EU Energy Commissioner warns of price crisis amid Iran conflict

energy price crisis natural gas demand EU gas storage Strait of Hormuz Middle East conflict

EU Energy Commissioner Dan Jørgensen has warned of an impending energy price crisis driven by supply volatility. In a letter to EU energy ministers, Jørgensen noted that the bloc is facing a ‘price crisis linked to a supply crisis,’ primarily due to geopolitical tensions in Iran affecting oil and natural gas markets. The conflict has impacted the Strait of Hormuz, a critical transit route for approximately 20% of global oil and liquefied natural gas (LNG) supplies.

While the European Commission maintains that the gas supply remains stable for the upcoming winter, current storage levels are a cause for concern. EU gas storage is approximately 70% full, which is 12 percentage points lower than the same period last year. Despite these lower levels, officials noted that the EU is better prepared than in 2021 due to increased LNG import capacity and higher renewable energy usage.

To mitigate risks, Jørgensen urged member states to consider or continue demand-reduction measures. Proposed actions include limiting heating temperatures in public buildings, preventing outdoor heating, and reducing non-essential public lighting to sustain gas storage injections and manage electricity demand.

Entities

Dan Jorgensen · Dan Jørgensen · ENTSOG · European Commission · European Network of Transmission System Operators for Gas · European Union · European Union · Gas Coordination Group · Gas Infrastructure Europe · Iran · Strait of Hormuz

Claims

What the coverage asserts, and how many sources carry each claim.

[● 12 SOURCES] EU Energy Commissioner Dan Jørgensen stated that the EU is facing a price crisis linked to a supply crisis. www.e-radio.gr · www.rthess.gr · www.ertnews.gr · www.protothema.gr · www.pbnovini.com · +6 more
[○ 1 SOURCE] The average price of diesel in Europe has reached 2.23 euros per liter. www.athensmagazine.gr
[○ 1 SOURCE] Proposed demand reduction measures include limiting temperatures in public buildings and cutting non-essential public lighting. www.e-radio.gr
[● 12 SOURCES] Dan Jørgensen sent a letter to EU member state energy ministers calling for demand reduction measures. www.e-radio.gr · www.rthess.gr · www.ertnews.gr · www.protothema.gr · www.pbnovini.com · +6 more
[● 15 SOURCES] The conflict in Iran is causing volatility in oil and natural gas markets. www.e-radio.gr · www.rthess.gr · www.athensmagazine.gr · www.ertnews.gr · www.protothema.gr · +9 more
[● 5 SOURCES] EU gas storage levels are approximately 70% full, which is 12 percentage points lower than the same period last year. www.pbnovini.com · orientalnewsng.com · lajornadasanluis.com.mx · www.oilandgas360.com · www.ot.gr
[● 8 SOURCES] EU Energy Commissioner Dan Jorgensen warned of an energy price crisis linked to supply issues. www.pbnovini.com · www.cnbce.com · orientalnewsng.com · lajornadasanluis.com.mx · www.cmjornal.pt · +3 more
[● 6 SOURCES] The European Commission and member states confirmed that the EU gas supply remains stable despite low storage levels. diariofinanciero.com · www.elconfidencial.com · www.oilandgas360.com · www.cmjornal.pt · www.upday.com · +1 more
[● 6 SOURCES] Jorgensen urged governments to consider demand-reduction measures such as limiting heating in public buildings. www.pbnovini.com · orientalnewsng.com · www.dnoticias.pt · www.e-radio.gr · lajornadasanluis.com.mx · +1 more
[● 4 SOURCES] The conflict in Iran has impacted the Strait of Hormuz, a route for 20% of global oil and LNG supplies. www.pbnovini.com · orientalnewsng.com · lajornadasanluis.com.mx · www.ot.gr