EU Ministers to Discuss Energy-Saving Measures in Dublin
- Europe warned member states today of an energy crisis, urging governments to consider curbing demand as continental LNG reserves sit about 20 percentage points below normal levels ahead of winter.
- Middle East disruptions have forced Saudi Arabia to pause crude and fuel shipments to Europe, with three key facilities—Yanbu, Samref, and Yasref—operating below capacity on the Red Sea, now a 'tinderbox' following militia attacks.
- Fuel prices have jumped to above $6 per gallon in the United States and over €2 per liter in Europe, signaling a "major" potential supply problem if supply chains are not restored by Christmas.
- Unlike 2022 and 2023, when Russia's invasion spiked prices rapidly, Europe is "facing a slow-motion crisis," says Ana Maria Jaller-Makarewicz, an analyst at IEEFA, as structural market tightness persists.
- Thierry Bros, a professor at Sciences Po Paris, says Europe's only exit is to "diversify and to destroy demand," while political uncertainty ahead of November elections could further constrain fuel availability.
234 Articles
234 Articles
The EU Commission and the International Energy Agency warn against a "very difficult winter" because of rising energy costs. However, the supply is secure.
Tens of millions of people in Europe may not be able to heat their homes properly.
Follow all developments regarding energy prices in our live blog.
With the energy crisis caused by the war in the Middle East, "there is no doubt that we are heading towards a difficult winter," said European Commissioner Dan Jorgensen.
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Transition to renewable energy must happen as soon as possible, says EU Energy Commissioner
"There is no doubt that we are heading towards a difficult winter," said the Danish official. "In a normal winter, nearly 50 million people in Europe cannot properly heat their homes. This winter could be even worse. That is why we take the situation very seriously, without even mentioning our industry, which is also under pressure," continued Jorgensen. In order to "relax the market", the senior official proposed to postpone the entry into forc…
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