EU Urges Member States to Replenish Gas Reserves Amid Market Disruptions

The European Union (EU) Commission has called on member states to expedite the replenishment of natural gas reserves in preparation for the upcoming winter, as global fuel markets face disruptions due to conflicts in Iran. According to RTHK, EU diplomats reported that the Commission emphasized in a closed-door meeting that while there is no immediate threat to the EU's gas supply, governments are encouraged to act proactively to address rising prices. The diplomats noted that the Commission advised starting the replenishment of gas storage facilities from April to ensure adequate reserves before winter. Since the conflict involving the U.S., Israel, and Iran erupted at the end of last month, European gas prices have surged by over 70%. An EU Commission spokesperson earlier stated that the current gas supply in the EU remains stable, with the majority of imports coming from Norway and the United States, rather than the Middle Eastern countries affected by the conflict.