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EU Urges Member States to Curb Oil Use and Prepare for Prolonged Energy Disruption
European Commissioner Dan Jørgensen said the bloc is relatively prepared, but gas prices have jumped 70% and oil 60% since the conflict began.
- On March 30, Energy Commissioner Dan Jorgensen urged European Union member states to prepare for a "potentially prolonged disruption" to energy markets, recommending voluntary demand-saving measures to protect supplies.
- The closure of the Strait of Hormuz, a chokepoint through which around 25% of global oil and 20% of LNG flows, has strained European supplies of refined products like diesel and jet fuel imported from the Persian Gulf.
- Member states were encouraged to defer non-essential refinery maintenance and avoid measures that increase fuel consumption, as Europe sources over 40% of its jet fuel and diesel imports from the Persian Gulf region.
- During an emergency video call on Tuesday, March 31, EU energy ministers addressed global shortages of 11 million barrels of oil per day, while G7 energy and finance ministers said they are prepared to take "any necessary measures" to ensure market security.
- Analysts warn Brent crude prices could surge toward $200 per barrel under unpredictable scenarios, while European gas prices have already jumped more than 70% since the US-Israeli war on Iran began on February 28.
63 Articles
63 Articles
The European Commission on Energy, Dan Jørgensen, informed the European Union member Governments of the need to prepare for long-term instability in energy markets due to the war with Iran, as Jørgensen stated in a letter addressed to EU energy ministers before the extraordinary meeting on Tuesday, which was reviewed by Reuters on 30 March.
The European Commission warns that the clash of the conflict in the Middle East will be prolonged in the markets.
Associated Press News
Oil and gas prices won't immediately return to normal even if the Iran war ends, the EU warns
The European Union's energy commissioner says skyrocketing oil and gas prices in Europe as a result of the ongoing Iran war won’t return to normal levels any time soon, even if peace is declared tomorrow.
The European Commission is urging member states to consider cutting oil and gas consumption, particularly in the transport sector, as we prepare for "prolonged disruptions" in energy supplies due to the war in Iran. This could mean governments urging citizens to drive and fly less to save fuel for emergencies, as is already happening in some Asian countries. The International Energy Agency has already drawn up a series of measures to mitigate th…
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