EU urges coordinated action on oil and gas consumption amid crisis
Energy Commissioner Dan Jørgensen urged EU countries to take aligned action to curb oil and gas consumption and optimise storage reserves amid rising prices.
Energy Commissioner Dan Jørgensen emphasised the necessity for EU countries to align strategies, as oil and gas prices have surged by 70% and 50%, respectively.
“We need to avoid fragmented national responses and disruptive signals to the market to avoid worsening supply and demand conditions,” stated Energy Commissioner Dan Jørgensen.
Key developments
Energy Commissioner Dan Jørgensen urged EU countries to implement coordinated actions to curb oil and gas consumption, warning that the crisis will not be resolved quickly.
The European Commission is in discussions with alternative suppliers, including the United States and Canada, amid concerns over limited options and insufficient refining capacity within the bloc.
Jørgensen urges cohesive national responses to avoid energy market disruptions
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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.
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”.
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”.