The EU reduces gas storage targets for next winter

The European Commission has requested member states to reduce their gas storage filling targets for the upcoming winter, in the context of rising prices caused by the war in the Middle East. The European Commissioner for Energy, Dan Jorgensen, emphasized the significant impact of the conflict on global oil and gas markets, suggesting the use of legislative flexibilities to achieve a filling target of only 80% of stocks, compared to the usual 90%.

Jorgensen mentioned that, although the security of supply for the European Union is relatively protected, high and volatile global prices could affect gas injections into EU stocks. Recent attacks on the main LNG production site in Qatar have amplified concerns about a possible gas crisis, similar to that at the beginning of the war in Ukraine in 2022.