Oil and Gas. Portugal with “a lot of concern” but with 90% reserves

This Monday, the Government admitted “a lot of concern” in the European Union (EU) about the energy impact of tensions in the Middle East. However, he guaranteed that Portugal has 90% gas and oil reserves, capable of supplying the country with energy “for weeks”.

“There is concern here about what is happening in the Middle East and how this could have an effect on energy prices. We are very worried. However, in the case of Portugal, our reserves are well and practically full – both of gas and oil –, but they are finite and are running out”, declared the Minister of Environment and Energy.

Specifically, “we have practically 90% reserves” of gas and oil, which “are only for a few weeks”, said Maria da Graça Carvalho. The minister said she hoped that a crisis situation would not arise, particularly due to new community legislation for the energy sector: “Let’s hope that doesn’t happen, but we are more prepared”.

According to the minister, additional measures to be adopted are not yet considered, especially because “in recent days there has been a slight drop in the price of a barrel of oil”, but it will be “necessary to be attentive and monitor”.

When it comes to gas, there are fears that a more widespread conflict in the Middle East could put liquefied natural gas flows at risk and such concerns could lead to market instability.

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The same is feared in relation to oil, as a crisis in the region could reduce production in Iran and Saudi Arabia, two of the main producing countries.

The EU’s dependence on crude oil and petroleum products increased to a new high of 97.7% in 2022, after falling to 91.6% in 2021, Eurostat revealed this Monday.