The Middle East conflict has repercussions at both the regional and global levels. The increase in oil prices has spread to the gas and fuel sectors, prompting the European Union to prepare contingency measures to minimize the effects on consumers.

The EU is streamlining procedures for importing non-Russian gas amidst the escalating conflict in the Middle East, which has impacted supply. This has led to more flexible requirements, reduced red tape, and faster response times from authorities.

Currently, the United States, Africa, and Qatar are considered potential alternatives for importing liquefied natural gas.

There are specific initiatives in the region, such as in Italy, where Prime Minister Giorgia Meloni announced a reduction of €0.25 per liter of fuel to alleviate the effects of price increases caused by the war. The measure was approved by the Council of Ministers through a decree-law.

Spain, for its part, is reportedly evaluating similar options; that is, reducing taxes, offering incentives for consumption, “eliminating the CO₂ price, or returning to the ‘Iberian exception’ or a cap on gas prices,” according to European media.

Although the International Energy Agency has stated that member countries can release more oil onto the market, France does not share this view. Finance Minister Roland Lescure has indicated that the country cannot replace lost flows with existing reserves.

In any case, the consequences of the conflict in the Middle East and the closure of the Strait of Hormuz are being felt globally, with price increases in oil, gas, electricity, and fuels, forcing governments to scramble to find alternatives not only for supply but also to minimize the impact on the population.

M.Pino

With information from international media

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La entrada Middle East conflict accelerates relief measures in the energy sector apareció primero en Bitfinance.

This week, the Venezuelan government announced its decision to exempt the import of fuels and additives from taxes.

This is stated in Official Gazette No. 43,292, dated January 9, 2026, which published Decree No. 5,207, establishing the exemption from “Value Added Tax, Import Tax, and Customs Regime Determination Fee, on definitive imports and sales within the national territory of fuels derived from hydrocarbons.”

The Decree also establishes the exemption for “inputs and additives intended to improve the quality of gasoline, produced directly by the State, or by companies wholly owned by the State, or by mixed enterprises with State and private capital participation in any proportion, and by private companies, in accordance with the provisions of Article 58 of the Organic Hydrocarbons Law.”

To comply with this government order, it is specified that, for the purpose of enjoying the tax exemption, beneficiaries must submit the following documents to the respective Customs Office when registering their declaration:

– A descriptive list of the tangible personal property to be imported.

– A commercial invoice issued to the agency or entity responsible for acquiring the tangible personal property to be imported.

– An official letter of exemption from Import Tax and the Fee for Determining the Customs Regime issued by the National Integrated Customs and Tax Administration Service (SENIAT).

The legal instrument also specifies that “the final imports of tangible personal property must be carried out through the same customs office chosen by the beneficiary of the exemption.” If the beneficiary needs to make final imports of tangible personal property through a customs office other than the one selected, they must notify the customs office of entry.

M.Pino

Source: ultimasnoticias

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La entrada Imports of fuels and additives exempt from taxes apareció primero en Bitfinance.

The Bolivian government issued a decree authorizing the state-owned energy company YPFB to use cryptocurrencies to pay for energy imports, particularly gasoline and diesel.

The South American country is currently experiencing an internal crisis due to a lack of dollars, which is affecting the energy sector. Cryptocurrencies are emerging as an alternative payment mechanism, in which the government sees a way to “guarantee the fuel supply nationwide.”

In this regard, the state-owned Yacimientos Petrolíferos Fiscales Bolivianos (YPFB) will be able to “acquire foreign currency through the national financial system, as well as opt for cryptocurrencies for gasoline, diesel, and additive imports,” according to Decree 5348 of March 10, published in the Official Gazette.

The authorization refers to “operations with virtual assets for the purchase of crude oil, diesel, and inputs and additives for producing base and/or specialty gasoline.”

M.Pino

Source: diariobitcoin

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La entrada Bolivia to allow the use of cryptocurrencies for fuel purchases apareció primero en Bitfinance.

Venezuela registered an accumulated inflation of 4.1 % in the first quarter of the year, after adding 1.2 % in March, the same as in February and 1.7 % in January, reported the Central Bank (BCV).

The 1.2 % rate is the lowest the nation has recorded since August 2012, when goods and services became more expensive by an average of 1.1 %, according to official information.

