EU Energy Ministers to Discuss Soaring Fuel Prices
Commission talks with refineries and emergency oil stock releases aim to ease pressure as EU gas storage sits at 75%, officials said.
- Energy ministers convened in Brussels on Thursday to address security ahead of the winter heating season, as conflicts in Iran, Ukraine, and Yemen drive oil and natural gas prices to triple pre-Iran war levels.
- Fighting has damaged refineries across the Middle East and Russia, hampering energy flows through vital shipping lanes in the Black Sea, Red Sea, and Strait of Hormuz.
- Europe enters the winter heating season with storage at only 75% capacity, down from 83% a year ago, while wholesale gas prices briefly touched €100/MWh on Wednesday for the first time since December 2022.
- The Commission began talks with European refineries yesterday to boost output through technical specification adjustments, while proposing tax and grid fee reforms to lower electricity bills.
- Energy Commissioner Dan Jorgensen warned Europe faces a "very serious situation," as Western powers agreed this month to accelerate the release of over 400 million barrels of emergency oil stocks.
62 Articles
62 Articles
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EU energy ministers to discuss soaring fuel prices as winter looms
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