BRUSSELS:&nbsp;The European Commission on Saturday urged EU member countries to lower their target for filling natural gas storage in the coming months, to alleviate price pressures caused by the US-Israeli war on Iran. EU energy commissioner Dan Jorgensen sent a letter asking to &quot;consider reducing your filling target to 80 percent as early as possible in the filling season to provide certainty and reassurance to market participants&quot;, down from the usual 90% goal. Iran&#39;s retaliation for the US-Israeli <a href="https://www.pakistantv.com/article/drone-strike-hits-iraq-gas-complex-cuts-supply-official" target="_blank" style="color:#0073e6;" rel="noopener noreferrer">war</a> launched against has included attacks on its&nbsp;<a href="https://www.pakistantv.com/article/oil-prices-surge-stocks-sink-on-energy-shock-fears" target="_blank" style="color:#0073e6;" rel="noopener noreferrer">oil- and gas-producing</a> Gulf neighbors, effectively closing the strategic Strait of Hormuz to tankers. Price shock&nbsp;Oil prices have soared more than 50% since the start of the war, which was triggered on Feb. 28, and natural gas prices in the EU have risen by more than 30%. The price shock is expected to lead to a higher pace of inflation, and dampen economic growth. While Europe is entering its warmer months, this is the period its countries refill their gas storage in preparation for winter. With higher gas prices, though, and elevated risk for supply, the EU is facing competition with Asia for supply. &quot;Developments in Iran and the wider region threaten regional and global security,&quot; Jorgensen said in his letter. &#39;Refill stores early&#39;&quot;When it comes to energy, this situation and the attacks on energy infrastructure are significantly impacting global oil and gas markets.&quot; He said that the EU&#39;s gas supply &quot;remains relatively protected at this stage&quot;, as it gets most of its liquified natural gas from the United States. &quot;But, as a net energy importer on global markets, the resulting high and volatile global prices may also impact the EU gas storage projections.&quot; Consequently, Jorgensen said, EU countries should look to refill stores early, and do so over a longer period, &quot;to mitigate pressure on prices and avoid (an) end-of-summer rush&quot;.&nbsp;He noted that, in case of &quot;difficult conditions&quot; and a commission assessment, the countries can deviate from the target by up to 20%.

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EU energy commissioner Dan Jorgensen sent a letter asking to ‘consider reducing your filling target to 80 percent as early as possible in the filling season to provide certainty and reassurance to market participants’.

EU urges reduced gas-storage target as US-Israeli war on Iran crimps supply

STRASBOURG:&nbsp;EU chief Ursula von der Leyen warned Wednesday the 27-nation bloc must move faster to boost its economy and defenses, faced with a new world order defined by &quot;raw power&quot;. Addressing the European Parliament, von der Leyen said Europe had to toughen up to influence the world around it -- while warning the United States that strife between &quot;allies&quot; over Greenland would only embolden rivals of the West. &lsquo;Volatile situation&rsquo;&quot;The shift in the international order is not only seismic, but it is permanent,&quot; she told lawmakers, citing the &quot;volatile situation&quot; around Greenland, but also Russia&#39;s relentless bombing of Ukraine and tensions from the Middle East to the Indo-Pacific. &quot;We will need a departure from Europe&#39;s traditional caution,&quot; said the European Commission President. &quot;We now live in a world defined by raw power -- whether economic or military, technological or geopolitical. And while many of us may not like it, we must deal with the world as it is now.&quot; &lsquo;Simply wrong&rsquo;Speaking as US President Donald Trump was on his way to the annual meeting of the World Economic Forum in the Swiss ski resort of Davos, von der Leyen described his threat to slap tariffs on European allies as &quot;simply wrong&quot;. &quot;If we are now plunging into a dangerous downward spiral between allies, this would only embolden the very adversaries we are both so committed to keeping out of the strategic landscape,&quot; she said. &lsquo;At a crossroads&rsquo;&quot;We are at a crossroads,&quot; von der Leyen told lawmakers, as EU leaders prepare to meet Thursday in Brussels to forge a common response to Trump&#39;s threats. &quot;Europe prefers dialogue and solutions -- but we are fully prepared to act, if necessary, with unity, urgency and determination,&quot; she said. Trump insists that mineral-rich Greenland is vital for US and NATO security against Russia and China, as a melting Arctic opens up and the superpowers jostle for strategic advancement. But his push to acquire it from Denmark has enraged European leaders, plunging US-EU relations to an historic low.

Europe

Addressing the European Parliament, von der Leyen said Europe had to toughen up to influence the world around it -- while warning the United States that strife between ‘allies’ over Greenland would only embolden rivals of the West.

In 'raw power' world, Europe must shed 'traditional caution': EU chief

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ISLAMABAD: European Commission President Ursula von der Leyen on Wednesday proposed suspending parts of the European Union&rsquo;s free trade agreement with Israel and sanctioning extremist Israeli ministers, citing grave humanitarian concerns over the ongoing war in Gaza.Delivering her annual State of the Union address to the European Parliament in Strasbourg, von der Leyen acknowledged the EU&#39;s &ldquo;painful&rdquo; inaction in response to the crisis and said the Commission is ready to act independently to hold Israeli leadership accountable.&ldquo;Man-made famine can never be a weapon of war. For the sake of the children, for the sake of humanity, this must stop,&rdquo; von der Leyen told lawmakers.Proposed sanctions and trade suspensionThe Commission will put forward sanctions on certain extremist Israeli ministers and violent settlers, as well as a partial suspension of the EU-Israel Association Agreement. A trade pact that currently grants Israel preferential access to European markets.&ldquo;We will propose sanctions on the extremist ministers and on violent settlers. And we will also propose a partial suspension of the Association Agreement on trade-related matters,&rdquo; von der Leyen said.The announcement marks a significant escalation in EU criticism of Israel&rsquo;s military campaign in Gaza, as pressure builds over alleged war crimes and a deteriorating humanitarian situation.Deepening EU fractures on GazaVon der Leyen acknowledged the divisions within EU member states over the Gaza conflict but insisted the Commission would lead with moral clarity.&ldquo;Europe needs to do more,&rdquo; she said. &ldquo;We will try to move the bloc forward, but even if unity is hard, we must take our own responsibility.&rdquo;The speech follows months of international criticism directed at Israel over its military operations in Gaza, which have resulted in widespread civilian casualties, mass displacement, and what rights groups have described as a looming famine.Strategic economic pressureA partial suspension of the EU-Israel trade agreement would have wide-reaching economic implications for Israel. The EU is among Israel&rsquo;s largest trading partners, and the agreement governs the flow of billions of euros in goods annually.The European Parliament has increasingly debated whether Israeli policies in Gaza and the West Bank violate human rights obligations that are embedded in the EU&rsquo;s trade pacts.&ldquo;What is happening in Gaza has shaken the conscience of the world,&rdquo; von der Leyen told parliament.The Commission&rsquo;s proposed measures now await discussion and approval by the European Council, which includes heads of state from all 27 EU member countries.If adopted, it would represent the most serious diplomatic and economic rebuke of Israel by the European Union in decades.

European Commission vows tougher stance on Israel amid growing humanitarian concerns

Articles tagged with "European Commission"

EU urges reduced gas-storage target as US-Israeli war on Iran crimps supply

In 'raw power' world, Europe must shed 'traditional caution': EU chief

EU proposes sanctions, suspends Israel trade over Gaza war escalation

EU urges reduced gas-storage target as US-Israeli war on Iran crimps supply