EU Seeks Common Ground on Energy Under Cypriot Presidency

EU Energy Ministers convened in a teleconference called by the Cypriot Presidency to discuss the impact of the Middle East crisis on European energy markets. The teleconference aimed to coordinate the EU's response to a new energy challenge with geopolitical dimensions.

According to an official, the teleconference provided an opportunity for Energy Ministers to discuss a coordinated EU approach regarding the energy situation in relation to developments in the Middle East.

The ongoing conflict in the Middle East and the closure of the Strait of Hormuz have caused disruptions in international markets. Diplomatic sources report that the crisis has increased the cost of fossil fuel imports for the EU by approximately €13 billion.

Natural gas prices have increased by about 70% and oil prices by 50% since the start of the crisis, while prices at gas stations have exceeded €2 per liter in many countries. Some member states have taken national measures, such as price caps or tax cuts.

Brussels insists that this is primarily a price crisis and not a supply crisis, with shortages mainly in diesel and aviation fuel. Diplomats emphasize that the situation differs from the 2021 energy crisis.

The Energy Commissioner has called on member states to consider measures to limit the consumption of oil and natural gas, preparing for potential long-term disruptions.

The discussion is part of a broader series of emergency European and international consultations, with the G7 Finance and Energy Ministers calling on countries to avoid restrictions on hydrocarbon exports.

Source: ΚΥΠΕ