According to Equinor's CEO, what is the expected gas storage level in Europe this autumn, and why is it falling short of the 80% target?

Equinor CEO Anders Opedal stated: 'We do not think that Europe will necessarily be able to fill up its stocks to more than 80% this autumn.' The shortfall is driven by market tightness increasing competition from Asian buyers for global LNG supplies, the halt of shipping through the Strait of Hormuz due to the U.S.-Iran war—which cuts off about a fifth of the world’s LNG, typically destined for Asia—and the phase-out of Russian pipeline gas to Europe following the war in Ukraine. As a result, LNG previously flowing to Europe (e.g., from Qatar) is now being redirected to Asia, leaving Europe with insufficient supply to meet its storage goals.

What is the current gas storage level in Europe, and what risk does this pose for the upcoming winter?

Gas volumes at European storage sites currently stand at 54%, which is significantly lower than the five-year average and at their second-lowest level in 15 years. Because of these low storage levels, Equinor’s CEO warned that Europe 'will be more exposed to market price swings this winter than in previous winters.'

Europe Unlikely to Reach 80% Gas Storage Target, Equinor CEO Says

Jul 22, 2026

Equinor CEO warns Europe will miss its 80% gas storage target due to Asian competition and LNG shortages, leaving stocks at 54% and increasing winter price volatility risks.

reuters

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