Today’s Oil Coordination Group (OCG) and Energy Union Task Force Security (EUTF Security) meetings gathered experts from the European Commission, industry, EU countries, the International Energy Agency (IEA), and NATO to discuss the gas and oil security of supply situation in Europe, as the Middle East conflict approaches its 10th week.
There are no fuel shortages in the EU at present. Regarding gas supply, the EUTF Security confirmed the observations made in the Gas Coordination Group meeting last week that gas security of supply remains largely unaffected with gas storage filling already underway.
Regarding crude oil and oil products, jet fuels remained the main point of focus. While the market has been managing supply tightness, commercial stocks are decreasing given the prolonged closure of the Strait of Hormuz. Both the OCG and EUTF Security observed that the EU should start preparing for possible consequences if the situation continues beyond the end of May. While EU emergency stocks can be released if needed, experts underlined the importance of coordinating such releases at EU level and of matching it with adequate demand-side measures to achieve effective results.
Participants in the meetings highlighted the usefulness of the information exchanged in these formats. The Commission will continue to assess the overall impact of the situation in the Middle East in Europe, support coordinated action as needed, and maintain regular communication with EU countries, the IEA and market participants.
