The International Energy Agency (IEA) has called a special meeting for Wednesday with ministers from about forty countries to discuss the situation of gas markets. Since the Russian invasion of Ukraine almost a year ago, gas markets have experienced the greatest disruption with historic price spikes and unprecedented pressure on global energy markets. Gas deliveries from Russia to the European Union have been more than halved in 2022 and the pipelines are almost closed in 2023.
Meeting chaired by Canadian, American and Irish ministers
The meeting will be chaired by Canadian Natural Resources Minister Jonathan Wilkinson, U.S. Secretary of Energy Jennifer Granholm and Irish Environment Minister Eamon Ryan, with participation from agency and non-member countries from the Asia-Pacific and Americas regions. It should allow “discussion of the actions to be taken to strengthen the security of supply”.
The energy crisis is not over
Although gas prices have fallen since the record highs of 2022 and storage levels have increased in the European Union, “the crisis is not over,” said Fatih Birol, executive director of the agency, quoted in a statement. “There is still much to do, especially to be ready for next winter,” he added: “The need for our members and other partners to show solidarity remains, as does the need for them to take concrete steps to ensure security of supply.”
Improving the balance between gas supply and demand
The meeting is expected to “identify measures to be taken to improve the balance between gas supply and demand” and “actions to support the short-term situation of the European gas market, in a way that is consistent with the countries’ long-term energy and climate transition objectives”.
“Russia’s invasion of Ukraine in February 2022 triggered an energy crisis whose cascading effects on the global economy are still being felt by consumers and businesses,” the IEA recalls.
