Evangelos Mytileneos, president of Greek energy company MYTILINEOS, said gas prices could rise to 500 euros per MWh if conflicts in Gaza involving Iran escalate. This was reported by RIA News.
Speaking at an economic forum in Athens, Erdogan noted that today’s biggest threat is the development of events in the Middle East and that this is determined not by governments, but by the reaction of Arab countries and peoples. According to Mytilineos, Iran may close the Strait of Hormuz, which it controls, if it gets involved in the conflict. Approximately 25-30% of the world LNG market passes through the Bosphorus. This will lead to a 10-fold increase in gas prices to up to 500 euros per MWh.
The expert noted that, unlike the Ukrainian conflict, the development of the situation in Gaza cannot be predicted and controlled. According to him, the tension in the Middle East will seriously hit the European and world economies. Columbia University professor Joseph Stiglitz expressed serious concerns about the possible long-term consequences of the worsening situation in the Middle East. According to the economist, further violence will lead to an increase in oil and gas prices, which will form the basis for the resumption of inflationary processes.
Bloomberg in late August named A way to save Europe from the gas crisis.
Previous Analyst appreciated Russia’s role in the European gas market.