Logo Leicom ITEC AG
Spiegelung Gebäudefassaden Spiegelung Gebäudefassaden

Will tensions in the Middle East lead to another energy shock in Europe?

01.10.2024

Previous article of the newsletter, week 40:

<-- The European automotive industry calls for urgent measures

This question was posed by Angela Barnes (Euronews Business) to energy analyst Yousef Alshammari. Alshammari explained that there are several factors influencing oil markets, but he does not believe that Europe will experience a price shock like in 2022.

Alshammari also shared his thoughts on what Europe needs to do to become more competitive as it continues to struggle with high energy prices. "The energy challenge is not new for Europe, but overly ambitious climate targets have been set," said Alshammari. "I believe this has affected investment decisions in Europe. I think Europe must first set realistic goals for the energy transition."

"We also need to invest in energy security," Alshammari continued. "I am referring to gas and nuclear power. Without natural gas and nuclear energy, I believe energy security in Europe will remain volatile – whether due to dependence on Russia or fluctuations in oil prices."

Next article newsletter, week 40:

Is the European Union solely to blame or not?-->