EU Energy Commissioner - prepare for a "prolonged disruption" to energy markets

In a letter to EU energy ministers dated Monday (30 March) and seen by Reuters, European Commissioner for Energy Dan Jørgensen urged governments to “make timely preparations in anticipation of a potentially prolonged disruption”.

Europe’s reliance on imported energy leaves it exposed to the impact of the Middle East conflict on global prices. European gas prices have risen sharply, by around 70%, since the outbreak of the US-Israeli war with Iran on 28 February.

While the bloc’s direct supplies of crude oil and natural gas have not yet been significantly disrupted, as Europe sources much of its energy from outside the Middle East, the situation remains fragile, particularly given risks to key shipping routes.

Jørgensen warned that Brussels is especially concerned about Europe’s supply of refined petroleum products, including diesel and jet fuel.

The letter advised governments to avoid measures that could increase fuel consumption, restrict trade in petroleum products, or discourage output at European refineries.

“Member States are encouraged to defer any non-emergency refinery maintenance,” the letter added.

Source: commonspace.eu with Reuters

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