Europe faces winter with high fuel prices and tight supplies. The European Union's energy ministers met on the subject of security against the backdrop of conflicts in the Middle East, disruptions in the Strait of Hormuz/Red Sea and damage to infrastructure. Gas storage stands at 75% (compared to 83% last year). Wholesale gas reached €100/MWh, for the first time since December 2022. Commissioner Dan Jorgensen noted concerns about affordability. Brussels is considering lowering electricity taxes, changes in grid charges and expanding refinery production. Western countries agreed to release more than 400 million barrels from the strategic reserves.

Europe faces winter with high fuel prices and tight supplies. The European Union's energy ministers met on the subject of security against the backdrop of conflicts in the Middle East, disruptions in the Strait of Hormuz/Red Sea and damage to infrastructure. Gas storage stands at 75% (compared to 83% last year). Wholesale gas reached €100/MWh, for the first time since December 2022. Commissioner Dan Jorgensen noted concerns about affordability. Brussels is considering lowering electricity taxes, changes in grid charges and expanding refinery production. Western countries agreed to release more than 400 million barrels from the strategic reserves.