Published on
Energy Commissioner Dan Jørgensen urged EU countries on Tuesday to take aligned, coordinated action to curb oil and gas consumption and optimise storage reserves, warning that the crisis’s impact will not be short-lived.
“We need to avoid fragmented national responses and disruptive signals to the market to avoid worsening supply and demand conditions,” Jørgensen told reporters.
Jørgensen spoke on the sidelines ofan emergency meeting of European energy ministers, summoned by the Cyprus Presidency of the EU, to align on the energy situation, which the European Commission flagged as a concern, particularly in the transport sector, due to the Gulf’s reliance on diesel and jet fuel imports.
The ministers were urged to take coordinated measures to curb soaring oil and natural gas prices, as the war in Iran and the closure of the Strait of Hormuz threaten prolonged price increases and possible supply disruptions.
The EU executive has expressed concern due to the limited number of alternative suppliers and the bloc’s insufficient refining capacity. However, Jørgensen said the Commission is in contact with other suppliers like the United States, Canada, and others.
EU countries may consider fuel rationing, remote work, and even “car-free Sundays”— a measure from the 1970s energy crisis — to curb oil and gas demand, as prices have surged 70% and 50%, respectively.
However, Jørgensen noted the “different circumstances” among EU countries, signalling that each member state will decide on the best strategy to address the “severe situation”.
In a letter sent to EU governments on March 30, seen by Euronews, he also advised EU countries to postpone maintenance on oil refineries to keep production going and suggested they consider biofuels as an alternative.
The Commission will soon present a toolbox of measures to support EU countries in shielding families and businesses, the Danish Commissioner added.
Cypriot Minister Michael Damianos, on behalf of the Cypriot Presidency, told reporter on Tuesday after the emergency meeting: “We need to coordinate ourselves and strengthen our security, protect our competitiveness and safeguard our economic future”.
Read the full article here