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EU considering excessive profit taxes on oil and gas companies

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Europe News

How long can the EU’s oil reserves last?

The 400 million barrels of oil released by the International Energy Agency — of which 92 million barrels were contributed by 20 EU countries — could last about five months, according to analysts. The bloc also relies on storage reserves.

Business

Which European countries' ships are most hit by the Hormuz crisis?

In Europe, Greece has been the most affected country so far, with at least 75 ships stranded in the region.

Europe News

EU urges countries to remain aligned to cope with market volatility

Energy Commissioner Dan Jørgensen emphasized that EU unity is crucial to managing the energy crisis, with oil up 70% and natural gas 50%, raising concerns over supply security.

Europe News

Euronews explains: What the Strait of Hormuz crisis means for Europe

The closure of the Strait of Hormuz is rattling global markets, sending energy prices soaring and fuelling fears of supply shortages. Euronews explains:

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Europe News

EU calls on member states to curb oil and gas demand

EU urges governments to boost energy savings and explore alternatives amid supply pressure, letter seen by Euronews reveals.

Economy

Is Europe sleepwalking into its worst gas crisis since 2022?

European gas prices have surged 70% and storage is running low. Supply disruptions, rising inflation and the prospect of ECB tightening are raising fears of a repeat of the 2022 energy crisis.

Europe News

Meloni plans closer cooperation with Algeria to boost gas deliveries

Italy, which generates more than 40% of its electricity from natural gas according to the International Energy Agency, has been negotiating with various countries to replace lost LNG supplies from Qatar.

Europe News

Hungary will gradually halt gas exports to Ukraine

Hungary's Prime Minister Viktor Orbán announced a gradual halt of gas exports to Ukraine until Kyiv repairs the Druzhba oil pipeline. The dispute is also blocking a €90bn EU aid package for Ukraine.

Business

Portugal could declare an energy crisis — but what does that mean?

An existing energy crisis scenario allows the government to act directly in limiting prices, but this can only happen after an EU-level decision.

Europe News

EU pushes early gas refills while easing storage targets on Iran war

Goal is to avoid panic buying while ensuring that EU countries' gas storage is replenished by next winter. The European Commission also told member states to refill below the 90% level set by law in 2022.

World

Vast gas reserves: can fracking make Germany energy independent?

In 2024, 67 per cent of the energy used in Germany had to be imported, according to the Federal Statistical Office. This puts Germany above the EU average of 57 per cent of imported energy. According to experts, Germany could produce domestic gas.

Markets

European markets dip as oil prices soar and European gas prices jump

Leading European stock market indexes started the week with a big sell-off, following a major drop across Asian markets and surging oil prices, as the Middle East crisis escalates further.

Libya

Russian LNG tanker catches fire and sinks off the coast of Libya

Libyan authorities said on Wednesday that the "Arctic Metagaz" tanker had sunk in the Mediterranean Sea between their coast and nearby Malta.

Europe Today

Watch the video: Iran war and your wallet — have you checked the bill?

At Euronews, we usually report big politics, but this time your reporter wants to ask a different question: how will the Middle East conflict affect your wallet?

Markets

European gas prices surge by up to 45% as Qatar stops LNG production

European natural gas prices surged on Monday as the escalating conflict in the Middle East caused Qatar to stop LNG production at the world’s top plant.

Economy

Four years since Russia’s invasion: How have energy prices changed?

Residential electricity and gas prices in the EU remain above the levels seen before Russia’s invasion of Ukraine. Compared to the highly volatile years of the energy crisis, prices have largely stabilised as of 2026.

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