Spain Calls On EU To Develop Common Strategy For Buying Gas

Spain Calls on EU to Develop Common Strategy for Buying Gas

MADRID (UrduPoint News / Sputnik - 02nd October, 2021) The European Union should develop a joint gas procurement strategy, similar to what it did for COVID-19 vaccines, Spanish Prime Minister Pedro Sanchez said Friday.

"In one of the proposals that we presented to the European Commission and the member countries, we said that if it worked with the joint purchase of the vaccine, why are we not strengthening our negotiating position by jointly purchasing and (creating) a strategic gas reserve in Europe," Sanchez said at the La Toja forum in the Spanish city of Pontevedra.

Portuguese Prime Minister Antonio Costa was present at the forum, which discussed democracy in the Atlantic framework from Wednesday-Friday.

The surge in energy prices affects not only Spain and Portugal but the rest of Europe as well, Sanchez pointed out. He argued that the best approach to the issue would be common action to strengthen the strategic independence of the region.

Europe has seen a rise in natural gas prices over the last few months, driven by low levels in European underground gas storage facilities, limited flow from major suppliers, and high demand for liquefied natural gas in Asia, according to experts.

On Friday, gas traded at an almost record-breaking $1,200 per thousand cubic meters, according to trading data on ICE Futures.