The EU lost €90 billion due to the closure of the Strait of Hormuz

Due to the conflict over Iran and the closure of the Strait of Hormuz, the European Union (EU) spent €90 billion on energy imports. This was stated in the European Parliament by the President of the European Commission (EC) Ursula von der Leyen.

Since the start of the conflict in the Strait of Hormuz, imported fossil fuels have cost us an additional €90 billion. At the same time, we did not receive any additional energy molecules, the head of the EC said.

Ursula von der Leyen believes that European countries should redouble their efforts to develop affordable clean energy, whether renewable or nuclear. Our goal is to double the share of electricity by 2040. This will allow Europe to reduce the cost of fossil fuel imports by €260 billion a year, she said.

Before the beginning of hostilities, about 20% of world oil supplies (17-20 million barrels per day) passed through the Strait of Hormuz, after the volumes fell several times. This led to the fact that oil prices rose above $100 per barrel. In August, Iran and Oman announced an agreement on the temporary passage of ships through the Strait of Hormuz. The countries are still negotiating the administrative regulation of shipping. The draft agreement was supposed to be discussed on September 14, but the meeting was postponed indefinitely. The IEA forecasts a recovery in oil demand no earlier than 2027.

On the situation in the region — in the material “Kommersant” “Sea blockade drains the Iranian budget”.

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