EU energy ministers hold emergency meeting in Nicosia

On March 31, 2026, European Union energy ministers held an informal emergency summit in Nicosia under the Cypriot presidency to address rising energy costs linked to the conflict in the Middle East. Energy Commissioner Dan Jorgensen and Cypriot Minister of Energy George Papanastasiou noted that while current energy supplies remain secure, the situation requires urgent coordination. Reports indicate that natural gas prices have risen by approximately 70%, while oil prices have increased by 50% to 60%. The ongoing instability has also added 14 billion euros to Europe's fossil fuel import costs. Ministers agreed on the necessity of improving energy efficiency and promoting energy savings to maintain market competitiveness. The EU emphasizes the need for a unified strategy to protect households and ensure long-term energy independence. Moving forward, the bloc plans to adjust national and European measures while maintaining consistency with long-term climate and energy goals.