Romania surpasses gas storage target with European averages in sight

Romania's gas storage facilities have exceeded the target of 80% set for October 1, a significant achievement amidst rising prices and global tensions. Cristian Buşoi, the Secretary of State in the Ministry of Energy, has confirmed that Romania's storage levels are above the European average, showcasing the country’s strong position in energy security.

As gas prices have surged to €80 in October 2026, doubling from €30-35 a year earlier, the situation has been exacerbated by the ongoing conflict in the Middle East. This conflict has not only blocked the Strait of Hormuz but also affected production capabilities in Qatar, which will take nearly a year to recover.

Bușoi noted that the competition for liquefied gas from the United States is fierce between Asia and the European Union, stressing the importance of maintaining strong partnerships, especially with the U.S. He reassured that, unlike in 2022, when the EU faced a significant crisis without liquefied gas, he does not expect a repeat of that situation.

Despite the optimism, there is considerable concern within the EU regarding the trajectory of natural gas prices, which also influence electricity costs. Bușoi emphasized the need for the European Union to eliminate total imports from Russia, advocating for increased production of natural gas within EU borders.

The advanced technologies used in natural gas production not only enhance energy security but also create jobs and generate tax revenue. As the situation evolves, Bușoi is hopeful for a normalization of gas prices with the anticipated reopening of the Strait of Hormuz, which could ease some of the pressures currently facing the market.