EU Energy Groups Call for Flexibility on Gas Storage Targets Amid Oil Price Surge

According to statements issued on May 13, the European Gas Association and the International Association of Oil and Gas Producers are urging the European Union to provide greater flexibility in achieving natural gas storage targets to ease market pressure during the summer replenishment season. The call comes as EU energy ministers prepare for an informal meeting on Wednesday in Cyprus to discuss energy security. The appeal follows significant oil supply disruptions triggered by the U.S.-Israel conflict with Iran, which has driven fuel prices higher. The lobby groups stated that the EU Commission and member states should implement flexible measures as soon as possible, ideally at the start of the storage season.