Union française des industries pétrolières (UFIP)

The Union Française des Industries Pétrolières (UFIP) is the French association representing oil industry companies. Recent news focuses on UFIP's commentary regarding fuel prices and supply in France, particularly in light of a recent ceasefire between the United States and Iran. Following the announcement, UFIP estimates a potential decrease of 5 to 10 centimes in fuel prices at the pump in the coming days, contingent on oil prices remaining stable around $93-95 per barrel. UFIP's president, Olivier Gantois, has also expressed optimism about France's oil supply, stating that the country has 'a few weeks of visibility' regarding supply. He also noted that fuel consumption has not decreased despite the ongoing crisis and that current fuel prices reflect international market rates. UFIP's pronouncements are significant as they provide insight into the potential impact of geopolitical events on French fuel prices and supply.