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EU member states agreed to continue cutting their gas demand by 15% compared to the five-year average until Mar. 31, 2024. The emergency legislation started applying in August 2022 to help the bloc refill its gas stocks and mitigate its unprecedented gas shortage following the Russian pipeline supply cuts.
OPEC+ members remain committed to keeping output quotas unchanged until the end of this year, with the group expected to gradually take back market share over time as non-OPEC sources of supply run out of steam.
The Netherlands’ plans to boost its LNG import capacity by a quarter to 30 bn m3 a year by 2026 could allow the country to fully replace the 9 bn m3 of Russian gas it imported prior to Russia’s export cuts to the EU. Like several other EU countries, the Netherlands is turning to LNG to help ensure its security of gas supply while also implementing measures to cut gas demand in the short and long term.