No fuel supply problem for Greece, but EU worries

The European Union is entering the vortex of an vigor shock, with Brussels present examining “all possibilities,” adjacent measures that were antecedently considered extreme, such arsenic the imposition of substance rationing. However, Greece is not astatine hazard for the clip being, thanks chiefly to the diverseness of its vigor supply sources.

The worsening situation successful the Middle East, attacks connected vigor infrastructure and the astir implicit disruption of navigation successful the Strait of Hormuz are triggering aggravated turbulence successful planetary markets, reinforcing fears of shortages, arsenic well arsenic maintaining prices astatine precocious levels.

In immoderate case, Brussels and nationalist governments are attempting to debar piecemeal moves that could further disrupt the market. At the aforesaid time, generalized tax cuts connected substance are discouraged, due to the fact that they boost request and worsen the crisis.

However, the biggest situation facing the EU successful this situation is the information of state supply. In unprecedented conditions of geopolitical instability, Europe will person to replenish its earthy state reserves for the caller winter season, which are astatine unusually debased levels. They person fallen to 28.1% of total capacity, oregon astir 321-325 terawatt-hours, the lowest successful the past 15 years.

Natural state sufficiency will besides find Europe’s energy sufficiency, with countries successful which imported substance contributes a larger percent to the energy procreation premix being astir affected. 

Although Greece belongs to this class of countries, developments successful the Middle East bash not disrupt its supply done the TurkStream and TAP pipelines, with immoderate interaction being fundamentally constricted to prices.

Correspondingly, successful the substance sector, the country’s refineries, successful summation to the 90-day reserves, person already replaced crude supplies from Persian Gulf countries for April and proceed to question cargo from alternate sources of supply for May. Motor Oil adjacent procured its archetypal cargo of West Texas International crude from the US past week.