LNG Shortages Force EU to Seek Alternative Supplies Amid Global Market Tightening
Disruptions in the Strait of Hormuz and outages at Qatar's LNG export facilities are tightening global gas markets, pushing the European Union to seek alternative supplies and greater flexibility ahead of winter.
The EU requires storage facilities to reach 90% by Nov. 1 under rules introduced after Russia's invasion of Ukraine. Storage can cover around 25% to 30% of EU gas consumption during winter.
As the global LNG market tightens, Europe is considering higher LNG purchases, maintaining pipeline flows, greater flexibility on storage targets and measures to curb demand.
The European Commission supports greater flexibility for member states in meeting storage targets to ease pressure on gas prices. It has urged countries to make use of an option to lower filling targets to 80% as early as possible.