EU urges members to start storing winter gas as Iran war causes price surge
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.