MADRID (UrduPoint News / Sputnik – October 02, 2021) The European Union is expected to develop a common gas supply strategy, similar to what it has done for COVID-19 vaccines, Spanish Prime Minister Pedro Sanchez said on Friday. .

“In one of the proposals that we presented to the European Commission and member countries, we said that if it works with the joint purchase of the vaccine, why don’t we strengthen our negotiating position by purchasing and (creating ) jointly a strategic gas reserves in Europe ”, declared Sanchez during the forum of La Toja 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 to Friday.

Soaring energy prices are affecting not only Spain and Portugal, but the rest of Europe as well, Sanchez said. He argued that the best approach to the issue would be joint action to strengthen the region’s strategic independence.

Europe has seen an increase in natural gas prices in recent months, due to low levels of European underground gas storage facilities, limited flows from major suppliers and strong demand for liquefied natural gas in Asia, according to experts.

Gas was trading at a near record high of $ 1,200 per thousand cubic meters on Friday, according to trading data on ICE Futures.