EU seeks early gas storage refills to stabilize markets
The EU urges member states to refill gas storage early as the Iran war disrupts markets. Officials aim to build stocks by April to prevent future price spikes.
The European Commission has urged EU governments to begin refilling gas storage caverns as early as April to prepare for the upcoming winter. This recommendation follows significant disruptions in global fuel markets caused by the ongoing conflict involving Iran.
During a closed-door meeting, diplomats indicated that while there is no immediate threat to the gas supply, the Commission is encouraging proactive measures to combat soaring energy prices. European gas prices have jumped more than 70% since the war between Israel and Iranian forces commenced on February 28. The conflict has severely impacted energy logistics, notably through the closure of the Strait of Hormuz, which handles approximately 20% of global oil and liquefied natural gas flows. Additionally, attacks have disabled 17% of the export capacity for liquefied natural gas from Qatar.
