EU entering winter with lowest gas reserves on record, IEA boss warns
Summary
Europe is starting winter with very low natural gas reserves, which makes it vulnerable to supply problems. The head of the International Energy Agency (IEA) said that ongoing conflicts in the Middle East, especially the US-Israel war on Iran, are disrupting gas supplies and could raise energy prices in Europe this winter.Key Facts
- Europe’s gas storage is currently 72% full, below the usual 90% seen before winter.
- Low gas reserves mean Europe may face higher prices and energy shortages in the coming months.
- The Strait of Hormuz, a key shipping route for liquefied natural gas (LNG), is experiencing disruptions due to conflicts involving Iran.
- About 10% of Europe’s LNG supply traveled through the Strait of Hormuz before the war.
- Iran has attacked vessels, reducing gas imports to Europe.
- Europe depends heavily on imported gas to heat homes and power industries in winter.
- The International Energy Agency has coordinated emergency oil and diesel stock releases to stabilize markets since Russia’s invasion of Ukraine in 2022.
- The EU’s reliance on Russian fuel and aging refineries has contributed to current energy shortages, including diesel fuel needed for trucks and agriculture.
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