Gas reserves in the EU fall to 75% due to the war in the Middle East, but Portugal holds at 95%

Natural gas reserves in the EU have dropped to 75% capacity due to high prices and reduced supply from Qatar, while Portugal maintains a strong 95% capacity. A report from ACER highlights that the EU's storage levels are below historical averages, with a significant decrease in gas demand since the 2022 crisis. The ongoing Middle East conflict has further strained gas supply and increased costs, with estimates suggesting an additional €18 to €33 billion in import expenses. The EU is expected to rely more on US LNG imports as Russian gas supplies diminish. Portugal's reserves remain nearly full despite its smaller capacity compared to other EU nations.