EU Prepares for Long-Term Energy Shocks Amid West Asia Conflict

Kathmandu. The European Union (EU) is reportedly prepared to face long-term energy shocks resulting from the ongoing war in West Asia. 

The EU's energy and housing chief stated this in an interview with The Financial Times. Dan Jørgensen, the European Commissioner for Energy and Housing, said, 'This will be a long-term crisis... energy prices will remain high for a long time.'

According to him, the EU has not yet reached a crisis in supply security. There has also been no need to ration essential fuels such as jet fuel or diesel. 

However, keeping potential risks in mind, Jørgensen stated that the EU is preparing for the worst-case scenario, which includes evaluating options such as fuel rationing and releasing additional oil from emergency reserves into the market.