Europe is entering a period in which energy security is once again becoming one of the continent’s most serious strategic challenges. After years of efforts to diversify energy supplies and reduce dependence on Russia, European countries have succeeded in changing the structure of their energy imports. Yet diversification has not eliminated vulnerability. Instead, it has exposed Europe to a wider range of geopolitical risks.

Romania is a particularly important example of this new reality. The country is not currently experiencing a fuel shortage, but its energy infrastructure and supply chains remain vulnerable to disruptions in the Black Sea, fluctuations in global oil and liquefied natural gas markets, and instability along major transportation routes. At the same time, Europe as a whole is approaching the autumn-winter period with energy markets under pressure, relatively low gas storage levels and growing competition for LNG and refined petroleum products.

According to Reuters, European underground gas storage facilities are around 55% full, the lowest level for this period since 2021. LNG imports have also weakened, while Asian buyers have returned to the global LNG market with greater strength. This competition is important because Europe increasingly relies on LNG to compensate for the reduction of Russian pipeline gas. Any additional disruption in the Middle East, global shipping or LNG production can therefore quickly translate into higher European energy prices.

Energy security is no longer determined solely by the amount of oil or gas a country possesses. It increasingly depends on whether those resources can reach consumers safely, reliably and at an........

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