<p>Brussels: International Energy Agency Executive Director Fatih Birol said on Friday that looking to <a href="https://www.deccanherald.com/tags/russia">Russia</a> for gas supplies will be economically and politically wrong, given the incoming global supply of liquefied natural gas (LNG).</p><p>"The current crisis in the Middle East has led to questions in some quarters about whether to go back to Russia or not," Birol told reporters following a meeting of European Commission President <a href="https://www.deccanherald.com/tags/ursula-von-der-leyen">Ursula von der Leyen</a> and EU commissioners on global energy markets.</p><p>The EU is under mounting pressure from industries and governments to step in to try to curb high energy prices. Von der Leyen has promised to draw up options for EU leaders to consider at a summit later this month.</p><p>"One of Europe's historical mistakes was the over-reliance of its energy sources on one single country, Russia," the IEA chief said.</p><p>The options being considered by the Commission include reducing the taxes and tariffs that inflate many countries' energy bills, or letting governments use more state aid to support energy-intensive industries, two EU officials told <em>Reuters</em>. </p>.Indian refiners turn to Russian oil cargoes at sea after US grants temporary waiver.<p>However, officials and analysts acknowledge there is no quick fix, while EU governments are split. Europe's dependency on imported oil and gas means the continent is highly exposed to fluctuations in global prices, which surged this week following the escalation of the Iran crisis.</p><p><strong>No action yet on oil stocks</strong> </p><p>Birol said that, for now, <a href="https://www.deccanherald.com/tags/international-energy-agency">IEA</a> member countries were not planning a collective release of oil stocks, in response to the Middle East conflict - but that all options were on the table.</p><p>IEA member countries are required to hold oil stocks covering 90 days of consumption, for potential release during an emergency. Any release would require governments to collectively agree that market conditions justify this.</p><p>"At this stage, we are not there," Birol said.</p>
<p>Brussels: International Energy Agency Executive Director Fatih Birol said on Friday that looking to <a href="https://www.deccanherald.com/tags/russia">Russia</a> for gas supplies will be economically and politically wrong, given the incoming global supply of liquefied natural gas (LNG).</p><p>"The current crisis in the Middle East has led to questions in some quarters about whether to go back to Russia or not," Birol told reporters following a meeting of European Commission President <a href="https://www.deccanherald.com/tags/ursula-von-der-leyen">Ursula von der Leyen</a> and EU commissioners on global energy markets.</p><p>The EU is under mounting pressure from industries and governments to step in to try to curb high energy prices. Von der Leyen has promised to draw up options for EU leaders to consider at a summit later this month.</p><p>"One of Europe's historical mistakes was the over-reliance of its energy sources on one single country, Russia," the IEA chief said.</p><p>The options being considered by the Commission include reducing the taxes and tariffs that inflate many countries' energy bills, or letting governments use more state aid to support energy-intensive industries, two EU officials told <em>Reuters</em>. </p>.Indian refiners turn to Russian oil cargoes at sea after US grants temporary waiver.<p>However, officials and analysts acknowledge there is no quick fix, while EU governments are split. Europe's dependency on imported oil and gas means the continent is highly exposed to fluctuations in global prices, which surged this week following the escalation of the Iran crisis.</p><p><strong>No action yet on oil stocks</strong> </p><p>Birol said that, for now, <a href="https://www.deccanherald.com/tags/international-energy-agency">IEA</a> member countries were not planning a collective release of oil stocks, in response to the Middle East conflict - but that all options were on the table.</p><p>IEA member countries are required to hold oil stocks covering 90 days of consumption, for potential release during an emergency. Any release would require governments to collectively agree that market conditions justify this.</p><p>"At this stage, we are not there," Birol said.</p>