EU ministers weigh bloc-wide energy-use cuts as Hormuz shutdown threatens supplies

EU energy ministers are set to meet on 29 October to consider continent-wide cuts in electricity and fuel consumption if the Strait of Hormuz remains blocked, a proposal advanced by Ireland, which holds one outlet Council presidency. The discussion follows a 140 % surge in gas prices since the United States and Israel launched attacks on Iran, with Brent crude trading around $110 a barrel, and warnings of a possible 12-15 % gas shortfall during a cold winter.

Storage levels have fallen to 74 % - the lowest since 2011 - prompting talks of emergency oil stock releases, financial support, and coordinated demand-reduction schemes. France’s Emmanuel Macron arranged diesel imports from Gulf nations after Saudi spot cargoes were offered, while Spain announced a release of 4.4 million barrels of strategic oil. The International Energy Agency also unveiled a ten-point plan that includes “car-free Sundays” and other voluntary or sector-targeted cuts. Ministers must decide whether such measures should be EU-wide or left to national governments, balancing supply security against economic competitiveness and social equity.