The BCV indicated that the sector that registered the greatest increase in prices last March was health, with an average increase of 1.6 %, followed by food and non-alcoholic beverages, clothing and footwear and “miscellaneous goods and services”, with increases of 1.3 %.

Between 2017 and 2021, Venezuela experienced hyperinflation with monthly increases of up to three digits, the highest of 196.6 % in January 2019, which rapidly reduced the purchasing power of workers and the value of the bolivar, the currency national, which led the country to unofficially adopt the US dollar as a way to protect itself against this crisis.

Currently, even the price of gasoline is set in dollars, at 50 cents per liter.

The government expects Venezuela to close 2024 with the lowest inflation in the last decade, as reported last March by President Nicolás Maduro, who assured he had a plan to continue slowing the pace of price growth.

Meanwhile, university professors and workers from various sectors demand that the authorities increase the minimum wage, the reference for other salaries in the public sector, which is equivalent to about $3.5 per month.

With information from El Sumario

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La entrada BCV: Venezuela registered an inflation of 4.1 % in the first quarter of 2024 apareció primero en Bitfinance.

The Cuban government announced that the increase in gasoline by almost 500 % will come into effect next March 1, a month after the originally planned date. In addition, as part of a series of measures to tackle the country’s fiscal deficit, the Minister of Finance and Prices, Vladimir Regueiro, ratified a 25 % increase in electricity tariffs for the most consuming sectors.

According to the newspaper Granma, from Friday will be implemented the update of the retail prices of fuels and the 25 % increase in the electricity tariff for customers who consume more than 500 kilowatts/hour. This measure has caused concern among the population, who fear an escalation in prices in the country.

In January, crowds and long queues were observed at gas stations, but the government delayed the measure’s entry into force, citing a cybersecurity incident in computer systems.

As a result, the Minister of Economy, Alejandro Gil, was dismissed. Gil, one of the most high-profile politicians on the island, had admitted that the government could not continue subsidizing fuel.

K. Tovar

Source: CNN

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La entrada Cuba will increase the cost of gasoline by 500 % apareció primero en Bitfinance.

Commercial oil reserves in the United States experienced an unusual increase of 1.3 million barrels over the past week, altering market projections. As reported by the U.S. Energy Information Agency (EIA) last Wednesday, this change defies common trends for this winter season.

Contrary to expectations, which anticipated a decrease of around 150,000 barrels for the week ending January 5 – according to data collected by Bloomberg – this increase took industry analysts by surprise.

This news had a significant impact on crude oil prices. Prior to the release of the report, the West Texas Intermediate (WTI) for delivery in February registered an increase of up to 1.86%. However, following the disclosure, prices started to fall and were close to equilibrium. (-0.01 %) at $72.23 per barrel at 16:15 GMT.

The increase in reserves is mainly attributed to a fall in exports, which fell by 37% in one week. On the other hand, imports also showed a moderation, decreasing by 9 %.

In addition, there was a decrease in the activity of the refineries, with a utilization rate of 92.9%, compared to 93.5% recorded the previous week.

As for petrol reserves, they also experienced an increase, increasing by 8 million barrels. This increase follows a notable increase of 10.9 million barrels recorded a week earlier.

In the context of several winter storms that hit the United States, causing significant temperature drops in various areas, distilled products saw an increase in demand of 29%. Within this category, include fuel for domestic heating and propane gas used in stoves, which experienced an increase of 17%. Meanwhile, production remained stable at 13.2 million barrels per day.

K. Tovar

Source: Descifrado

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La entrada The U.S. had a surge in its oil reserves apareció primero en Bitfinance.

The president of Portugal, António Costa, announced a new fiscal discount measure for the tax on diesel and gasoline as a palliative to the inflation rate.

“The reduction in taxes applicable to fuels in force in Portugal amounts to 25.1 cents per liter of diesel and 26.1 cents per liter of gasoline,” according to the Ministry of Finance through a statement, although not The deadlines for its application were indicated.

The ministry clarified that the measure was taken considering price patterns prior to the conflict between Russia and Ukraine. Likewise, he stressed that the reduction in the fuel tax will be applied through the Tax on Petroleum Products (ISP).

Costa declared that his government will continue to monitor the evolution of the fuel market. Meanwhile, “the discount on the ISP will rise with this measure to 15.1 cents per liter of diesel and 16.3 cents per liter of gasoline.”

