The EU Commissioner for Energy, Dan Jorgensen, stated that the governments of the European Union should prepare for a “prolonged disruption” of energy markets as a result of a war with Iran. In a letter addressed to energy ministers on March 30, reviewed by Reuters, the head of the energy department added that governments are “advised to take timely measures to address potential prolonged disruptions of the market”.
Europe’s strong dependence on imported fuels means that the continent is extremely vulnerable to the impact of the Middle East conflict on global energy prices. European gas prices have risen by over 70% since the beginning of the war between the USA and Israel against Iran, on February 28th.
At the same time, the EU’s supply of oil and natural gas was not directly affected by the closure of the main maritime transport route in the Strait of Hormuz, as Europe imports most of these energy sources from suppliers outside the Middle East.
However, Jorgensen stated that Brussels is particularly concerned in the short term about the supply of refined petroleum products to Europe, such as aviation fuel and diesel.
The letter specifies that governments should avoid measures that could increase fuel consumption, restrict trade in petroleum products, or reduce the incentive for production in European refineries that process these products.
“Member states are advised to postpone any maintenance operation of oil refineries, except where there is an urgent need,” the letter states.