EU urges lower gas storage targets as Middle East war drives prices

The European Commission has called on member states to reduce natural gas storage targets and begin refilling reserves early, citing market pressure linked to the war in the Middle East, the Financial Times reported.

A vessel anchored off Dubai, UAE, as ships halted amid Iran’s threat to close the Strait of Hormuz following Israel-US strikes and regional retaliation, 1 March 2026.

Photo: EPA/STRINGER

EU Energy Commissioner Dan Jørgensen recommended lowering the storage target to 80% of capacity, 10 percentage points below the current EU-wide goal, in an effort to stabilise prices and manage expected demand.

The Commission is also urging countries to start replenishing reserves now to smooth supply dynamics ahead of potential further disruptions.

The move comes after Iranian strikes damaged key gas infrastructure in Qatar, hitting around 17% of the country’s liquefied natural gas export capacity. Two gas transmission installations and one of two liquefaction plants were affected.

Repairs could take up to five years, potentially reducing Qatar’s annual LNG exports by nearly 13 million tonnes and tightening global supply.

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Source: IAR