Oil Leaders' Warning on Hormuz Blockade Forces Bucharest to Cut Diesel Excise Duties — NRG-IA

The Specter of a 1973-Style Global Energy Shock The escalation of tensions with Iran and the imminent risk of a blockade in the Strait of Hormuz have triggered a major alert across the global energy industry. Chief executives of some of the world's largest oil and gas companies have warned that a potential closure of this vital trade route could have severe consequences for global energy supplies and the world economy. Industry leaders are comparing the current situation to the 1973 Arab oil embargo, highlighting the gravity of market expectations should diplomatic negotiations fail. The Government's Response: Reducing Fuel Excise Duties The shockwave of these international warnings has accelerated protective decision-making in Bucharest. Amid pressures on crude oil quotes, Prime Minister Ilie Bolojan announced the Coalition's decision to reduce the excise duty value in fuel prices over the coming period. The measure is designed to partially absorb external volatility before it…