A senior European energy official commented on the current gas market, noting that prices have retreated to levels seen in January 2022. The remark came during an energy conference in Abu Dhabi, where the European Commissioner for Energy, Kadri Simson, outlined the latest price context. The official indicated that the cost of gas has settled near €62 per MWh, which roughly translates to around $700 per thousand cubic metres, and expressed a view that this price point should allow European industry to remain viable amid ongoing shifts in supply and pricing dynamics.
Simson highlighted a strategic shift in Europe’s energy mix as part of efforts to reduce reliance on Russian gas. The European Union reported a substantial rise in LNG imports, expanding well beyond the 81 billion cubic metres imported in 2022 to a higher yearly total in 2023, with a notable contribution from the United States. Countries such as Norway, the United Kingdom, and Azerbaijan also increased their shipments, helping diversify supply routes and sources in a market that has faced volatility and geopolitical pressure.
During the same framework, the commissioner noted that agreements on gas exports were established with Egypt and Israel, reflecting a broader push to secure additional pipeline and LNG volumes across the region. These arrangements are part of Europe’s broader strategy to build a more resilient energy system by widening supplier networks and reducing exposure to any single source.
Meanwhile, Israeli energy officials have suggested that significant increases in European gas supply would likely unfold over the coming years, as infrastructure, development projects, and market arrangements mature. In parallel, Egyptian authorities have signaled a continued ambitious export trajectory, with government statements in late 2022 pointing to multi‑billion-dollar gas sales abroad in the current fiscal year as part of a broader effort to monetize domestic resources through export markets.
Greek leadership has also weighed in, highlighting long‑standing exploration efforts in the eastern Mediterranean that could contribute to Europe’s diversification away from Russian gas. The message from Athens has been that regional hydrocarbon developments offer tangible potential to support European energy security while aligning with environmental and economic goals for the broader region.