EU energy ministers convene in Nicosia regarding price hikes

On March 31, 2026, an extraordinary informal meeting of European Union energy ministers was held in Nicosia under the Cypriot Presidency. The meeting, chaired by Cypriot Minister of Energy, Commerce, and Industry Michalis Damianou, was called to address significant energy price increases linked to the ongoing conflict in the Middle East. Officials reported that natural gas prices have risen by approximately 70% and oil prices by 50%. While current energy supply security is deemed stable, Minister Damianou emphasized the burden these costs place on European households. As a net importer of fossil fuels, the EU is prioritizing a unified response to protect economic competitiveness. The participants discussed strategies to strengthen supply chains and safeguard the union's economic future. The meeting served as a forum for coordinating a collective European response to these energy market challenges.