Europe braces for hard winter as gas supplies dwindle

Europe is preparing for a difficult winter as its natural gas supplies decline, largely due to the war in the Persian Gulf, where Iran has restricted transfers via the Strait of Hormuz in response to US-Israeli aggression, alongside continued limits on Russian gas imports because of the war in Ukraine.

Recent industry data published by the Financial Times shows that EU countries are significantly behind their gas storage injection goals for June and will struggle to meet targets by the end of the filling season in October.

Data from Gas Infrastructure Europe (GIE) indicated that Europe filled only around 48% of its underground gas reserves in June, the lowest level in 15 years, and that, under the best forecast scenario, reserves will stand at about 76% in October.

A primary reason for the low supplies is the 39-day US-Israeli war of aggression against Iran, which began in late February and ended with a ceasefire in early April.

The war prompted Iran to close the Strait of Hormuz, preventing liquefied natural gas (LNG) exports from Qatar and the United Arab Emirates from reaching Europe.

LNG production facilities in Qatar and the UAE were also affected by Iran's retaliatory strikes in response to US-Israeli aggression, launched from military bases in the region, further tightening gas supplies to Europe.

European countries have additionally been grappling with reduced gas flows from a Russian pipeline transiting Ukraine, while facing both a harsh winter and a current heat wave that has strained gas-fired power plants.

Experts believe the dwindling gas supplies in Europe could drive up prices in winter and create major challenges for European governments.

This comes as hawkish states within the EU continue to defend US-backed wars in Ukraine and the West Asia region, without considering the long-term consequences for global energy markets.

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