"Reduce oil demand, prepare for disruptions" - EU appeals to member states for savings due to war
European Commissioner Dan Jørgensen has urged member states to set out measures to reduce oil and gas use, particularly in transport, as the EU prepares for possible supply disruptions in the Strait of Hormuz due to the conflict with Iran.
A letter dated March 30 asked energy ministers to report on current market capacity and propose practical actions to curb demand. The call comes as ministers meet on Tuesday for an emergency session to address a global shortage of 11 million barrels of oil per day and over 300 million cubic meters of liquefied natural gas (LNG) each day.
G7 energy and finance ministers said Monday they are closely monitoring the impact of the Iran conflict on energy and overall economic stability and are prepared to take "any necessary measures" to ensure market security.
While no concrete steps, such as releasing strategic reserves, were agreed, the discussions set the stage for today's EU assessment. Rising prices are already making transportation more expensive, Jørgensen said, urging EU capitals to coordinate to keep oil and jet fuel available and affordable.
While overall oil supplies appear manageable for now, concerns are growing about crude and jet fuel, with Europe remaining heavily dependent on imports from Saudi Arabia and Kuwait. About 20% of the oil consumed in the EU and the UK comes from the Gulf region, according to commodity trading company Alkagesta.
The European Commission has expressed concern about the EU's dependence on the Gulf region for oil and jet fuel, limited alternative suppliers and insufficient refining capacity within the bloc.
EU governments were also urged to ensure sufficient gas storage for the coming winter without causing price increases or market disruptions. Jørgensen stressed that an effective closure of the Strait of Hormuz - a vital route for around 25-30% of global oil and 20% of LNG - is putting significant pressure on international markets.
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