Europe, Gulf Partnership May Help Resolve Gas Price Crisis, European Commission Says

MOSCOW (Sputnik) - Strengthening relations with the Gulf states could help Europe mitigate the gas price crisis, Peter Stano, the lead spokesman for Foreign Affairs of the European Commission, said on Wednesday.

"The High Representative [Josep Borrell] is doing the necessary outreach to the countries, which have a role to play and which could be very important partners for us in tackling this issue, not only regarding electricity prices and the prices of energy, but in general, when it comes to green transition," Stano said.

In early October, EU foreign policy chief Josep Borrell paid a visit to Qatar, the United Arab Emirates and Saudi Arabia. Among the reported objectives of the visit was boosting cooperation in the energy sector, which is especially important amid the ongoing gas price crisis in Europe.

Cooperation between the EU and the Gulf Cooperation Council countries has been included in the agenda of the upcoming foreign affairs council, scheduled for October 18.

The European Union has seen a spike in natural gas prices over the past few months, driven by growing energy demand amid an economic recovery from months of lockdowns, and a limited supply. On Wednesday, the price of gas futures in Europe broke a new record, exceeding $1,900 per 1,000 cubic meters, before losing $740 and temporarily stabilizing at about $1,198.