Portugal Unfazed by Low EU Gas Reserves Amid Market Volatility

Portugal's energy minister Maria da Graça Carvalho says the country doesn't expect any disruption to its gas supply, despite low reserves in the European Union. The EU is currently at historic lows for gas storage levels.

The minister highlighted Portugal's reliable suppliers from countries like Algeria, Nigeria, Brazil, and the United States, which have 'never failed to deliver'. She also mentioned that the country has 94% of its storage facilities filled ahead of the cold season, although this capacity is smaller than other EU nations. This diversification of suppliers and reserves has Portugal feeling relatively calm, despite concerns about market volatility.

The European Commission has assured there's no immediate risk to gas supply in the EU, citing increased import capacity for liquefied natural gas and reduced demand for gas as reasons for their confidence. However, they remain on alert due to the current energy crisis linked to the conflict in the Middle East.