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EU energy ministers have reached an agreement that sets a market correction mechanism to protect against excessively high gas prices.

The move is part of the EU's drive to shift away from Russian gas after President Vladimir Putin's invasion of Ukraine.

The European Union backed a new package of sanctions against Russia.

The EU faces a potential shortfall of almost 30 bcm of natural gas in 2023 – but the IEA believes this gap can be closed and shortages avoided.

This is a reversal of a trend of significant increases in EU energy imports between 2021 and 2022.

The EU has stockpiled 1,024 TWh of gas.

The European gas market has hit another rough patch.

An EU platform for collective gas purchases by member countries has matched up about 423.78 Bcf in potential deals with suppliers.

The industry may have yet to feel the need to make adjustments.

AggregateEU's third round has matched 418.83 Bcf of pooled demand with offers from suppliers.