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The European Union (EU) may revive measures taken after Russia reduced gas supplies in 2022 amid a growing energy crisis caused by the Iran war.
Gas prices on the continent have risen by more than 70% since the conflict began on February 28.
Iran effectively closed the Strait of Hormuz to shipping in response to the US-Israeli offensive, and this has stopped most oil and gas flows from the Middle East.
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And US President Donald Trump suggested it on Tuesday that the war would end soon – with the situation in the straits still unresolved.
That EUU.S. crude oil and natural gas supplies were not directly impacted by the shutdown, as Europe imports most of those supplies energy sources from suppliers outside the Middle East.
However, the bloc is concerned about Europe’s supply of refined oil products, such as jet fuel and diesel.
The last shipment of kerosene to pass through the Strait of Hormuz before its closure is scheduled to arrive in Europe around April 10, according to Benedict George, head of European products at Argus Media.
George said, “There is no realistic risk of running out” of jet fuel, although he added that, “supplies could fall to levels where you have local shortages”.
Speaking after a virtual meeting of EU countries’ energy ministers to discuss their response, Energy Commissioner Dan Jorgensen suggested that steps taken in 2022 following Russia’s massive invasion of Ukraine can be turned back on.
Dan Jorgensen, the EU energy commissioner, spoke in Brussels last week. Photo: Reuters
“We don’t know how long this crisis will last. And because we don’t know how deep this crisis will be, we are also preparing for opportunities and contingencies that are more similar to those we used in the 2022 crisis,” he said.
The EU is introducing a number of measures in 2022, including a gas price cap, a tax on energy company profits and targets to limit demand.
Jorgensen also warned that he did not see a quick solution to the energy crisis, even if the conflict ended soon.
He added: “What I think is really important is to state as clearly as possible, that even if peace were to come tomorrow, we still won’t be returning to normal any time soon.”
Jorgensen encouraged EU member states to consider the International Energy Agency’s 10-point plan, which includes working from home and reducing speed limits as well as more use of public transport and increased car sharing.
Read more from Sky News:
Countries facing rising oil and gas prices
Iran’s allies could close a second vital sea lane
However, the EU will stick to its decision not to buy gas from the country Russia.
Jorgensen said the bloc should not “repeat the mistakes of the past [Vladimir] Putin will use his energy against us and blackmail member states.”
He added that it was “completely unacceptable” for the EU to continue purchasing energy that “will indirectly help finance Putin’s horrific war in Ukraine”.
