European Nations Grapple with Renewed Energy Crisis Amid Mideast Tensions

(MENAFN) European countries are facing renewed energy pressures as the intensifying Middle East conflict disrupts critical shipments from the Persian Gulf, driving global energy prices upward.

Although Europe traditionally sources more natural gas from the United States and Norway than Asia, the continent remains susceptible to global price shocks after years of instability stemming from the war in Ukraine.

In 2024, the Netherlands led European energy imports with $105 billion, followed by France at $73 billion and Germany at $66 billion, as these nations attempted to rebuild industrial capacity amid subdued economic growth, according to reports.

The UK and Spain also faced substantial exposure, importing $62 billion and $53 billion respectively, while Italy’s energy trade reached $50 billion. Belgium and Poland contended with disruptions as their imports hit $47 billion and $28 billion, prompting the EU to consider the potential impact on inflation and mortgage rates. Greece and Sweden imported $19 billion and $18 billion from Gulf nations, respectively.

In terms of dependence on the Gulf, Greece topped the list, sourcing 36% of its energy from the region. Lithuania followed with 32%, Poland at 30%, Serbia at 29%, and both Bulgaria and Slovenia at 23%. Among major European economies, Italy relied on the Gulf for 22% of its energy imports. Albania also recorded 22%, France 18%, Ireland 14%, and Iceland 13%.

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