European Commissioner Paolo Gentiloni said that the European Union has accumulated enough blue fuel reserves to get through the coming winter.

“We had a still positive quarter, which was not obvious and positive news,” Gentiloni told reporters. “But of course we also know that the economy is slowing down and a contraction is coming at least for the winter months.”

The European Commissioner noted that the continuation of the policy of demand reduction and supply diversification should enable the European Union to avoid serious gas shortages by the end of 2024.

Earlier Bloomberg agency citing the data of energy market analysis platform EnergyScan reported that Europe reduced gas consumption in October by 22% in annual terms.

Before that, the head of the European Council Charles Michel said that EU countries need to start joint purchases of natural gas as soon as possible to soften the exchange prices of fuel in the region.

According to him, Europe should also continue active cooperation and negotiations with important allies, including the U.S. and Norway. The effectiveness of negotiations with these countries will determine the energy security of the entire region.