Date: March 2022
In just seven days of March, the average price of Brent oil, a reference for Europe, has experienced an increase of 23.6% with respect to the average price of the month of February and specifically yesterday, March 7, it reached a maximum of $139.13 a barrel.
Compared to the month of December, yesterday a barrel of Brent cost $41.85 more, which represents a 55.9% increase.
|BRENT (USD barrel)||December 2021||January 2022||February 2022||March 2022 (7 days)|
|Average price||74.80 $||85.57 $||94.35 $||116.65 $|
You would have to go back to 2008 to find such a high price level.
Some analysts predict that oil could reach $200 a barrel if the war continues for a long time.
There is also information about the possibility of lifting the restrictions on Iran, so that it can export its oil and contribute 1 million barrels a day and also facilitate the entry of Venezuela’s oil market and thus relieve pressure on the price of oil.
There is no doubt that this price level will have a significant impact on the price of raw materials.
Some PET producers have already announced increases for the month of March of more than €100 ton and their offers are limited to no more than 48 hours to cover possible new increases in the price of raw materials and energy costs.
The highest average price reached by PET was in 1995, in which year it stood at €1.73/kg.
If there is an increase in the price of PX and MEG similar to that of last month, in March the average price of PET for the first quarter of the year could reach the level of 1995.
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