Europe's "Less" Is Doing More Than Anyone Gives It Credit For

Brent climbed above $104 as the Strait of Hormuz, which moves roughly 20% of global oil and LNG, has been effectively shut since March, cutting Saudi output by 1.9 million barrels per day and postponing Middle-East production recovery to Q2 2027. The EU, which spent €340 billion on fossil fuels last year and imports 57% of its energy, has lowered primary energy use 9.6% since 2014, achieved a 44% lower energy-per-euro output than in 1995, grown its economy 70%, and reduced emissions 40% from 1990 to 2024. Spain’s renewable share hit 55.5% of generation in 2025, delivering 0.7% Q2 growth that outpaced Germany, France and Italy.