Article

European leaders are meeting to address the rising natural gas prices, which could threaten the EU economy more than oil price increases. Current European gas prices are still below the record highs of 2022.

However, with the world's largest LNG export terminal in Qatar not operational for weeks or months, Europe is preparing for prolonged high prices that may hinder the replenishment of depleted gas reserves before the next winter. European importers are also facing growing competition from Asia for limited LNG supplies. The energy crisis has intensified internal divisions regarding Russia, with Hungarian Prime Minister Viktor Orban calling for a suspension of energy sanctions against Russia.