Latest news and stories about energy prices in environment in Portugal for expats and residents.
Portugal ranks fifth among EU nations for the proportion of its budget allocated to energy support measures.
Smaller energy retailers are increasingly opting for shorter contracts to mitigate risks associated with geopolitical instability, such as the conflict in Iran, according to insights from the comparison service Manie.
The implementation of windfall profit taxes on energy companies remains a contentious policy, with experts questioning its effectiveness in mitigating the real-world impacts of the ongoing energy crisis.
The closure of the Strait of Hormuz exposes Europe's new energy vulnerabilities, as its shift from Russian gas to global LNG imports has created a fragile dependence on volatile maritime routes, threatening industrial stability and energy security.
Electricity prices during daylight hours have plummeted to near-zero levels, yet this significant shift in energy economics remains largely overlooked by the public and media.
The 'Solidarity Gas Cylinder' programme, originally launched in 2022 to offset rising energy costs caused by the war in Ukraine, has been officially relaunched to provide continued financial support for families.
The Portuguese Ministry of Environment reports that while there is no immediate risk of supply failure, the country is nearing the criteria for declaring an energy crisis due to rising fuel costs.
Brent crude oil prices climbed 5% to exceed $113 per barrel following retaliatory infrastructure strikes between Israel and Iran, raising concerns over global energy security and the Strait of Hormuz.
The military escalation in the Middle East, particularly the conflict in Iran, is exerting immediate pressure on global energy markets, leading to rising electricity prices in the Iberian Peninsula. Experts warn that the duration and severity of the conflict will significantly influence energy prices, with predictions of oil prices potentially reaching $90 to $100 if the situation persists. This escalation poses challenges for public finances in Portugal, as rising fuel and gas prices complicate economic stability.
The price of a barrel of Brent crude for August delivery fell 4.67% this Monday to 83 dollars, following the peace agreement announced between the United States and Iran, and the expected reopening of the Strait of Hormuz.
The price started the week on the rise following bombardments between Israel and Iran. By 11:00 am, North Sea crude was trading at 96.70 dollars per barrel, more than 4% higher than on Friday.
Major European markets opened lower on a day marked by the escalation between Israel and Iran and rising energy prices, as investors also react to the negative performance of Wall Street.
The Organization of the Petroleum Exporting Countries and its allies (OPEC+) decided to increase its production in July to 188,000 barrels per day. “As part of its collective commitment to the stability of the oil market, [OPEC+] decided to implement a production adjustment of 188,000 barrels per day” in July, the organization announced in a statement.
Investment by technology companies in artificial intelligence has already reached hundreds of billions of dollars and is expected to grow by 75% this year. Regarding the energy consumed by artificial intelligence, the trend has been steep: there is more demand for AI, triple the amount, and consumption has soared by 50% in...
The Government will launch an auction for 750 Megavolt-amperes (MVA) of batteries and prepare contracts for difference (CfD) to stabilise energy prices and boost investment in the sector, the Minister of Environment and Energy announced today.
Energy consumption in Portugal and Europe still features petroleum products as the main source, with road transport being the largest consumer. However, electricity is gaining ground, and in Portugal, clean energy dominates this sector. Looking at energy bills, Portugal compares well with the European Union average.
The director of the International Energy Agency (IEA), Fatih Birol, warned that if the Strait of Hormuz does not fully reopen, the global economy could enter a “red zone” as early as July or August. Birol stressed that the effects will be felt during the summer travel season, which coincides with the agricultural sowing season.
Birol stressed that the effects will be felt during the summer travel season, which coincides with the agricultural sowing season in many countries.
Economist Vítor Bento believes that the crisis caused by the war in the Middle East will force central banks to raise interest rates to curb inflation, which could have a recessionary effect on the global economy. In an interview with CNN, the economist and president of the IRGA awards jury highlights that the potential depletion of oil reserves will drive up energy prices, with a widespread impact on other prices, which will make life even harder for people.
