Europe's Next Energy Crisis Won't Be a War, It'll Be Peak Oil
Meets Six Sweeping Demands Europe is expanding renewable-energy investment… Haley Zaremba is an energy journalist and researcher with more than a decade of professional experience covering global energy systems, land and natural resources, and… Europe is currently contending with itsthird energy crisis in four yearsagainst the backdrop of near-constant global geopolitical friction and fracas.
The continent’s over-reliance on foreign fossil fuel imports has been thrown into sharp relief in recent months and years as the European Union has struggled to catch its breath and stabilize markets in the vanishingly short time spans between global oil shocks.
When Russia invaded Ukraine in February of 2022, Europe as a whole depended on Russian producers for 40 percent of the continent’s natural gas.
This threw European markets into turmoil as the European Union struggled to set and maintain sanctions on Russian energy exports, kickstarting a pyrrhic war between Brussels and the Kremlin.
Europe has never fully recovered from that turmoil, as it has since been battered by conflicts blocking the passage of the Red Sea in 2023 and 2024, and now the United States and Israel’s war in Iran.
On top of these geopolitical shockwaves, Europe is now the most rapidly warming continent in the world,causing an unprecedented climate-related energy crisis in the region.
We promised things would change but here we are,” a ‘highly frustrated European diplomat’ was recently (anonymously)quoted by the BBCin response to market turmoil driven by Iran’s closure of the Strait of Hormuz, through which one-fifth of the world’s oil and gas trade flowed on an average day before the United States and Israel began their military operations in the region earlier this year.
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“Instead of concentrating on much-needed long-term plans - about how to make Europe more competitive in this increasingly volatile world, [European] prime ministers and presidents are now in a panic over [energy] prices, worried about angry voters and scrambling for short-term solutions,” the source continued.
“Just like the crisis after Russia’s fullscale invasion of Ukraine.
Same European divisions; same dilemmas over energy.
We can’t keep going round in these circles.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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