde and other media reports, the European Parliament held a plenary meeting
in Strasbourg, France on the 4th.
European Commission President von der Leyen said at the meeting that the European Commission submitted a sixth round of sanctions against Russia on the same day, including a gradual and comprehensive ban on the import of Russian oil
for six months.
Under EU rules, a proposal by the Commission requires the unanimous consent of the 27 member states to enter into force
.

Former French Petroleum Industry Union Chairman Olivier Gantois said on the 4th that if France is given a few months to reorganize the supply chain, even if Russian oil is embargoed, there will be no serious supply difficulties in France, but the price of fuel oil may continue to rise
.

Russia is the world's leading oil exporter, producing about 11 million barrels of crude oil per day, of which more than 5 million barrels are exported, while Russia also exports 1.
5 million barrels of diesel fuel
per day.
European countries, especially France, which has insufficient diesel production, have a high dependence on diesel exports from Russia
.
According to data released by the French Petroleum Industry Union, France imports 10% to 12% of its total crude oil from Russia and diesel from Russia accounts for 20% to 25%
of its total imports.
But France has found other oil suppliers that can replace Russia, such as Middle Eastern countries and North American countries
.

Gantois said that if the European Union decides to embargo Russian oil, Russian oil may flow to India, African countries, South American countries and other countries and regions that have not imposed sanctions on Russia, and the oil of other oil-producing countries will be released, and the EU can buy these released stocks
at a relatively affordable price.
But he also said that this is just an idealized idea, and France will most likely need to spend more money
on oil purchases in the future.

Experts say the part of the increase in oil prices will be passed on to consumers, who will need to pay an additional premium
for non-Russian oil imported from France.
The EU's embargo decision could also strain the world oil market, leading to a continuation of the rise
in oil prices, which are already high.