Portugal admits ‘great concern’ but has 90% gas and oil reserves

The government acknowledged this Monday “great concern” in the European Union (EU) about the energy impact of tensions in the Middle East, although it guaranteed that Portugal has 90% of gas and oil reserves capable of supplying energy to the country “for a week”.

“There is concern here about what is happening in the Middle East and how it might affect energy prices. We are very concerned. However, in the case of Portugal, our reserves are almost full – both gas and oil. “But they are finite and exhausted,” said Environment and Energy Minister Maria da Graça Carvalho.

In particular, “we have almost 90% of the reserves” of gas and oil, which “will last for several weeks,” the person in charge said, speaking to the Portuguese press in Brussels during her “debut” as head of the European Union trusteeship. context at an informal meeting of EU energy ministers.

The minister expressed hope that a crisis situation would not arise, in particular due to new community legislation for the energy sector: “Let’s hope that this does not happen, but we are more prepared.”

At the moment, according to Maria da Graça Carvalho, additional measures to be taken are not yet being considered, especially since “in recent days there has been a slight drop in the price of a barrel of oil,” but this will be “necessary.” be careful and watch.”

“I hope that now that we are very close to good news reflecting lower prices for renewable energy, [em Portugal]The instability of the international situation should not contradict this, in which so much investment has been made in the past,” said the Portuguese Minister of Supervision.

On the gas side, there are concerns that broader conflict in the Middle East could jeopardize liquefied natural gas flows, and such concerns could lead to market instability.

The same concerns apply to oil, since the crisis in the region could lead to production cuts in Iran and Saudi Arabia, the two main producing countries.

Iran launched an attack on Israel on Saturday night and early Sunday using more than 200 “drones” (unmanned devices), cruise missiles and ballistic missiles, the vast majority of which were intercepted, according to the Israeli army.

It was announced today that EU dependence on crude oil and petroleum products rose to a new high of 97.7% in 2022 after falling to 91.6% in 2021, according to Eurostat.

At the end of December last year, the EU reached an agreement to reform the EU electricity market to speed up the deployment of renewable energy and ensure stable and affordable prices for consumers.

This is a market adjustment developed at the height of the energy price crisis in 2021 and 2022 and aims to bring the EU closer to climate targets and move 27 countries away from fossil fuel Russia.

The pact includes a number of measures to strengthen consumer protection and sets criteria for the Council, on a proposal from the Commission, to declare an energy crisis.

“We have a new electricity market project that has not yet come into force, but will come into force very soon. […] which provides for a crisis system in the event of a sharp increase [dos preços] energy,” Maria da Graça Carvalho told the Portuguese press in Brussels.