London: In order to ensure adequate fuel deliveries, EU member states intend to make joint gas purchases a permanent energy strategy, according to a Monday Bloomberg report.

In order to combat the energy crisis brought on by the sanctions against Moscow and the decision to stop using Russian energy, the EU approved the establishment of a mechanism for joint gas purchases within the bloc in December. According to reports, the tool will enable EU member states to negotiate better prices, lowering the possibility that they will underbid one another on the international market.

Russian gas won't be included in the platform for joint purchases, according to Bloomberg, who cited a document from the European Commission.

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The executive branch of the bloc is confident that the new tool will enable the EU to restock its gas reserves for the upcoming winter. Except in the event of a new energy crisis, where the EU authorities may decide to force member states to pool their demand, participation in the joint mechanism will be voluntary, the outlet reports.

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According to European Commission Vice President Maros Sefcovic, the EU announced the second international tender as part of the joint gas buying platform, with buyers scheduling deliveries between August 2023 and March 2025.

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While member states are hoping that the joint gas purchase program will help bring down prices, economists are concerned that, given the high demand for gas in the EU, bulk buying may actually raise prices rather than bring them down.