EU warns of prolonged disruptions in energy markets due to war

Brussels (ANTARA) - EU Energy Commissioner Dan Jorgensen stated on Tuesday (31/3) that the ongoing conflict in the Middle East is likely to cause prolonged disruptions in energy markets, even if hostilities end soon.

EU energy ministers held a meeting via video link on Tuesday to coordinate responses. Speaking after the meeting, Jorgensen warned that the impacts would not be short-lived.

“Even if peace is achieved tomorrow, there will still be consequences,” he said, noting that energy infrastructure in the region has suffered severe damage.

Since the conflict began, gas prices in the EU have surged by around 70 per cent and oil prices have risen by about 50 per cent, Jorgensen said. He added that the conflict, which has lasted around 30 days, has increased the bloc’s fuel import bills by €14 billion (1 euro = Rp19,537) or about $16.2 billion (1 US dollar = Rp16,993).

The European Commission is preparing a series of measures to address the ongoing impacts on energy markets, similar to those taken during the 2022 energy crisis, he said.

While emphasising that there is no one-size-fits-all solution, Jorgensen urged member states to consider reducing oil demand, particularly for diesel fuel and aviation fuel, while ensuring protection for vulnerable groups.

In 2022, the EU introduced emergency measures, including a gas price cap mechanism, a windfall levy on parts of the energy sector, and targets to cut natural gas demand.