EU urges members to start storing winter gas as Iran war causes price surge
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Following Iranian attacks on Qatari gas facilities amid the US-Israeli war on Iran, the EU is urging member states to begin storing gas for next winter earlier than planned. The attacks, which followed an Israeli strike on an Iranian gas field, have caused a surge in global gas prices and threaten EU storage projections. Energy Commissioner Dan Jorgensen has requested that member states aim for 80% storage capacity, a 10% reduction from the original target, to mitigate price pressures and avoid a rush to fill reserves later in the year. While Asia will be most affected by Qatar's reduced export capacity, Europe faces increased competition for LNG as the conflict disrupts Gulf energy supplies. Natural gas prices in the EU have already risen significantly since the start of the war.
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AI-ExtractedNatural gas prices in the EU have risen by more than 30 percent since the start of the war on February 28.
Iran’s attack on Qatar knocked out 17 percent of Doha’s export capacity.
Qatar’s Ras Laffan Industrial City complex provides about 20 percent of global supplies of liquefied natural gas (LNG).
Iran attacked Qatar’s Ras Laffan Industrial City complex.
EU urges members to start early on meeting next winter’s gas storage targets.
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