UK hosts ministers for crucial energy summit

Global leaders, including European Commission President Ursula von der Leyen and ministers from France, Germany, India, Japan and the United States, will join energy company executives in the United Kingdom this week for a major summit on securing stable energy supplies amid global market uncertainty.

More than 60 countries will be represented at London's Lancaster House on Thursday and Friday for the energy security summit, co-hosted by UK Prime Minister Keir Starmer and the International Energy Agency amid warnings that the world has yet to fully grasp the lessons from the crisis triggered by the Russia-Ukraine conflict, reported the Financial Times.

Discussing the crisis stemming from Europe's loss of Russian pipeline gas and the scramble for alternative energy sources, International Energy Agency chief Fatih Birol warned the "lessons from Ukraine have not yet been fully understood".

Birol outlined "three golden rules" for energy security: diversifying energy supplies, ensuring political stability for long-term corporate investments, and fostering global cooperation.

Current trends contradict these principles as Europe continues to rely heavily on imported gas, noted the FT's analysis. Both Europe and the US have implemented significant changes to energy subsidies and regulations, and current trade tensions initiated by US President Donald Trump are undermining international cooperation.

Birol said these trade disputes have created "uncertainty which will affect demand for oil and gas for some time to come".

Threats to energy supplies are multiplying, from conflicts in Europe and the Middle East to extreme weather events, attacks on undersea infrastructure, and cyber threats. "There are traditional risks and emerging risks and these have to be more in the international debate," he said.

Concern remains

Europe's energy vulnerability, despite diversifying away from Russian pipeline gas, remains a concern as the continent heavily relies on liquefied natural gas imports, said energy analyst Ron Bousso for Reuters.

While Europe's gas supplies now include liquefied natural gas and pipeline imports from Norway, Turkiye and North Africa, multiple risks, including potential US export curbs and disruptions in the Strait of Hormuz — a critical waterway between Iran and the Arabian Peninsula that handles 20 percent of global oil and gas shipments — could threaten this balance, Bousso said.

The guest list for the energy summit includes major oil and gas companies, technology firms and energy-producing states.

The summit has drawn criticism from environmental groups concerned about the strong presence of fossil fuel interests, The Guardian reported.