Today’s Oil Coordination Group meeting gathered experts from the European Commission, EU countries, the International Energy Agency (IEA), NATO, and representatives from the oil industry to discuss the oil security of supply situation in Europe and how to best coordinate at EU level as the Middle East conflict continues.
While there are no shortages of fuel in the EU at present, regional supply constraints could arise in the next weeks if the blockage of oil supplies via the Strait of Hormuz does not get resolved – with jet fuel being the primary concern. The Group discussed the outlook for the EU and the EU’s coordinated approach in case the situation continues into June. While EU emergency stocks can be released if needed, OCG experts underlined that, if the situation persists, there will be the need to match any emergency stock releases with fuel-saving measures, so that emergency stocks can be managed more efficiently and for a longer period.
The Commission also presented guidance to the transport sector that was published last week clarifying issues such as regulatory flexibilities on slots and the Safety Information Bulletin from the European Union Aviation Safety Agency (EASA) about the safe usage of Jet A aviation fuel in Europe.
The meeting also heard from the IEA about the latest IEA Oil market report. It notes that global oil stocks are depleting, while imports from Atlantic Basin have increased by more than was expected, but still well short of losses from Gulf.
The Oil Coordination Group will continue to convene on a regular and frequent basis to ensure a coordinated response to any developments regarding jet fuels supplies in the EU. 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.
