Brussels [Belgium], March 30 (ANI): Energy ministers from across the European Union are due to meet Tuesday by video conference to coordinate responses to disruptions in global energy markets caused by the ongoing conflict involving Iran, a document seen by Reuters says.
The meeting will assess recent energy market developments, identify where stronger EU-level coordination is needed, and indicate concrete measures to address tightening oil and gas markets, the document said.
Ministers are expected to convene at 1 pm GMT to deliberate joint measures to stabilise markets and ensure energy security across member states, Reuters reported.
According to ING Bank, European gas prices are unlikely to spike to the 2022 peaks as global gas markets are relatively better supplied and a large pipeline of LNG export capacity is coming onto the market. However, natural gas remains critical to electricity pricing under the marginal pricing system, so even moderate increases in gas prices can push up power costs.
The report noted Europe has significantly expanded renewable energy capacity since the 2022 crisis: installed solar and wind capacity rose 57 percent between 2021 and 2024, with estimates suggesting a further 15 percent increase in 2025.
Meanwhile, US President Donald Trump said he is optimistic about a deal with Iran, citing “very good negotiations” and Iran allowing 20 oil tankers to pass through the Strait of Hormuz as a “sign of respect.” Speaking to reporters aboard Air Force One en route to Joint Base Andrews, Trump said, “I do see a deal in Iran, yeah. Could be soon.”
“So we’ve had very good negotiations today with Iran, getting a lot of the things that they should have given us a long time ago. See how it works out, but they’re very good, moving along very nicely. And they’ve destroyed a lot of additional targets today. The Navy’s gone, the Air Force’s gone, we know that. We’ve destroyed many, many targets today. It was a big day. And we are negotiating with them directly and indirectly,” he said further. (ANI)
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