EU presents aid framework against energy crisis

The EU framework allows each member state to help companies with up to 50,000 euros in fuel expenses and cover up to 70% of extraordinary costs resulting from market developments.

Energy crisis: Government measures follow the path of European peers and renewables reduce exposure

Government measures to mitigate the energy shock align with those of European peers, with Portugal being 'less exposed than other European economies' according to an Allianz Research study. Measures such as fuel tax discounts help reduce the impact of rising crude oil prices. The total impact of government action is expected to be around 0.15% of national GDP, similar to the average in developed countries, meaning Portugal is not repeating the budgetary effort seen during the 2022 energy crisis. The issue involves not just price hikes, but a reduction in market supply, with aviation fuel becoming scarcer, diesel being rationed, and industrial users in price-controlled markets facing shortages. Portugal benefits from energy resilience due to its lower reliance on Middle Eastern oil imports, a higher share of renewable energy in electricity production, and experience in managing recent energy shocks. Brussels is urging Europeans to consume less fuel and reduce air travel.

13:00 Brussels authorises state aid for sectors most affected by the energy crisis

The European Commission has approved state aid measures to support industries significantly impacted by the ongoing energy crisis.

Brussels authorises State aid for sectors most affected by the energy crisis

Member States requested specific rules for State aid to support companies most in need during this crisis, marked by high energy prices. The European Commission responded this Wednesday by presenting several measures, starting with those aimed at farmers, transport, and fishermen.

Brazil Joins Canada, US, UK, Mexico, Norway, Switzerland, Turkey, Russia and Other Countries in Facing Higher Travel Costs in Europe as Spain, Germany, Italy, Portugal, Austria and More Set to Impose a Temporary Tax to Bounce Back from US Energy Cris

Travel And Tour World24 Apr

Energy Agency confident in response to energy crisis

The blockade of the Strait of Hormuz has cut off a quarter of the world's oil. According to the IEA director, the crisis could accelerate renewables, efficiency, and nuclear power, much like in the 1970s.

Three vessels hit by gunfire in the Strait of Hormuz

At least three container ships were hit by gunfire in the Strait of Hormuz this Wednesday, according to maritime security sources and the United Kingdom Maritime Trade Operations (UKMTO). According to Iran's Revolutionary Guard, two vessels were seized for alleged maritime violations and transferred to the Iranian coast. We are following the development of the situation here.

European Commissioner anticipates "very difficult months and years" due to the energy crisis

Brussels released a set of measures this morning to address high energy prices.

European Commission anticipates “very difficult months and years” due to energy crisis

The European Commission warned on Wednesday, the 22nd, of “very difficult months and years” ahead due to the current energy crisis triggered by the conflict in the Middle East. The Commission acknowledged pressure on aviation fuel and expressed concern regarding tourism in the European Union (EU). European Commissioner for Energy, Dan Jørgensen, stated in Brussels that this is not a minor short-term price hike, but a crisis potentially as severe as those of 1973 and 2022 combined. During a press conference presenting measures to address the energy crisis caused by the war in Iran—initiated by US and Israeli strikes—Jørgensen noted that aviation is the sector under the most pressure due to obstacles in kerosene supply. Brussels is considering potential actions should there be a shortage of aviation fuel in the EU.

European Commission presents package of six measures to combat effects of energy crisis

Brussels believes that “coordination [between member states] is the key” to overcoming another inflationary spike driven by the disruption of the fossil fuel market.

EU presents measures to mitigate energy crisis caused by war in the Middle East

The European Commission is set to unveil a package of measures this Wednesday, the 22nd, to address the energy crisis triggered by the conflict in the Middle East. The goal is to reduce energy consumption across the European Union and increase strategic storage by encouraging alternatives to car and air travel. The plan includes support for consumers and businesses, potential tax cuts, and tariff adjustments. These initiatives follow nearly two months of tensions involving the US, Israel, and Iran, which have led to high energy prices. The Commission proposes measures such as shared bicycles, car-free zones, carpooling, increased use of electric vehicles, and public transport incentives. It also suggests limiting air travel, adjusting air conditioning in public buildings, and regulating domestic boilers. For businesses, the focus is on renewable energy and efficiency. Brussels also aims to coordinate gas reserves and potential oil releases to manage supply, noting that while EU gas reserves are at 30.40%, Portugal holds 91.26% capacity. The crisis highlights the urgent need for the EU to diversify suppliers and accelerate the transition to renewable energy to reduce exposure to external shocks.

International Energy Agency warns that normality will take a long time even if the Strait of Hormuz opens now

The executive director of the IEA estimates that two years is the time needed to restore pre-war levels of commercial activity.

Perhaps Europe will have to be dragged into the conflict due to this energy crisis

Pedro Frazão, a commentator for CNN Portugal, reflects on the economic impacts of the US war against Iran on Portugal, analysing the possibility of Europe joining the conflict.

Energy crisis: "Europe only has six weeks of jet fuel reserves," warns IEA

Europe has enough jet fuel for “six weeks, or something like that,” says Fatih Birol, Executive Director of the International Energy Agency (IEA). He told the AP agency that the current scenario raises the risk of airlines needing to cancel flights “soon” if the supply of aviation fuel remains low. He noted that this is “the biggest energy crisis we have ever faced.” The blockade of the Strait of Hormuz is a key factor. “The situation is truly critical and will have major implications for the global economy,” he stressed. As the war drags on, “economic growth and inflation” worsen, he noted, before giving examples of the direct consequences for companies and consumers. The scenario will therefore involve “higher gasoline prices, higher gas prices, high electricity prices,” he added. The war is affecting aviation fuel supplies, and airlines are pressuring the EU to intervene.

