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Egypt to ship Cypriot gas to Europe in QatarEnergy deal

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Business

Shell profits surge as Iran war drives oil prices higher

Europe’s biggest energy company reported a jump in first-quarter profits as the war involving Iran and the effective closure of the Strait of Hormuz pushed oil and gas prices higher.

Business

Qatar expands North Field project as LNG output faces disruption

Qatar is moving ahead with its North Field gas expansion after awarding a key contract, even as regional tensions continue to disrupt LNG output and exports.

Europe News

EU offers energy vouchers and VAT reductions to struggling consumers

The European Commission's short-term protections are paired with expectations of behavioural change, including reduced energy consumption or participation in demand flexibility schemes.

Europe News

Energy prices set to rise as last Gulf Tankers reach Europe

Energy analysts have warned of surging energy prices beyond already elevated levels, as the last vessels carrying oil and natural gas from the Strait of Hormuz before the conflict have reached Europe. Supply forecasts for oil and gas remain optimistic as US deliveries are expected.

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Europe News

Can Péter Magyar break Hungary’s reliance on Russian oil?

Péter Magyar, the expected future Hungarian prime minister, won the general election in a landslide, unseating outgoing Viktor Orbán after 16 years in power and raising questions about whether Budapest will move away from Russian energy.

Europe News

EU considering excessive profit taxes on oil and gas companies

The European Commission is considering taxing windfall profits, similar to the mechanism applied in 2022 during the natural gas crisis. The plea came from five EU countries, which also called for the tax to be expanded to foreign profits dealing with fossil fuels.

Economy

Why Europe’s energy prices could stay high even if the Iran war ends

Energy prices in Europe could stay high for a while, even though the region doesn’t rely heavily on the Strait of Hormuz. Here’s what’s behind it.

Europe News

What impact could an Iran ceasefire have on energy prices?

The announcement of a two-week ceasefire in the Middle East has triggered an immediate drop in oil and natural gas prices, raising hopes for lower energy bills. However, consumers might not see the effects for several months, even though the oil industry has issued some optimistic forecasts.

Business

Gas discovery off Egypt's coast comes at critical moment for Iran war

ENI and Egypt have announced a significant gas discovery in the Eastern Mediterranean — a potential boost for Cairo as the Iran war sends energy import costs rocketing.

Europe News

How long can the EU’s oil reserves last?

The 400 million barrels of oil released by the International Energy Agency — of which 92 million barrels were contributed by 20 EU countries — could last about five months, according to analysts. The bloc also relies on storage reserves.

Business

Which European countries' ships are most hit by the Hormuz crisis?

In Europe, Greece has been the most affected country so far, with at least 75 ships stranded in the region.

Europe News

EU urges countries to remain aligned to cope with market volatility

Energy Commissioner Dan Jørgensen emphasized that EU unity is crucial to managing the energy crisis, with oil up 70% and natural gas 50%, raising concerns over supply security.

Europe News

Euronews explains: What the Strait of Hormuz crisis means for Europe

The closure of the Strait of Hormuz is rattling global markets, sending energy prices soaring and fuelling fears of supply shortages. Euronews explains:

Europe News

EU calls on member states to curb oil and gas demand

EU urges governments to boost energy savings and explore alternatives amid supply pressure, letter seen by Euronews reveals.

Economy

Is Europe sleepwalking into its worst gas crisis since 2022?

European gas prices have surged 70% and storage is running low. Supply disruptions, rising inflation and the prospect of ECB tightening are raising fears of a repeat of the 2022 energy crisis.

Europe News

Meloni plans closer cooperation with Algeria to boost gas deliveries

Italy, which generates more than 40% of its electricity from natural gas according to the International Energy Agency, has been negotiating with various countries to replace lost LNG supplies from Qatar.

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