Europe Faces Gas Storage Shortages Ahead of Winter

Europe may not meet its target of filling gas storage facilities to at least 80% before the start of the heating season due to supply shortages, according to Equinor's CEO Anders Opedal. The global gas market is experiencing a tense situation, and increased competition from Asian buyers is also contributing to the problem.

The current level of gas reserves stands at 54%, which makes Europe more vulnerable to fluctuations in market prices this winter compared to previous years. The war between the US and Iran has halted shipping through the Strait of Hormuz, affecting the supply of liquefied natural gas (LNG) to Asian consumers.

Europe relies on LNG to cover about 30% of its import needs, but current volumes are insufficient. The company notes that the gas that was supposed to come from Qatar is now going to Asia instead of Europe, further exacerbating the issue.