Hungarian FM warns Europe heading toward energy crisis

Hungary’s Foreign Minister Péter Szijjártó has warned that Europe is heading toward a serious energy crisis amid escalating tensions around Iran and the halt of Russian energy imports.

Szijjártó said the European continent is moving rapidly toward an energy crunch as the war involving Iran shows no signs of easing. He argued that roughly 20% of global oil supplies have been blocked as a result of the instability, Caliber.Az reports per foreign media. 

According to the Hungarian minister, European Union countries are already facing significant shortages of energy resources, accompanied by sharp increases in the prices of raw materials and fuel. He said European gas storage levels currently stand at around 9% of annual consumption, describing the figure as alarmingly low.

Szijjártó added that in recent weeks Europe’s economy has had to absorb a 60% increase in gas prices and a 70% rise in oil prices.

He stressed that boosting energy supplies to Europe is essential under the current circumstances, but noted that neither Arab nor Russian oil, nor Russian gas, is now reaching the European market.

By Sabina Mammadli