Published by Global Banking & Finance Review®
Posted on March 26, 2026
2 min readLast updated: March 26, 2026
Add as preferred source on GoogleThe European Commission urged EU governments on March 26 to begin filling gas storage in April due to low reserves (just ~28% full) and surging prices from the Iran war disrupting global fuel supply via the Strait of Hormuz.
By Kate Abnett
BRUSSELS, March 26 (Reuters) - The European Commission urged EU governments on Thursday to start refilling gas storage caverns as soon as possible to prepare for next winter, as the Iran war disrupts global fuel markets, EU diplomats told Reuters.
In a closed-door meeting, the Commission repeated that there is no immediate threat to EU gas supply but encouraged governments to act to counter soaring prices, the diplomats said.
It urged countries to start filling storage in April to build stocks ahead of winter, they added.
European gas prices have jumped more than 70% since the U.S.-Israeli war with Iran began on February 28.
The conflict has upended energy markets by closing the Strait of Hormuz, which carries 20% of global oil and liquefied natural gas flows, while Iranian attacks have knocked out 17% of Qatar's LNG export capacity.
The Commission also reiterated that governments can use a flexibility in EU law to lower their storage target to 80% of capacity ahead of winter, instead of the formal 90% requirement.
EU gas storage is unusually low for this time of year, at just 28% full, data from Gas Infrastructure Europe showed.
Brussels wants countries to refill early to avoid a dash for gas later in the year that could trigger fresh price spikes.
But soaring gas prices are deterring companies from buying gas for storage. Some countries' stocks are near empty, with the Netherlands at just 6% of capacity.
A Commission spokesperson told a news conference earlier on Thursday that there is currently no issue with EU gas supply, which relies mainly on Norway and the U.S. rather than Middle Eastern producers affected by attacks.
(Reporting by Kate Abnett. Editing by Mark Potter)
The EU urges early gas storage refilling to prepare for next winter and avoid shortages and price spikes caused by disruptions from the Iran war.
European gas prices have jumped more than 70% since the U.S.-Israeli war with Iran began, disrupting global fuel markets.
EU gas storage is unusually low at just 28% full, with some countries like the Netherlands at only 6%.
Governments can reduce their storage target to 80% of capacity before winter, instead of the formal 90% requirement under EU law.
According to the European Commission, there is currently no immediate threat to EU gas supply, as the region relies mainly on Norway and the U.S.
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