Europe is heading into winter with natural gas stocks at their lowest level since 2013, which could prolong strains on the global gas market into 2027, the International Energy Agency (IEA) warned on Tuesday.
As of October 30, the EU’s natural gas storage facilities were just 75% full, below the bloc’s minimum target of 80% and at their lowest level in more than a decade, according to a report released by the Paris-based International Energy Agency (IEA), cited by AFP, DPA and Agerpres.
In the spring, replenishing gas storage facilities is expected to drive strong demand, likely coinciding with strains on the global market caused by the fallout from the war in Iran.
IEA simulations show that natural gas storage levels in the EU could fall below 10% by March 30. This would happen in a worst-case scenario involving further disruptions to liquefied natural gas (LNG) shipments through the Strait of Hormuz and unusually cold weather.
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