In a meeting of the Gas Coordination Group held on 26 May and an ad hoc meeting of the Oil Coordination Group held yesterday, the Commission and EU countries discussed the security of gas and oil supplies in the EU in light of the continued tensions in the Middle East.
The exchanges took place against a backdrop of increasing uncertainty and price volatility, with broad economic implications. Despite the challenging market conditions, the Gas Coordination Group confirmed that there is currently no immediate concern for the security of gas supply in the EU for the next winter season. The Group noted that EU gas storage levels could reach 80% by the end of the summer, which would secure gas supply for next winter (2026/27). The Group reaffirmed that the filling of gas storage facilities needs to be regularly assessed against the situation. It noted also that member states have not planned any additional market interventions so far.
The Oil Coordination Group signalled that the closure of the Strait of Hormuz impacts both crude oil and all major petroleum products, and that all EU countries are affected by the dynamics. So far, the EU has been experiencing price effects, with no physical supply disruptions at consumer level. However, if the situation does not improve in the next weeks, markets are expected to become increasingly tighter, especially for jet fuel.
The Commission and member states underlined the importance of continued coordination and preparedness in view of the evolving market situation. The Commission and the Gas and Oil Coordination Groups will continue monitoring the security of gas and oil supply situation in the EU and co-ordinate action as necessary.
