IEA convenes Special Ministerial on natural gas markets and actions to reinforce supply security

Some 40 countries will convene for a Special IEA Ministerial on 15 February to review the state of natural gas markets and discuss actions to strengthen security of supply amid the global energy crisis.

The virtual meeting will be chaired by Canada’s Minister for Natural Resources Jonathan Wilkinson, and co-chaired by US Secretary of Energy Jennifer M. Granholm and Ireland’s Minister for Environment and Climate Eamon Ryan.

Russia’s invasion of Ukraine in February 2022 triggered an energy crisis whose ripple effects for the global economy are still being felt by consumers and businesses worldwide. The most severe price spikes and disruptions have taken place in gas markets. Countries in Europe and beyond are working to navigate the risks posed by the ongoing crisis and how best to ensure energy security going forward.

Providing context on the Ministerial, IEA Executive Director Fatih Birol said: “Russia more than halved its pipeline gas supplies to the European Union over the last year, putting unprecedented pressure on energy markets globally. In response, the IEA is working with key partners to develop practical policy advice to strengthen energy security and to boost market transparency. These efforts, together with some help from unseasonably mild temperatures, are paying dividends. Gas prices have come down from their all-time peaks, and gas storage levels in the EU have been built up. But the crisis is not over and more needs to be done, particularly to get ready for next winter. We are convening this Ministerial because there is a continued need for our members and other partners to show solidarity with one another and to take concrete steps to ensure security of supply.”

The IEA Ministerial will bring together both IEA and non-IEA member countries from across Asia Pacific, Europe and the Americas to identify and endorse measures to improve the balance between gas supply and demand. It will have a focus on actions that can be adopted to support Europe’s short-term gas market situation in a way that is consistent with countries’ long-term energy transition and climate goals. The meeting will also take into account the global repercussions of the cuts in gas supplies to Europe.