Brussels: The European energy situation has entered a more critical phase as gas stocks in the European Union have fallen to approximately 65% of storage capacity, the lowest level recorded for this time of year since records began nearly 15 years ago. This leaves Europe with a smaller than usual buffer as winter approaches.

According to Iraqi News Agency, the decline is primarily linked to disruptions in global liquefied natural gas (LNG) supplies due to the ongoing conflict in the Middle East and the disruption of a significant portion of Qatari shipments linked to the Strait of Hormuz. This has had a direct impact on European markets, with gas prices rising by approximately 75% over the past two months, while Dutch benchmark gas contracts have reached their highest levels in nearly three and a half years.

The data reveals significant disparities between countries. Germany and the Netherlands are facing storage levels below their targets, while France, Italy, and Spain appear to be in a relatively better position. The issue is of concern to all EU member states, including Belgium, because the European gas market is interconnected, and any shortages or sharp price increases in major economies have repercussions for the rest.

Despite the worrying indicators, the European Commission stated that the situation does not currently warrant additional emergency measures. The Gas Coordination Group informed member states that reaching approximately 80% of storage capacity would be sufficient to meet winter needs, citing lower European gas consumption compared to the pre-energy crisis period and increased LNG import capacity. The group will reassess the situation in September.

However, a prolonged crisis in the Strait of Hormuz could transform the issue from a price concern into a genuine test of European energy security during the winter of 2026-2027, especially if the winter proves colder than anticipated.