M.Pino

Source: finanzasdigital

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La entrada Portugal announces lower fuel tax due to inflation apareció primero en Bitfinance.

Joe Biden, president of the United States, is evaluating the possibility of temporarily freezing the federal tax on gasoline, a measure that could place the price of a gallon at 18.4 cents for drivers.

Biden affirmed that he was analyzing the measure and estimates to make a decision based “on the data.” According to the American Automobile Association, gasoline prices are close to $5 a gallon, after experiencing their first decline since last week of April.

Likewise, Biden indicated that members of his government team will meet with representatives of the oil companies in order to discuss the increase in fuel prices. “I want an explanation as to why they are not refining more oil.”

The US president criticized the behavior of the oil companies for “obtaining high profits while people are feeling the pressure of the high cost at the pumps and of inflation.”

As will be recalled, within the actions that the US Government has taken to try to avoid the increase in gasoline is the release of oil from the country’s strategic reserve; “the increase in the allowed mixture of ethanol to lower prices for the summer” and the sending of a communication to the refineries urging them to expand their capacity.

However, these measures have not achieved the intended objective and have not yet managed to control the existing pressure on prices significantly. Which is why the Biden administration is analyzing the suspension of the tax on gasoline, which allows canceling the road construction.

Some states such as Connecticut, Georgia and Maryland have already made the decision in their tax bracket and an investigation by the Penn Wharton business school showed that the measure favored consumers “over gas stations and other energy companies.”

M. Rodríguez

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Source: primicia.com

La entrada Biden considers temporarily freezing gasoline taxes apareció primero en Bitfinance.

The US Energy Information Agency (EIA) announced that commercial oil reserves in the United States increased by 9.4 million barrels; however, gasoline storage suffered a sharp decrease equivalent to 3.6 million barrels, while distillate products reached 2.9 million.

According to the information, US crude oil reserves “amount to 421.8 million barrels.” The increase of 9.4 million barrels is much more important than that projected by experts, who estimated an increase of 1 million barrels.

The EIA highlighted that these figures “are 13 % lower than the average of the last five years for the same period” and the growth of US commercial crude oil reserves is a consequence of the “fall in exports, a decrease in activity in refineries and somewhat weaker demand.”

Strategic reserves decrease

The increase in commercial crude oil reserves in the United States “must be relativized”. It is important to analyze the situation because it affects other variables in the country such as strategic reserves, which registered a “fall of almost 4 million to 560.7 million barrels.”

As will be remembered, the President of the United States Joe Biden decided to use the strategic reserves as a measure to try to contain the price of gasoline, which has caused a decrease equivalent to “about 60 million barrels in six months”.

Once the EIA report was published, “a barrel of Brent from the North Sea for delivery in June gained 1.75 % to 106.47 dollars, while West Texas Intermediate (WTI) gained 1.41 % to 102.02 %”.

M. Rodríguez

Source: bancaynegocios.com

La entrada Commercial crude oil reserves in the US increase apareció primero en Bitfinance.

Joe Biden, President of the United States, ordered the release of one million barrels of oil per day for the next six months, in order to replicate the increase in energy prices as a result of the war between Russia and Ukraine.

This is the largest release of oil in US history. Biden said the plan to release up to 180 million barrels of oil is part of a “strategy to lessen the impact of the Russian invasion of Ukraine on domestic energy and gas prices.”

The price of gasoline is currently registering a record increase of almost 5 dollars a gallon compared to 3 dollars at the beginning of the year.

Record profits

On the other hand, the president of the United States referred to the oil companies and sent them a definitive message. In Biden’s opinion, in 2021 the oil companies made record profits equivalent to “80 billion dollars in profits last year and they are driving high prices right now. This is not the time to be stuck with record profits, this is the time to step up for the good of your country,” Biden said.

US consumption is currently around 20 million barrels of oil per day, while global consumption reaches 100 million barrels. With President Biden’s releases, more oil will be placed on the world market, impacting prices and costs.

According to the Department of Energy, US reserves have a “storage capacity of 714 million barrels in underground salt caverns at four sites along the coast of the Gulf of Mexico.”

M. Rodríguez

Source: El Carabobeño

La entrada The US will release a million barrels of oil daily apareció primero en Bitfinance.