European Union faces 7 percent winter gas cut amid low reserves

environmental and energy think tank IEEFA warned on October 9 that the European Union might need to cut its gas consumption by 7 percent this winter. Euronews reported that gas stocks across the bloc are at their lowest level for this time of year on record. [1][2]

According to Euronews, the European Union could be required to burn 14 billion cubic metres less gas than it did during the previous winter. Storage levels across member states are emptier than at any point during autumn since 2011. [1]

Euronews reported that ongoing military conflict involving Iran is keeping energy prices high. The European Union is also preparing for a complete ban on imports of Russian liquefied natural gas, which is scheduled to take full effect from January 2027. [1]

The energy pressure follows years of tensions between Russia and the bloc after Russia reduced pipeline gas deliveries to Europe following its 2022 invasion of Ukraine. Three of the four Nord Stream gas pipelines were subsequently damaged by sabotage in September 2022. [3]