France has the means to find if necessary “
alternative supplies
” to crude oil and diesel from Russia, sector professionals estimated on Wednesday.
“
We have a certain dependence, a little on crude oil, more on diesel, but at this stage we believe that we have the means to find alternative supplies, so that we are not in a situation of oil shortage
”, declared Olivier Gantois, President of Ufip (formerly the French Union of Petroleum Industries).
The United States announced an embargo on Russian oil on Tuesday in retaliation for the invasion of Ukraine.
Europe, much more dependent on imports of hydrocarbons from Russia, has not followed for the moment.
Read alsoWar in Ukraine: Joe Biden announces an embargo on Russian gas, oil and coal
A strategic geographical position
"
All the oil routes can arrive in France
" and "
we have an ideal position in France, it is not for nothing that France is a little less dependent on Russian imports
" than its European neighbors, underlined Mr. Gantois.
In 2021, Russian crude oil purchases accounted for 9.5% of France's crude oil purchases.
This figure has evolved in recent years between 10 and 15%.
“
It is estimated that 10 to 15% can be found elsewhere, especially if in the event of an embargo there are Russian barrels which go to China and suddenly free barrels from the Middle East which can come to France: there there will perhaps be a game of communicating vessels if the embargo ever really becomes generalized
”, estimated Olivier Gantois.
These "
communicating vessels
" would be possible because some major Asian countries such as China or India do not impose sanctions on Russia, which could increase its crude exports there.
Asia will suddenly need less oil from elsewhere.
Read alsoDo “two-thirds of the energy used in France” come from oil?
Russia produces some 11 million barrels a day of crude oil, of which just over 5 million is exported.
But the country also exports 1.5 million barrels per day of diesel, which Europe and especially France are very fond of.
“
In 2020, France imported 25 million tonnes of diesel, a quarter of which was Russian diesel, around 6 million tonnes
,” noted Olivier Gantois.
"
Here again, we have a potential dependence and the market is already in the process of reorganizing itself and in particular abandoning Russian diesel, hence the considerable increases that we saw on diesel last week
", he said. -he explains.
Diesel prices had indeed jumped 14 cents in one week, according to official figures released on Monday.