Europe Agrees to Gas Curbs As Russia Squeezes Supply

• European Union countries approved a weakened emergency plan to curb their gas demand on Tuesday, after striking compromise deals to limit the cuts for some countries, as they brace for further Russian reductions in supply.
• Europe will face an increased gas squeeze from Wednesday, when Russian's Gazprom plans to cut flows through the Nord Stream 1 pipeline to Germany to a fifth of capacity
• With a dozen EU countries already facing lower Russian supplies, Brussels is urging member states to save gas and store it for winter for fear Russia will completely cut off flows in retaliation for Western sanctions over its war with Ukraine.
• Energy ministers approved a proposal for all EU countries to voluntarily cut gas use by 15% from August to March.
• The cuts could be made binding in a supply emergency, provided a majority of EU countries agree to this. But countries agreed to exempt numerous countries and industries from the binding 15% cut, after some governments opposed the EU's original proposal to apply it to every country.

(Source: Reuters)