Brent crude oil for July delivery rose more than 1.6% this Monday, the 18th, exceeding 111 dollars on the London futures market due to new tensions in the Middle East. At 07:00 (06:00 in Lisbon), Brent, Europe's benchmark oil, rose 1.69% to 111.11 dollars (95.61 euros), although it reached 112 dollars (96.37 euros) overnight. Brent crude has recorded a rise for the fourth consecutive day as tensions continue in the Middle East. On Sunday, the United Arab Emirates Ministry of Defence stated it had intercepted three drones of unknown origin that entered the country's territory, with one colliding with a generator at a nuclear power plant perimeter without causing radiological risk. The ministry expressed its intention to firmly confront any attempt to undermine national security. Meanwhile, US President Donald Trump warned that Tehran is running out of time to reach a ceasefire agreement and threatened further attacks. West Texas Intermediate (WTI) also rose 2.51% to 108.07 dollars (92.99 euros) per barrel. The International Energy Agency warns that global oil reserves are depleting at a record pace.
The International Energy Agency (IEA) predicts that global oil supply will not meet total demand this year, as the war in Iran is compromising production in the Middle East, highlighting that this is “an unprecedented supply shock”. “With tanker traffic in the Strait of Hormuz still...
In Lisbon, the European Commissioner for Climate acknowledged the discomfort caused by the extraordinary profits of energy companies, but argued that taxation should be the responsibility of national governments.
Despite high levels of renewable energy production, electricity prices in Portugal remain high.
The price of oil is experiencing a notable decline as of 1:00 PM.
The association appealed to policymakers to “send a clear signal that electricity must become the most affordable energy source” and to do so “with concrete measures.”
Repsol's profits soared 153.8% in the first quarter of the year, reaching 929 million euros, driven by capital gains that reflect the impact of rising prices for crude oil and refined products.
Repsol's profits surged 153.8% in the first quarter of the year, reaching 929 million euros, driven by capital gains reflecting the impact of rising crude oil and refined product prices. According to the company's results reported to Spain's National Securities Market Commission (CNMV), adjusted net income, which measures business performance, reached 873 million euros, a 56.7% increase compared to the first quarter of 2025, in a volatile global context, particularly following the start of the conflict in Iran. Repsol indicates that, with no assets in the Middle East, it is focusing its efforts on ensuring energy supply continuity, allocating 1.2 billion euros in the quarter to increase its stocks. Last year, the oil group saw its profit fall in the first quarter, mainly due to the impact of price volatility on its refining margins. 'In an increasingly complex and volatile geopolitical environment, which threatens to transform the energy paradigm, we remain focused on ensuring security of supply,' said Repsol CEO Josu Jon Imaz in a press release. News about the Madrid-based company, which operates in more than 20 countries, has focused in recent weeks on its position in Venezuela, where the group holds 50% of the Perla offshore natural gas field (one of the largest in Latin America) and is involved in several oil projects in partnership with the Venezuelan state giant PDVSA. On April 16, Repsol announced the signing of an agreement with the Venezuelan government that will allow it to resume operational control of its Petroquiriquire joint venture, created to operate oil fields in eastern Venezuela. Repsol holds 40% of Petroquiriquire, while the state-owned PDVSA controls the remaining 60%. The Spanish group indicated in recent weeks that it is ready to increase its crude oil production in Venezuela by 50% in one year, and even triple it in three years, if the 'necessary conditions' are met. Repsol's production in the country is currently around 45,000 barrels per day, according to company data. Repsol resumes 100% of oil exploration in Venezuela and forecasts a 50% increase in production within 12 months.
The energy crisis is expected to have a contained effect on the Portuguese economy, though it will still entail financial burdens.
Base metal prices, such as aluminium, copper, and tin, are expected to rise by an average of 42% and reach historic highs this year.
Oil prices rose sharply on Tuesday due to the ongoing stalemate in negotiations between the US and Iran. The closure of the Strait of Hormuz continues to hinder market supply. Brent crude, the European benchmark, rose 2.92% to $111.39 per barrel by 12:12 PM, its highest level in three weeks. Meanwhile, WTI, the US benchmark, climbed 3.74% to $100.93 per barrel. With blockades in the Strait of Hormuz restricting tanker traffic, supply is tightening, driving prices up. Economists fear this will escalate inflation in energy products and across global supply chains. The White House is currently reviewing Iran's latest peace proposal, while maintaining its 'red lines' regarding Iran's nuclear enrichment program. Additionally, BP reported a fivefold increase in profits to 3.3 billion in the first quarter.
