Latest news and stories about energy prices in europe in Portugal for expats and residents.
European Union ambassadors agreed to extend the current price cap on Russian oil until July 23. The measure prevents a potential price surge for crude oil while the bloc continues negotiations on its 21st package of sanctions against Moscow.
European Council President António Costa has expressed confidence that European Union leaders will approve new measures to combat rising energy costs during their upcoming summit. Describing the current crisis as a “dramatic and challenging moment,” the former Portuguese Prime Minister emphasized the need for unified support for member states. The measures aim to mitigate the economic impact of energy volatility caused by international conflicts. Consumers should watch for potential energy price relief following the summit.
António Luís Santos da Costa (born July 17, 1961, in Lisbon) is a Portuguese lawyer and Socialist politician who served as Prime Minister of Portugal from 2015-2024 and currently serves as President of the European Council since December 1, 2024. After leading the Lisbon Municipal Assembly and practicing law, he was elected MEP (2004-2005) and entered parliament in 2002. He led the Socialist Party from 2014-2024, building unprecedented parliamentary coalitions with the Communist Party and Left Bloc (2015-2019) before winning an absolute majority in 2022. He resigned as PM in November 2023 following a corruption investigation, though subsequently cleared. The 27 EU member states elected him Council President in June 2024, making him the fourth full-time President and the first southern European socialist in that role.
Political Philosophy:
Costa represents moderate European social democracy, combining orthodox fiscal responsibility with progressive social investment. He prioritizes European integration, consensus-building, and pragmatic compromise over ideological confrontation. As Council President, he champions mediation between member states, improved EU inter-institutional relations, shorter decision-making processes, and regular visits to every EU capital to reconnect citizens with European institutions. His approach emphasizes "creative bridges" reconciling divergent interests while maintaining firmness on European values, particularly regarding Ukraine.
The President of the Eurogroup, Kyriakos Pierrakakis, warned that the eurozone must prepare for a prolonged period of economic instability due to the conflict in the Middle East. He noted that while the European economy is resilient, potential disruptions to maritime transport and energy supplies could threaten the 2% inflation target. Residents should be aware that these external shocks may lead to sustained pressure on energy prices and supply chains in the coming months.
The Eurogroup is a meeting of finance ministers from the 20 European Union countries that use the Euro currency. It coordinates economic policies and manages financial stability, including responses to energy price volatility caused by global conflicts. Residents should note that its decisions influence inflation and the broader economic environment across the Eurozone.
EU leaders are meeting in Brussels to address soaring energy prices, negotiate the community budget, and coordinate support for Ukraine, though no concrete measures are immediately anticipated pending an official European Commission proposal.
Wholesale electricity prices in the EU rose by 22.8% between February and August, significantly trailing the 88.4% surge in gas prices during the same period of geopolitical tension.
European natural gas prices have surged to their highest levels since January 2023, driven by escalating Middle East tensions and concerns over maritime transit through the Strait of Hormuz, further fueling inflationary pressures and potential interest rate hikes.
Portugal ranks fifth among EU nations for the proportion of its budget allocated to energy support measures.
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.
This edition of Contraponto examines the ongoing negotiations surrounding the government's labour package and analyzes the impact of the Middle East conflict on European energy prices.
Economist Luís Aguiar-Conraria analyzes the potential economic fallout of the Middle East conflict, emphasizing that global recession risks depend heavily on policy responses and the stability of oil transport routes.
![If there is an impediment to oil transport [in the strait], it is almost as if 20% of global reserves disappeared](/_next/image?url=https%3A%2F%2Fimg.iol.pt%2Fimage%2Fid%2F69b73b3ed34edcee7c61e93d%2F200.jpg&w=3840&q=75)
European Commission President Ursula von der Leyen outlined today measures taken to control energy prices, including joint purchases within the European Union (EU).
The President of the European Commission mentioned, among the agreed measures, “the release of 100 million barrels of oil and diesel over the next four months.”
The 27 member states instructed the President of the European Commission to present concrete proposals with a sense of urgency to mitigate energy prices, and the President of the European Council to proceed with attempts at reconciliation between those who want budget cuts and those who will not accept less funding for cohesion and agriculture.
Leaders of the 27 member states stressed that the current situation urgently requires a coordinated European response, based on targeted and temporary measures, taking into account the circumstances of the individual states.
Energy prices have soared due to the war launched by Israel and the United States against Iran, which has spread throughout the region and disrupted, among other things, oil trade.
Divisions over energy prices and the bloc's seven-year budget expose unhappiness over European Council president's performance.
Summit in Brussels marked by calls for flexibility, measures, and discussions on pricing. Pressure is on the Commission to present more proposals and budgetary flexibility.
The competitiveness of the European economy, the next long-term community budget, support for Ukraine, and migration are the key themes on the agenda of the European Council starting this Thursday, October 15th. The leaders of the 27 member states are meeting in Brussels for the penultimate time this year, but the context is one of tension...
In addition to the energy crisis, the Multiannual Financial Framework 2028-2034, support for Ukraine, and migration management are among the key topics of the meeting. The summit, which brings together the heads of state and government of the 27 EU member states in Brussels, begins this Thursday and continues until the following day.
Leaders will ask the Commission to present new ideas to contain the rise in energy prices. At this Thursday's summit, there is a new standoff over the next EU budget. Zelensky arrives in Brussels on Friday.
Brussels justifies the measure by pointing out that the EU is preparing “for a difficult winter, marked by high energy prices.”
Transport, construction, and agriculture are the most affected sectors. In the worst-case scenario, job growth in the European Union would be 'near zero' in 2026.
According to data released at the time by the President of the European Commission, gas prices have risen by 140% since the end of February, while diesel prices have doubled.
The Commission argues that the European Union (EU) should combine immediate support measures with a reduction in dependence on fossil fuels.
The Organization of the Petroleum Exporting Countries and its allies (OPEC+) decided today, for the second consecutive month, to keep crude oil supply unchanged for November.
G7 countries have agreed to release 100 million barrels of oil and diesel over the next four months to increase fuel supply, at a time when the war with Iran continues to put pressure on energy prices.
Donald Trump is considering imposing restrictions or quotas on US diesel exports to lower domestic prices ahead of the midterm elections. This threat has raised concerns in Europe, which relies heavily on US diesel, potentially leading to a 'refining shock' that would drive up global prices and inflation, particularly affecting sectors dependent on road transport and logistics.
The increase in energy prices will be driven by the rise in energy commodity prices.
PARIS — Le président français Emmanuel Macron a demandé à la présidente de la Commission européenne, Ursula von der Leyen, d’assouplir les règles de l’Union européenne relatives à la composition des carburants et aux obligations de déclaration des émissions de méthane, dans le but de maîtriser la flambée des prix de l’énergie, dans un courrier ...
The discussion on taxing the extraordinary profits of oil companies may be resumed. Several member states, including Portugal, have requested a joint solution.
A new series of military engagements between the US and Iran has caused oil prices to increase once more.
The European Commission has once again rejected the creation of an EU-level tax on the windfall profits of oil companies, following a renewed request from Portugal and five other countries. Finance ministers from Portugal, Austria, Germany, Italy, Poland, and Spain had called for a debate on a new European mechanism to tax these profits, citing the impact of the conflict in the Middle East on energy prices. However, the Commission stated that taxation remains a national competence, noting that member states already have the authority to implement such measures under their own legislation, provided they comply with EU law.
