European Union leaders said on Thursday they would continue to look for ways to keep energy prices in check, but kept things in the dark as they were divided over how best to do so as the continent approached its coldest month of the year.

After hours of discussions during their summit in Brussels on how best to protect citizens and small businesses, only the 27 countries said they would "quickly consider" medium and long-term measures to support energy supplies and keep bills affordable.

Energy prices, especially natural gas, have risen rapidly since the beginning of the year.

Consumers are already feeling the effects of higher electricity and heating bills.

Last week, the European Commission presented a so-called "toolbox" of measures that member states could implement.

Options include cutting taxes, paying direct benefits to families vulnerable to higher heating and electricity bills, or providing government aid to small businesses.

The discussion is not over yet.

Proposals will be discussed at an extraordinary meeting of energy ministers in Luxembourg next Tuesday.

The issue will also be on the agenda at the December summit.

It is unlikely that the outcome of Thursday's summit will satisfy Spain, which has long pushed hard - along with France and other countries - for an EU-wide response with direct measures such as joint gas purchases and reserves.


Warnings

Meanwhile, the World Bank said in its latest report on commodity market expectations yesterday, Thursday, that energy prices are expected to rise in 2022 after witnessing an increase of more than 80% in 2021, which raised major risks in the near term with regard to global inflation in many countries. developing.

The World Bank added that energy prices should begin to decline in the second half of next year as the pressures on supplies recede, and it also expected that the prices of other non-energy commodities such as agricultural commodities and minerals will decline after making strong gains this year.

"Rising energy prices pose short-term risks to global inflation, and if they continue, they will put pressure on growth in energy importing countries," said Ayhan Kose, chief economist and director of economic forecasts at the World Bank, which is issuing the report.

"The sharp rise in commodity prices has become more evident than what was previously expected. The recent fluctuations in prices may complicate policy options as countries recover from the recession that the world witnessed last year," he added.

The World Bank warned that energy prices could rise further in the near term given the current low level of inventories and continuing supply bottlenecks.

He added that other risk factors include very bad weather, uneven recovery from Covid-19 among countries, the risk of new waves of outbreaks of Corona mutants, in addition to disruption of supply chains and developments in environmental policies.

The bank predicted that crude oil prices would reach $74 a barrel in 2022, driven by strong demand, up from expectations this year of $70 a barrel, before declining in 2023 to $65 a barrel.