EU warns of energy 'price crisis,' asks countries to consider curbing demand, letter shows

The ​European Union is facing ​an energy ‌price crisis ​as a result of the Iran war fallout in ‌oil and gas markets, the bloc's energy chief said on Friday in a letter seen ‌by Reuters, which urged countries to consider measures ‌to curb energy demand. "We are facing a price crisis linking to a supply crisis," EU energy ⁠commissioner ​Dan Jorgensen ⁠said in a letter to EU countries' energy ministers.

While ⁠the EU is better prepared now than ​it was in winter 2021 when Russia squeezed ⁠Europe's gas supplies by reducing deliveries, governments must ⁠step ​up preparations for this winter, he said. "I invite you to consider taking or ⁠continuing to take measures that can sustain [gas storage] injections ⁠or ⁠reduce gas and electricity demand for as long as necessary," Jorgensen said.