International Energy Agency: Europe enters winter with lowest gas reserves since 2013

The International Energy Agency reported that Europe is entering winter with the lowest natural gas reserves since 2013, at a fill rate of 75%, below the European minimum of 80%. This is due to the closure of the Strait of Hormuz and buyers delaying purchases.

The International Energy Agency reported in a report issued today, Tuesday, that Europe is entering the winter season with natural gas reserves at their lowest since 2013, which could prolong pressure on the global gas market through 2027. The agency stated that the fill rate of EU gas storage facilities did not exceed 75% at the end of October, the lowest level in over a decade and well below the EU's minimum threshold of 80%. This situation is attributed to several factors, including the closure of the Strait of Hormuz since the US-Israeli aggression on Iran in late February, which affected Europe's liquefied natural gas imports. Buyers also postponed purchases hoping for lower prices. The agency confirmed that the region could be vulnerable if winter is colder than expected or if technical failures occur. Meanwhile, the German government affirmed that gas supplies are guaranteed for the coming winter.