The government analyzes the evolution of the price of oil to define possible increases in gasoline

Before increase in the price of oil, triggered by a drone attack against a refinery in Saudi Arabia, Transport Minister Guillermo Dietrich has called the increase in cost "very disruptive" and announced that, in the context of freezing fuel prices provided by the government itself, they will see "how it evolves" this week before making a decision, such as a possible price increase.

"There was an increase in a day of ten dollars as a result of attacks on refineries in Saudi Arabia, "said this official at a press conference with his Justice couple Germán Garavano at Casa Rosada, after the Cabinet meeting chaired by the President Mauricio Macri. "Must see how is the price evolution oil, which defines the cost structure of companies, "said the Minister of Transport.

After the defeat in the primary elections, the government decided, among other things, to freeze fuel prices for 90 days, given the rising dollar. In this sense, Dietrich stated that the measures taken "They are not what we want, but they are a consequence of post-STEP economic imbalances. "These are not the ones that are desired, but they were needed to generate tranquility for all Argentines," he said.

The impact of the attack on a producer in Saudi Arabia

Oil prices rose Monday to nearly 20% and Brent recorded its largest percentage increase since the Gulf War in 1991, after an attack by the Yemeni Houthis to processing facilities in Saudi Arabia on the weekend that paralyzed half of the kingdom's production. Prices cut its rise after the US president, Donald Trump, authorize the use of emergency reserves in the United States to ensure stable supplies of petroleum to the world.

The international reference index for Brent crude, at $ 71.95 per barrel, had previously reached 19.5%. Then, they reduced the increase to 8.65% intraday, to 65.43 dollars per barrel. At the same time, US WTI oil climbed 15.5% to $ 63.34 a barrel before, its largest increase since June 1998. Later, the contract worked with an increase of 8.42. %, at 59.47 dollars a barrel.

Saudi Arabia is the largest exporter of oil in the world and the attack of oil facilities by the Saudi state producer Aramco in Abqaiq and Khurais has reduced production by 5.7 million barrels per day. The company has not given time for the resumption of complete production.

The impact in Argentina, for the moment, is limited. Brent crude is the reference with which local raw variants work, such as Medanito. But the price freeze for three months dictated by the government after the OSP has made the price rise not transferred to suppliers.

However, the gap between the international price and the local price is widening at a time when companies are demanding that the international reference price be recognized so as not to disrupt investment. Global instability may also affect the foreign exchange market and complicate the Central Bank's efforts to contain the dollar.