Europe is facing a severe shortage of gas this coming winter because of the situation around the Strait of Hormuz - IEA According to the International Energy Agency (IEA), if the US and Iran do not agree to cancel the blockade of the strait, and the disruptions in the supply of LNG continue, gas reserves in storage facilities in Europe may fall below 10% by the end of March. If supplies are largely depleted by spring, Europe will have to buy larger quantities of LNG in the summer: this will increase competition for supplies and could extend the period of high prices.

Europe is facing a severe shortage of gas this coming winter because of the situation around the Strait of Hormuz - IEA According to the International Energy Agency (IEA), if the US and Iran do not agree to cancel the blockade of the strait, and the disruptions in the supply of LNG continue, gas reserves in storage facilities in Europe may fall below 10% by the end of March. If supplies are largely depleted by spring, Europe will have to buy larger quantities of LNG in the summer: this will increase competition for supplies and could extend the period of high prices.