Impact of Iran Crisis on European Oil and Gas

Portuguese Finance Minister Joaquim Miranda Sarmento highlighted the limited impact of the Iran crisis on European oil and gas supply, stressing that strategic reserves should only be used in supply emergencies. He noted the uncertainty regarding its effects on euro area economies and potential ECB policy changes.

Portuguese Finance Minister Joaquim Miranda Sarmento on Monday addressed the implications of the Iran crisis on the European oil and gas sector, indicating that while prices are impacted, the supply remains unaffected.

He emphasized that the use of strategic reserves should be reserved for genuine supply emergencies, highlighting the importance of careful management of resources.

Speaking in Brussels, Sarmento acknowledged the difficulty in predicting the crisis's full economic impact on the euro area, including possible monetary policy adjustments by the European Central Bank.

(With inputs from agencies.)