In the first quarter of next year, the countries of the European Union will have to cut their usage of natural gas by up to 30% in preparation for a complete stoppage of Russian gas flows, according to the International Energy Agency (IEA). IEA Director Fatih Birol on Tuesday said that “a complete cut-off of Russian gas supplies to Europe could result in storage fill levels being well below average ahead of the winter, leaving the EU in a very vulnerable position.” “In the current context, I wouldn’t exclude a complete cut-off of gas exports to Europe from Russia,” he stated. Citing technical issues related to the Nord Stream pipeline, Russia earlier in June cut flows of gas to Germany by 60%. Plans to boost natural gas storage filling in Europe would not withstand a full Russian cut-off if it were to happen between now and the fourth quarter […]