Israel: Portugal admits “great concern” but has 90% gas and oil reserves

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The government today admitted “a lot of concern” in the European Union (EU) about the energy impact of tensions in the Middle East, while guaranteeing that Portugal has gas and oil reserves of 90%, capable of supplying the country with energy “for weeks”.

“There is concern here about what is happening in the Middle East and how this might affect energy prices. We are very concerned. However, in the case of Portugal, our reserves are fine and practically full – both of gas and oil – but they are finite and will run out,” declared the Minister for the Environment and Energy, Maria da Graça Carvalho.

Specifically, “we have practically 90% reserves” of gas and oil, which “are for a few weeks”, she said, speaking to the Portuguese press in Brussels on her ‘debut’ as head of the department in the Belgian capital, at the informal meeting of EU energy ministers.

She said she hoped there wouldn’t be a crisis situation, particularly due to the new EU legislation for the energy sector: “Let’s hope it doesn’t happen, but we’re better prepared.”

At the moment, according to Maria da Graça Carvalho, no additional measures are being considered, not least 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”.

As far as gas is concerned, there are fears that a more widespread conflict in the Middle East could jeopardize liquefied natural gas flows and such concerns could lead to market instability.

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

Iran launched an attack on Israel on Saturday night and early Sunday morning, using more than 200 drones, cruise and ballistic missiles, the vast majority of which were intercepted, according to the Israeli army.

Today, it was revealed that the EU’s dependence on crude oil and oil products rose to a new high of 97.7% in 2022, after falling to 91.6% in 2021, according to Eurostat data.

Hervé Hubert
Hervé Hubert
Hervé Hubert is a 55-year-old writer and journalist based in Porto, Portugal. Born in France, he brings a unique blend of French and Portuguese perspectives to his work. Education Hervé studied Journalism and Literature at the University of Lyon in France. After completing his studies, he gained valuable experience working with various French media outlets (Portugal France also). Career He worked for several years as a journalist in France before making the move to Portugal. In Porto, he joined the Portugal Pulse team as a staff writer. Skills Hervé specializes in storytelling, investigative journalism, and cultural commentary. He has a flair for capturing complex issues in a relatable way. Personal Life He currently resides in Porto and enjoys the city's rich culture, from Fado music to Francesinha cuisine. Hervé continues to maintain strong ties to his French heritage, often traveling back to France for family visits and cultural exploration. With his unique background and diverse skill set, Hervé Hubert adds a layered, multicultural lens to every story he covers.

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