Experts point out that by the beginning of March, gas volumes in Europe’s underground storage facilities remained at a high level, gas prices on exchanges fell significantly, and the network of liquefied natural gas (LNG) import terminals continued to expand. Moreover, leading gas exporters announced plans to increase supply volumes, resulting in gas savings of more than 100 billion cubic meters in Europe.
According to the analytical portal Gas Infrastructure Europe (GIE), by the end of winter the average level of filling of underground gas storage facilities in the European Union reached 63%. Austria, Hungary, Slovakia and Czechia, which retain some business relations with Gazprom and receive gas mainly through transit through Ukrainian territory, ended the winter with reserves of over 70%. Spain and Portugal, which rely on pipeline supplies from Algeria and have extensive LNG infrastructure, have similar reserve levels.
Based on these data, the Austrian oil and gas corporation OMV decided to withdraw from its long-term contract with Gazprom at the beginning of 2025, which became possible due to the high level of gas reserves in the country’s underground storage facilities. This contract, signed until 2040 by the previous management of OMV, which had close ties with Moscow, was signed in 2018.