Tax cuts and price caps: Support measures during the energy crisis

Without waiting for Brussels, EU countries are approving measures ranging from deep tax cuts to price caps. There are even fuel vouchers, and some support packages are more generous than others.

Portugal now only has 82 days of petroleum product reserves

Portugal is already feeling the impact of the energy crisis. It now only has 82 days of petroleum product reserves left.

Energy crisis is the most severe in living memory due to conflict in the Middle East

It is the largest drop in history. Oil production has plummeted. The reason is the war in the Middle East.

Historic drop: 10.1 million barrels of oil removed from the market daily in March

Global oil production fell by 10.1 million barrels per day in March due to the war in the Middle East, the largest drop ever recorded, the International Energy Agency (IEA) reported on Tuesday, the 14th. In its monthly oil market report, the IEA states that cumulative losses caused by the conflict exceeded 360 million barrels in March and could grow to around 440 million in April if disruptions continue. In early April, Iran's near-blockade of the Strait of Hormuz reduced the flow of crude, natural gas, and refined products through that corridor to 3.8 million barrels per day, down from over 20 million barrels per day in February before hostilities began. Although countries like Saudi Arabia, the United Arab Emirates, and Iraq have opened alternative routes to export part of their production, oil exports suffered losses exceeding 13 million barrels per day, partially offset by the use of reserves which, according to the IEA, are dwindling. The agency has revised its 2026 demand outlook downwards, now estimating an annual average of about 104.3 million barrels per day, representing a reduction of 730,000 barrels per day compared to the March forecast. Between the second and fourth quarters, the drop in consumption could reach 1.5 million barrels per day—the sharpest decline since the start of the COVID-19 pandemic—and if disruptions persist, demand could contract by up to five million barrels per day year-on-year during that period. The report's authors warn that maintaining high levels of disruption will force the consumption of reserves at 'unsustainable' rates of about six million barrels per day, equivalent to two billion barrels over the year. IEA Executive Director Fatih Birol warned that 'April is expected to be worse than March' for the energy sector and described the situation as 'the most serious energy crisis in history,' stressing that the impact extends beyond oil and natural gas, also affecting essential products such as fertilisers, petrochemicals, and helium. OPEC oil production fell by 27.5% in March.

IEA: April will be "even worse" in the energy crisis

Oil nearing 100 dollars, Strait of Hormuz blocked and infrastructure destroyed. IMF and World Bank mobilise up to 60 billion to curb the impact.

From flexibility in State aid to storage: Brussels leaves clues about the response to the energy crisis

The European Commission plans to present measures next week to respond to the crisis caused by the escalation of energy prices due to the war in Iran. And there are already clues about what is coming. Flexibilisation of the State aid framework, coordination on gas storage, and temporary and targeted proposals for the most vulnerable are expected...

We are not facing an energy shortage

Nuno Ribeiro da Silva, former Secretary of State for Energy, warns of an “unprecedented energy crisis” due to the conflict in the Middle East, but states that there are oil reserves “for three months”.

Blocking the blockade?

Brilliant... Only a genius could have thought of this.

One eye on Hormuz and another on the short term

The war in Iran, exacerbated by the blockade of the Strait of Hormuz and an unprecedented energy crisis, highlights the European Union's lack of a unified response. While the US acts erratically and the Iranian regime exploits the situation, European member states have once again resorted to fragmented, short-term national measures. An analysis by the Jacques Delors Institute warns that this focus on immediate relief over long-term stability risks market shortages and reflects a recurring pattern of European inaction, hoping for a return to business as usual.

Ceasefire in Iran brings 'relief', but companies remain under pressure and uncertainty

The two-week truce between the US and Iran is being viewed with caution by business associations. Despite some positive signs in international markets, representatives from various sectors warn that the real impact on companies will be limited in the short term and will depend, above all, on the duration and the recovery of confidence.

AHRESP seeks direct support for fuel costs

The Association of Hotels, Restaurants and Similar Establishments of Portugal (AHRESP) has presented the Government with measures to address the impact of the energy crisis, such as support for fuel costs and a support line for micro and small businesses. AHRESP proposes the immediate implementation of the support line for micro and small businesses, which was announced...

Energy: Brussels warns that support measures must not generate inflation or deficits

The European Commission warned this Tuesday that measures adopted in the European Union to respond to the energy crisis caused by the conflict in the Middle East must not generate inflation or deficits, admitting 'great concern' regarding oil and diesel prices. 'Any measures must not lead to inflation or an increase in the deficit,' the spokesperson warned.

Iran: European Commission warns that support measures must not generate inflation or deficits

The European Commission warned on Tuesday, the 7th, that measures adopted within the European Union to respond to the energy crisis caused by the conflict in the Middle East must not lead to inflation or deficits, while admitting 'great concern' regarding oil and diesel prices. The Commission emphasized the need for coordination among member states, drawing lessons from the 2022 energy crisis, and is currently reviewing a proposal from several countries to tax the windfall profits of energy companies. Technical meetings are scheduled to assess potential fuel shortages, particularly concerning diesel and aviation fuel, as the EU monitors the impact of the crisis on public finances and energy security.