BRUSSELS, March 30 (Reuters) – European Union energy ministers will meet on Tuesday to coordinate their response to the disruption to oil and gas markets triggered by the Iran war, according to an internal EU document.
Europe’s heavy dependence on energy imports has left it exposed to a price spiral since the main shipping route, the Strait of Hormuz, was effectively closed and Tehran began attacking energy infrastructure in the Middle East.
Gas prices in Europe have risen more than 70% since the start of the US-Israel war against Iran on February 28.
Ministers were asked to ‘indicate what concrete measures could be adopted to address the tightening of oil and gas markets in a coordinated way’, the EU document says.
‘It remains important to avoid uncoordinated and fragmented national responses and disruptive signals for the market,’ the document added.
The document states that ministers should focus their efforts on filling gas storage for next winter and stabilizing markets for petroleum products and securing those supplies.
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The EU says its oil and gas suppliesremain secure in the short term, as the bloc’s main suppliers are Norway and the United States, rather than producers directly affected by strikes and strikesin the Middle East.
However, Europe is watching with concern the reduction in global supplies of certain products, particularly diesel and jet fuel.
Last week, Shell chief executive Wael Sawan warned that the continent could face energy shortages by April, with jet fuel, diesel and gasoline among the commodities that will be hit early.
EU authorities are trying to encourage countries to start filling their natural gas storage early, before next winter, to avoid a rush for supplies later in the year, which could trigger new price spikes.
Ministers will meet via videoconference at 1pm on Tuesday.
