Dear FIEA Board Members,I hope you are doing as well as possible in these turbulent international circumstances.
On behalf of the International Federation of Automotive Experts, I would like to send you a message of support and solidarity in the face of the recent escalation of the political and military conflict in the Middle East.
The military strikes have generated considerable tension in the Gulf region, and the situation around the Strait of Hormuz, a strategic passage for oil and liquefied natural gas, is particularly worrying.
Maritime traffic has been severely impacted, with several ships damaged and many shipowners now preferring to avoid this route, which is putting pressure on the global supply of hydrocarbons. This uncertainty has resulted in a surge in energy markets. The price of oil has already climbed 13% in the first trading sessions on March 2, and European gas prices jumped by as much as 80% initially. In the longer term, futures contracts on these markets are projected to rise by approximately 22% by 2027. More broadly, the entire industry could suffer significant damage.
We are well aware that these developments have a direct impact on our sector, and particularly on our members based in potentially exposed countries, such as Cyprus or Turkey, who could be directly affected by this turbulence.
At FIEA, we remain fully committed to supporting you during this complex period.
Our priority is to provide you with support and keep you regularly informed. Please be assured that we are closely monitoring the evolving situation and will continue to work alongside you, whatever the circumstances.
Do not hesitate to contact us if you require any support or clarification. Together, we will overcome these challenges and ensure the resilience of the automotive sector.
With my full support and consideration,
Sincerely,
Jacques TRASSOUDAINE
President of FIEA