Shifting geopolitics and a tough winter test Europe’s energy security

Europe is facing a multi-faceted energy challenge thanks to a worse-than-expected winter and shifting geopolitics.

The continent is draining its stores of natural gas at the fastest rate since Russia’s 2022 full-scale invasion of Ukraine because of a decline in maritime imports and cold weather, according to data compiled by an industry body.

Major gas exporters such as the US and Qatar, meanwhile, are issuing threats: US President-elect Donald Trump has warned of tariffs if the European Union does not increase its purchases of US oil and gas while Doha’s energy minister told the Financial Times that Qatar could cut supplies if the EU follows through with new rules on sustainability regulations.