EU energy commissioner warns of prolonged energy crisis

Investing.com -- European Energy Commissioner Dan Jorgensen warned on Tuesday that the energy market outlook remains bleak even under the most optimistic scenarios, as the U.S.-Israeli conflict with Iran continues to disrupt global supplies.

Jorgensen compared the current situation to the combined severity of the 1973 and 2022 energy crises, indicating that difficult conditions could persist for months or potentially years depending on developments in the Middle East.

The commissioner noted that even an immediate peace agreement would not provide quick relief to energy markets. Qatar's gas production and transportation infrastructure would require approximately two years or longer to rebuild, he said at a news conference.

Jorgensen stated that global LNG prices are not expected to stabilize or decline over the next couple of years. He emphasized that even the best case scenario represents a challenging outlook for energy markets in the coming months.

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