US EditionMideast War Driving up Europe Natural Gas Prices, Highlighting Canada's Potential
Europe relies on fossil fuels for over two-thirds of its energy, with recent Middle East conflicts causing gas prices to surge more than 30 percent, experts say.
- On Monday, European energy markets surged as oil prices rose about seven percent and gas jumped more than 30 percent after QatarEnergy halted LNG production following an Iranian drone attack.
- Europe imports large volumes of LNG from Qatar, with between 10 and 15 percent of gas imports from Qatar, and remains dependent on oil passing through the Strait of Hormuz.
- Only electricity generation has clearly decarbonised in recent years, with fossil fuels producing just 29 percent of the European Union's electricity last year, research group Ember found.
- Across Europe, political appetite for more renewable investment has faded, while climate leaders urge accelerating domestic renewable energy to reduce structural dependence.
- Ana Maria Jaller‑Makarewicz said 'Europe is facing the biggest wake‑up call since the invasion in Ukraine', while experts note the latest conflict recalls 2022 and Simon Stiell warned 'global transition is still too slow.
40 Articles
40 Articles
The biggest impact was on natural gas prices, which shot more than 40% in Europe after QatarEnergy stopped the production of liquefied natural gas
Mideast war driving up Europe natural gas prices, highlighting Canada's potential
The widening Mideast war is driving up spot natural gas prices in Europe and Asia, and while it highlights the potential for Canada to play a greater role as a stable global supplier, one economist says it’s not likely to change much in the near term.
Intensifying conflict in the Middle East is driving up natural gas prices in Europe and Asia. While this highlights Canada's potential to play a greater role as a stable global supplier, one economist believes that this should not change much in the short term.
Mideast war exposes fragile oil and gas dependency
PARIS - As in 2022 when Russia invaded Ukraine, the new war in the Middle East is exposing once again how far Europe and others lag in replacing imported fossil fuels with domestic solar and wind power, specialists say.
Coverage Details
Bias Distribution
- 36% of the sources lean Left, 36% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
