International Energy Agency chief Fatih Birol warns that reduced reserves leave Europe exposed to further supply shocks and that a harsh winter could push gas prices higher.
The European Union is entering winter with less gas in storage than usual amid disrupted imports, Al Jazeera reported on October 23. International Energy Agency head Fatih Birol warned that Europe could not withstand further supply shocks.
European countries have long relied on imported gas to generate electricity for industry and heat homes. Lower reserves leave less stored gas available to meet those needs if supplies are interrupted.
| Measure | Share of storage capacity filled |
|---|---|
| Entering this winter | 72% |
| Usual pre-winter level | 90% |
Before the US-Israel war on Iran, nearly a tenth of Europe’s liquefied natural gas (LNG)—gas cooled into liquid form for transport—passed through the Strait of Hormuz. Iranian attacks on vessels have sharply reduced those imports, Al Jazeera reports.
Birol told Al Jazeera that Europe is also competing for gas with Asian countries that depend even more heavily on supplies from the Middle East.
Gas prices have risen 140% since February, according to Al Jazeera. Birol warned that a harsh winter could bring further increases in Europe’s natural gas prices.
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