EC: No immediate concern for security of gas supply in EU for next winter

In spite of the challenging market conditions, there is no immediate concern for the security of gas supply in the European Union for the next winter season, the European Commission’s (EC) directorate-general for energy said in a statement on May 28.

The statement followed May 26 talks between the EC’s Gas Coordination Group and EU countries and a May 25 meeting of the Oil Coordination Group, both to discuss the security of gas and oil supplies in the EU in light of the continued tensions in the Middle East.

The statement said that exchanges took place against a backdrop of increasing uncertainty and price volatility, with broad economic implications.

The Gas Coordination Group said that EU gas storage levels could reach 80 per cent by the end of the summer, which would secure gas supply for next winter (2026/27).

The group reaffirmed that the filling of gas storage facilities needs to be regularly assessed against the situation.

It noted also that EU member states had not planned any additional market interventions so far.

The Oil Coordination Group signalled that the closure of the Strait of Hormuz impacts both crude oil and all major petroleum products, and that all EU countries are affected by the dynamics, the statement said.

“So far, the EU has been experiencing price effects, with no physical supply disruptions at consumer level,” the statement said.

“However, if the situation does not improve in the next weeks, markets are expected to become increasingly tighter, especially for jet fuel,” it said.

The statement said that the EC and EU member states underlined the importance of continued coordination and preparedness in view of the evolving market situation.

The Commission and the Gas and Oil Coordination Groups will continue monitoring the security of gas and oil supply situation in the EU and coordinate action as necessary, the statement said.