IEA convenes emergency meeting on natural gas supply

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Exxon-Mobil Group’s oil refinery in Port Jerome, Normandy, France. Photo: AFP/VNA

The meeting is expected to take place on February 15 in the form of online. If it happens, it will be the first special ministerial meeting the IEA has convened in recent years. The IEA is tasked with providing policy advice to energy consuming countries and helping to coordinate the use of emergency oil reserves by the 31 member countries. According to IEA Executive Director Fatih Birol, the measures taken by the agency after the conflict in Ukraine helped European countries cope with the situation in the context of Russia cutting gas supplies. burn. However, he said that the Russia-Ukraine conflict is not over yet, so more needs to be done, especially to be ready for next winter.

Fatih Birol added that the IEA convened this meeting because member countries and other partners need to continue to show solidarity and take concrete steps to ensure supply security. The meeting is expected to be attended by ministers from a number of non-IEA countries and will examine the global implications of cutting gas supplies to Europe.

According to the IEA, the meeting is expected to identify and adopt measures to improve the balance between gas supply and demand, as well as actions that can support short-term demand by European countries without compromising damage long-term climate goals.

The conflict in Ukraine and subsequent cuts in gas supplies as European countries imposed sanctions on Russia sent energy prices soaring. When European countries switched to liquefied natural gas (LNG) supplies, the world price of this commodity also increased. However, gas prices have since fallen from their peaks last year as relatively warm weather helped European countries weather the winter and are not concerned about shortages or supply disruptions.

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