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Europe faces its third energy crisis in four years amid fuel import risk
The article says Europe still relied on Russia for 40.0% of its natural gas when the Ukraine war began in February 2022.
OilPrice reports that Europe is dealing with its third energy crisis in four years, driven by recurring global oil shocks and the region’s dependence on imported fossil fuels.
The outlet cites the start of Russia’s invasion of Ukraine in February 2022, saying Europe had relied on Russian suppliers for 40.0% of the continent’s natural gas, while the EU tried to set and maintain sanctions on Russian energy exports.
OilPrice also points to disruption from other conflicts, including the passage of the Red Sea in 2023 and 2024, and it adds that the current backdrop includes the United States and Israel’s war in Iran.
The piece links current turmoil to Iran’s closure of the Strait of Hormuz, which it says carries about one-fifth of the world’s oil and gas trade on an average day, and it includes an anonymously quoted comment from a highly frustrated European diplomat about Europe failing to change despite lessons learned.
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