EU boosts energy imports from Azerbaijan, US, Norway, Algeria, Canada

The European Union is continuing to diversify its energy supply sources, increasing imports from Azerbaijan, as well as from United States, Norway, Algeria, and Canada.

According to Report's European bureau, EU Energy Commissioner Dan Jørgensen said at a press conference following an informal meeting of EU energy ministers on the situation in the Middle East that the source of imports matters, especially for long-term contracts, which can benefit importing countries.

He noted that the EU has already reduced its dependence on Russian gas from 45% to around 10%, with plans to cut it to zero. However, energy prices remain the biggest challenge: since the outbreak of the Middle East conflict, EU gas prices have risen by about 70% and oil prices by 60%. During the first 30 days of the crisis, EU fossil fuel import costs increased by €14 billion.

Jørgensen stated that while there have been no major disruptions in oil and gas supply, tensions remain in some fuel markets, including diesel and aviation fuel, and pressures on the global gas market are reflected in electricity prices. He added that the EU is facing a very serious situation and that the crisis"s effects on energy markets will not be short-term.

He called on EU countries to act in a coordinated manner and avoid fragmented national measures or signals that could destabilize markets. Actions should be targeted and timely, without deepening supply-demand imbalances.

The European Commission is already coordinating efforts to fill gas storage and ensure oil security, as well as preparing a support package for households and businesses.