Split, Croatia, Oct. 7, 2026 (Lusa) - Portugal's Prime Minister, Luís Montenegro, insisted on Wednesday that he considers it essential to «reflect» on the mechanism for setting oil prices, expressing surprise that no one has addressed this «obvious» issue, which could help to bring down fuel prices.

Speaking on his arrival at a summit of southern European Union (EU) countries in the Croatian city of Split – where one of the items on the agenda is a discussion on «the uncertain geopolitical and geo-economic prospects for the Middle East» – the head of government, whilst acknowledging that «a concrete solution» is «very complex and difficult to achieve», once again called for joint reflection.

«As I have already had occasion to say at the United Nations General Assembly […], we need to launch a discussion on issues relating to energy security, the safeguarding of supply chains, the energy transition – which is, from a European perspective, I would say, the overarching goal – the electrification of our economy, the utilisation of our production capacity where we have the greatest potential, and that is clearly in the field of renewable energy,» he began.

«But at the same time, there is one thing that seems obvious to me, which I don't see many people – not to say anyone at all – still talking about, but which I believe is very important,» he continued, referring to the «mechanism that was established following the last major fuel crisis in the [19]70s».

According to the prime minister, «it is a mechanism that undoubtedly has its merits, but which today, in light of current events, has a huge problem, namely that a disruption in a particular region – even if it is significant from the point of view of global production – leads to a price change across the whole world».

«Take the case of Portugal: we buy oil mainly from Brazil and Algeria. We have no disruption at our sources of supply, and yet we suffer the effect of the price being set on the basis of what? On the basis of futures markets, on the basis of expectations, on the basis of speculation, on the basis of intervention by the financial markets,» he lamented.

Montenegro emphasised that «this is not serving anyone's interests, because, at the moment, every country in the world is suffering the effects and impacts of the price rise, even those that are producers».

Noting that «of course, Europe is not exactly an oil-producing region», as «there are few countries in Europe that have this capacity» and even then only to a very limited extent, the prime minister stressed that Europe is, nevertheless, «a very significant customer for this product».

«Therefore, I believe it is necessary – regardless of the consequences that inevitably arise from conflicts, instability and, in the case of the Middle East, also from shipping conditions, which also contribute to price fluctuations – to give this matter due consideration,» he stated.

On Tuesday, in a speech at the European Parliament's plenary session in Strasbourg, Montenegro had already called for a «coordinated response» at European level to tackle the rising cost of living, pointing out that the «energy crisis caused by international conflicts» in which the European Union is not involved «is having a serious impact on the lives of Europeans».

«Europe's ability to respond can also make a difference. It must make a difference. It is time that we do not leave each member state to act on its own, or solely on its own, and it is also time that we are able to mount a coordinated response at European level,» he urged.

He emphasised, as he had done in his speech at the United Nations General Assembly in New York in September, that the energy crisis caused by the war in Iran is a «form of collective masochism that is harming everyone».

«And as it is harming everyone, it is also collectively that we must find solutions, without ruling anything out, including reflecting on and possibly deciding on the mechanism for setting oil prices on the international market,» he said, reiterating a proposal he had also put forward in New York and which he is now raising again with the other MED9 leaders.

ACC/AYLS // AYLS

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