For the past two years, energy prices have been rising sharply, and this increase affects all energy sources. The conflict in Ukraine only accentuates this phenomenon.
Oil is trading at almost twice the price it did at the end of 2019, and electricity, gas and coal prices have more than tripled since the 'pre-health crisis' period.
The metallurgy, chemical, wood and paper industries are the most affected by this rise in costs, which weighs on their production prices.
The rise in oil prices has only accelerated since the start of the Russian invasion. The price of a barrel of Brent crude oil has risen 66% since the beginning of 2022, to $130 at present. The current price crisis has been compared, not without accuracy, to the 1973 oil shock, notably by Bruno Le Maire.
This situation is a painful reminder of our dependence on fossil fuels and energy sources taken from outside Europe. It could push us to accelerate the energy transition, but in the meantime, it mainly encourages us to bring out local energy production such as oil in the United States or in Great Britain in the North Sea and France with nuclear power.
In the absence of a successful energy transition, Aramco remains at the centre of the global energy game. At the end of 2019, the aim was, with Russia, to support prices and reduce production (500,000 barrels). Today, Saudi Arabia says it will increase its oil production capacity from 12 million to 13 million barrels per day by 2027.