Top EU Energy Official Warns Of ‘Long-Term’ Crisis Amid Hormuz Disruption – The Cradle
Top EU Energy Official Warns Of ‘Long-Term’ Crisis Amid Hormuz Disruption
The European Commissioner for Energy and Housing said the EU will not change its stance on Russian LNG imports this year, as supplies from the US and other partners can be sourced through ‘the free market’
EU Energy Commissioner Dan Jorgensen said the bloc is assessing fuel rationing and the release of additional oil from strategic reserves as it prepares for a “long-lasting” energy shock caused by the US-Israeli war on Iran and the resulting shipping disruptions across West Asia, he told the Financial Times (FT) on 3 April.
“This will be a long crisis … energy prices will be higher for a very long time,” Dan Jorgensen told FT, adding that some more “critical” products are expected to face even worse conditions in the coming weeks.
The near-closure of the Strait of Hormuz and strikes on infrastructure across the Gulf have sent shockwaves through global energy markets, driving prices higher and fueling concerns over prolonged supply disruptions.
Jorgensen said the language around the issue has changed, warning that “the rhetoric that we’re using and the words we’re using are more serious now than they were earlier in the crisis.”
He said the EU expects the situation to persist, urging countries to ensure they “have what they need,” while noting the bloc is “not in a security of supply crisis, yet” but is preparing for the “structural, long-lasting effects” of the war.
🔗SOURCE ➡️ The Cradle
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