Experts from the European Commission, EU countries, industry, the International Energy Agency (IEA) and NATO met in the Oil Coordination Group yesterday to discuss the state of oil security of supply in Europe, in light of renewed hostilities in the Middle East and the blockade of the Strait of Hormuz.
The Group confirmed that there is no supply problem at this stage. Demand for crude oil and oil products in Europe can continue to be met through commercial stocks and alternative supplies from global markets. However, the duration of the conflict in the Middle East could have a significant impact in the coming weeks and months and further tighten the markets.
The Commission will continue to assess the overall impact of the situation in the Middle East on Europe, support coordinated action as needed, and maintain regular communication with EU countries, the IEA and market participants.
