Oilprice By Irina Slav - Mar 08, 2026
Europe faces a renewed gas crisis as storage levels fall below 30%, prices surge, and Qatar shuts down the world’s largest LNG facility, disrupting global supply. The Strait of Hormuz disruption and insurer pullbacks have slowed LNG shipping, while the EU must secure about 67 bcm of LNG (around 700 cargoes) to refill storage ahead of winter. Europe’s shift away from Russian pipeline gas has increased reliance on expensive LNG, particularly from the U.S., potentially driving higher energy costs for industries and consumers.