MOSCOW (Pakistan Point News / Sputnik - 25th October, 2021) EU economy is significantly exposed to fluctuations in world energy markets due to a high portion of oil and gas imports, European Commission President Ursula von der Leyen said on Monday.
"Europe currently imports 97 percent of its oil, 44 percent of its coal and 90 percent of its gas. This makes our economy extremely vulnerable to price fluctuations in global energy markets," der Leyen said at the European Sustainable Energy Week in Brussels.
She talked about the spike in energy prices that has rocked Europe over the past few months, spurred by a rising energy demand amid the global economic recovery after COVID-19 lockdowns, as well as limited supply.
The way out of the ongoing energy crisis is to accelerate the transition from the use of fossil fuels to renewable energy sources, der Leyen is convinced.
