"The idea that this is a temporary crisis, and that the economic effects will fade away once the bombing stops, is unfortunately no longer relevant. This situation amounts to a new oil shock. And if this energy shock persists beyond a few weeks, the crisis could spread more widely throughout the economy and, in essence, take on a more systemic nature."
"Since the start of the US-Israeli attacks on Iran, 15-20 percent of oil and 20 percent of liquified natural gas is no longer reaching the markets, equating to a loss of 11 million barrels of oil per day."
"This is not the 1970s, and that France is less exposed to the shock than neighbours such as Germany and Italy, because the majority of France's electricity comes from nuclear power plants."
The conflict in Iran and the Middle East has led to a significant oil shock, with 15-20 percent of oil and 20 percent of liquified natural gas no longer reaching markets. This equates to a loss of 11 million barrels of oil per day. Economy Minister Roland Lescure warned that the economic effects will be long-lasting and could spread more widely throughout the economy. France is less exposed to this shock compared to Germany and Italy due to its reliance on nuclear power for electricity.
Read at The Local France
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