Middle East Tension Drives Up Energy Prices, EU Expresses ‘Concern’ and Maintains ‘Monitoring’
Kathmandu / The European Union (EU) has stated that it is closely monitoring rising energy prices resulting from disruptions caused by the ongoing war in the Middle East. Speaking at a press conference on Monday, European Commission Spokesperson Anna-Kaisa Itkonen said, “We are following developments in global energy markets with concern.”
She clarified, however, that there is no immediate crisis in oil or gas supply within the EU. Itkonen noted that EU member states hold oil stocks or equivalent reserves sufficient for around 90 days.
“We are far less concerned about the security of supply than we are about the high energy prices,” Spokesperson Itkonen stated. She also confirmed that G7 countries would discuss the possible release of strategic reserves at a meeting on Monday.
