Habeck: The EU and the USA are examining the use of national oil reserves
Created: 02/28/2022, 20:49
Economics and Climate Protection Minister Robert Habeck boards a plane at Berlin Brandenburg Airport BER to travel to Washington DC.
© Britta Pedersen/dpa-Zentralbild/dpa
The Ukraine war is causing oil prices to rise.
The EU and the US could now react.
It's about keeping prices down.
Berlin/Brussels - According to Federal Economics Minister Robert Habeck, the EU and the USA are examining the use of national oil reserves as a reaction to the Ukraine war and rising prices.
The Green politician said on Monday evening in Berlin before his departure for the USA after a meeting of EU energy ministers in Brussels: "We are considering using the national oil reserves in a concerted action together with the Americans in such a way that prices are dampened if they continue to go up.” The International Energy Agency met on Tuesday.
Negotiations will continue there.
“We have a robust strategic oil reserve system.
Member states have oil reserves for at least 90 days,” said EU Energy Commissioner Kadri Simson in Brussels.
This reserve can be released in whole or in part in the event of clear supply disruptions.
So far, this has only happened three times: during the Gulf War, during Hurricane Katrina and during the Libyan war. With reference to the Ukraine war and because large oil pipelines flow through Ukraine, one must be ready for such a release at any time do.
Energy stocks secured in the EU
The Energy Commissioner reiterated that the EU's energy reserves would initially be secured even if Russian gas supplies were stopped.
"It is our current assessment that the EU can safely get through this winter," said Simson.
Gas is currently still flowing from east to west, at the same time imports of liquefied natural gas (LNG) have increased and the weather forecast is good.
EU countries consume less gas from their storage facilities, which are still around 30 percent.
In order to support Ukraine, the Ukrainian power grid is also to be connected to the European one.
At the meeting of EU energy ministers, there was broad approval for the project, said Simson.
The network operator association ENTSO-E is now carrying out the necessary tests to eliminate security concerns for the European network.
According to Simson, if the technical requirements are met, the networks could be connected within days or weeks.
Habeck welcomed the project: "Of course we support Ukraine getting a common power grid with Europe more quickly." However, it must be ensured that the Ukrainian grid is secure according to European standards and robust against cyber attacks.
Test disconnected
Last week, Ukraine, together with neighboring Moldova, disconnected from the Russian and Belarusian power grids for a test.
This test had been planned for a long time with a view to a later connection to Europe - but then Russia invaded.
The separation should therefore now be permanent, as announced by the Ukrainian Ministry of Energy at the weekend.
Ukraine asked for an emergency connection to the European network, Simson said.
Moldova should also be connected to the European network.
Habeck went on to say that the energy ministers had asked the EU Commission or supported it to set up a European “gas safety precaution”.
Most EU member states have also confirmed that phasing out fossil fuels is part of the European security architecture.
Many Eastern European countries had also said that one had to become independent of coal and also of gas.
Habeck had already announced a national gas and coal reserve.
There is already a national oil reserve.
For the coming winter, one must be better prepared in case Russia stops importing energy, the minister confirmed.
When it comes to diversifying imports, the United States is not the exporting country that is being looked at, but rather the Arab world.
Habeck said the fracking gas from the US was "not the object of desire" but "normal gas" from other regions of the world.
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Habeck is campaigning for state support for the implementation of climate goals
During his two-day US trip, Habeck plans to meet US Treasury Secretary Janet Yellen, Trade Representative Katherine Tai and Energy Secretary Jennifer Granholm.
The focus is on security and energy policy issues.
dpa