EU loosens gas storage rules to ease market pressure

The European Union has agreed to loosen its gas storage requirements in response to current market conditions, aiming to prevent further price surges. Under previous rules, EU member states had to fill their gas reserves to at least 90% by November 1. However, along with high demand, this could have driven gas prices even higher. The new agreement allows countries to hit the 90% target until December 1. Once achieved, they will no longer be obligated to maintain that level continuously.

Previously, authorities in several countries had warned that strict requirements could artificially drive up demand, especially during periods of market instability. The new agreement allows for a 10-percentage-point deviation from the target stockpile level if any signs of speculation or fuel supply issues emerge.

Reuters reports that these measures aim to increase flexibility in gas storage systems. EU Energy Commissioner Dan Jorgensen stressed that gas reserves remain vital for Europe's energy security, helping safeguard both economies and consumers against potential supply disruptions and market manipulation.