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Gazprom warns of European gas shortages
The Russian company Gazprom announced that Europe's natural gas reserves have a shortfall of 12 billion cubic meters, with storage levels by the end of July at 17.3%—lower than last year. Storage levels in Germany, the Netherlands, and France continue to decline below the European average. The company indicated that this shortfall poses a risk to gas supplies during the cold winter season, especially as Europe's share of the gas market has decreased to 40%, following the loss of customers to liquefied natural gas (LNG) suppliers. Europeans are facing a challenge in filling their storage facilities before winter amidst global competition for gas shipments and the resumption of the Strait of Hormuz closures, which heightens the risk of supply shortages and short-term disruptions to shipping.
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