Politico: Europe anxious over gas supply amid low reserves

Concerns are mounting across Europe over unusually low gas storage levels, as escalating tensions linked to the war in Iran threaten to disrupt global energy supplies and trigger competition among countries.

The European Union requires member states to fill gas storage facilities to 90 per cent capacity ahead of winter, a rule introduced after Russia’s 2022 invasion of Ukraine to strengthen energy security. However, a colder-than-average winter has significantly depleted reserves, which fell below 30 per cent by March — the lowest level recorded since 2022, Politico writes.

The challenge of replenishing these reserves has intensified amid rising gas prices following Iranian attacks that effectively closed the Strait of Hormuz, a critical route for global energy shipments. Around 20 per cent of the world’s liquefied natural gas passes through the strait, including roughly 6 per cent destined for Europe.

Officials and industry representatives warn that, unless storage requirements are adjusted, European countries could rush to secure supplies simultaneously. Such a surge in demand risks driving prices even higher and creating opportunities for market speculation.

By Sabina Mammadli