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.
The European Union is on track to jointly buy around 10 bn m3 of gas this year, or roughly three-quarters of its mandatory target. The bloc agreed to start joint gas and LNG purchases in April to help ensure stocks are refilled ahead of next winter when supply is expected to remain tight. The EU is also contemplating expanding its voluntary 15% cut in demand until next year as another measure to tackle the current energy crisis.
