EU eases gas storage rules to prevent price spikes ...Middle East

The agreement was announced by the European Commission on Tuesday.

But governments backed plans in April to soften the rules before winter, over concerns the requirement to fill storage to 90% capacity by November 1 inflates prices, by telling the market European buyers needed to buy large amounts of gas ahead of this deadline.

The EU's member states should also have the possibility to deviate by up to ten percentage points from the filling target in case of difficult market conditions, such as indications of speculation hindering cost-effective storage filling.

“In the current geopolitical context, this agreement shows that the EU remains determined to shield its citizens and businesses from any risk of supply disruption and price spikes,“ he added.

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