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TotalEnergies CEO sees no gas shortage in Europe this winter - Finance news and analysis from Global Banking & Finance Review
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TotalEnergies CEO sees no gas shortage in Europe this winter

Published by Global Banking & Finance Review

Posted on November 2, 2026

2 min read

· Last updated: November 2, 2026

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Europe Will Not Face Gas Shortage This Winter, Says TotalEnergies CEO

TotalEnergies CEO Comments on European Gas Supply

By Dominique Patton and Dimitri Rhodes

Winter Gas Supply Outlook

Nov 2 (Reuters) - Europe will not face a gas shortage this winter, but will have to pay more to ensure sufficient supply, TotalEnergies CEO Patrick Pouyanne said on Monday.

Clarification on Gas Shortage Concerns

"The idea of a gas shortage is wrong," Pouyanne said, speaking at a briefing on TotalEnergies' energy demand outlook, adding that Europe was waking up to its gas storage needs after markets had bet on the Iran war ending in the summer.

Market Dynamics and Global Competition

Competition with Asia and Storage Efforts

The comments come as Europe competes with Asia for liquefied natural gas cargoes while ​attempting to refill storage sites ahead of winter, amid continued uncertainty over the US-Israeli war with Iran and its ​impact on exports from Qatar, one of the world's largest LNG suppliers.

Impact on Gas Prices and Storage Levels

This has pushed gas prices higher over the summer, the time when merchants usually find it more lucrative to store volumes than sell them.

German gas caverns, Europe's biggest, are entering the winter season at their lowest levels on record — just 61.03% full as of November 1, far below the European Union average of 74.62%, according to data from Gas Infrastructure Europe.

Price Implications for Europe

"We will pay more than others, it’s simple," Pouyanne said.

(Reporting by Dominique Patton in Paris and Dimitri Rhodes in Gdansk; Editing by Milla Nissi-Prussak and Mark Potter)

Key Takeaways

  • No gas shortage expected in Europe this winter, but supply will be costlier, says TotalEnergies CEO Patrick Pouyanne (Reuters, Nov 2 2026)
  • As of November 1, gas storage in the EU averaged 74.62%, while Germany lagged at 61.03%, its lowest level entering winter on record, according to Gas Infrastructure Europe (GIE) data
  • Europe faces stiff competition with Asia for LNG cargoes amid uncertainties from the US‑Israeli war with Iran, driving summer storage markets and pushing prices higher

References

Frequently Asked Questions

Will Europe face a gas shortage this winter?
According to TotalEnergies CEO Patrick Pouyanne, Europe will not experience a gas shortage this winter.
Why are European gas prices rising?
European gas prices are rising due to competition with Asia for LNG cargoes, uncertainty about Middle East conflicts, and low storage levels.
How full are Europe's gas storage sites?
As of November 1, German gas caverns are 61.03% full and the EU average is 74.62%, both below normal levels.
How is the war in the Middle East affecting gas supplies?
Ongoing US-Israeli conflict with Iran introduces uncertainty for gas exports from major LNG supplier Qatar.

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