CommoditiesMedium•9 October 2026•
1 min read
EU Faces 7% Gas Demand Cut as Hormuz Crisis Hits Storage Levels
Key Facts
1The IEEFA warned that the EU might be forced to cut gas demand by 7% due to historically low storage levels.
2The war in Iran has trapped one-fifth of the world's liquefied natural gas supply behind the Strait of Hormuz.
The Institute for Energy Economics and Financial Analysis (IEEFA) warned that the European Union might be forced to cut gas demand by 7% due to historically low storage levels. OilPrice.com reported that the war in Iran has trapped one-fifth of the world's liquefied natural gas supply behind the Strait of Hormuz, creating a potential winter shortfall.
European gas storage levels stood at approximately 73% full as of early October 2026, marking the lowest levels since records began in 2011. Natural gas prices in Europe have remained elevated since March 2026 as the ongoing blockade of the Strait of Hormuz keeps major LNG supplies, including those from Qatar, offline.