Paris, France– The International Energy Agency on Friday convoked a special meeting of energy ministers for urgent consultations on natural gas supplies.
The meeting, to be held on Wednesday by video conference, is the first such special IEA ministerial meeting recent history.
The IEA provides policy advice to energy consuming nations but also helps coordinate the use of the emergency oil stocks held by its 31 member nations.
IEA Executive Director Fatih Birol said the measures taken following Russia’s invasion of Ukraine helped European nations whether Russia cutting off most of its gas supplies.
“But the crisis is not over and more needs to be done, particularly to get ready for next winter,” he said.
“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,” he added.
Russia’s invasion of Ukraine and its subsequent reduction of gas supplies as Western nations imposed sanctions caused energy prices to spike.
As European nations turned to liquefied natural gas shipments, prices paid by nations across the world jumped.
Prices have subsequently dropped from peaks set last year as relatively warm weather helped European nations make it through the winter without feared shortages or cuts in service.
The meeting will also include ministers from several non-IEA member nations and will look at the global repercussions of the cuts to European gas supplies.
The IEA said the meeting is expected to identify and endorse measures to improve the balance between gas supply and demand, as well as actions that can support the short-term needs of European nations without damaging longer-term climate goals.