In an ad hoc meeting of the Oil Coordination Group, representatives from the European Commission, EU countries and industry provided updated information on the EU’s oil security of supply situation, as the disruptions in the Middle East enter their sixth week.
Industry representatives participating in the discussion reported that oil supply remains stable for the moment, despite being affected by fluctuations in global prices, while expressing concerns about the uncertainties surrounding the duration of the conflict. Industry representatives also highlighted the importance of avoiding undue interference with the markets and of ensuring transparency and coordination at EU level.
Following the extraordinary Transport Telecommunications and Energy Council meeting on 31 March, the Commission and EU countries also discussed sharing the latest data on EU stocks and market conditions with a view to analysing the demand and supply situation in the EU in the medium term and providing a basis for coordinated actions and measures at EU level in the future.
Today’s exchanges in the Oil Coordination Group will feed into the preparation of the forthcoming Toolbox that was requested last month by EU leaders. The Commission will continue to assess the supply situation and maintain regular communication with EU countries, the the International Energy Agency (IEA) and market participants.