Experts from the Commission, EU countries, the International Energy Agency (IEA), the Energy Community and NATO met again today in the Oil Coordination Group to take stock, together with industry representatives, of the current oil market situation.
The Group concluded that the EU’s oil supply remains stable for the time being. It also observed that the prices of crude oil and petroleum products have moderated recently, although they remain significantly higher compared to the pre-conflict levels. Overall, the situation of oil markets remains tight, and it is important to stay vigilant.
Participants discussed the recently launched High-level dialogue with the EU refining sector and its next steps.
Furthermore, the Group took stock of the significant contribution in October of EU countries to the 2026 IEA March Collective action on oil stocks releases, in particular on diesel.
Throughout the heating season and beyond, the Commission will continue to assess the overall impact of the global situation on Europe, support coordinated action where needed, and maintain regular communication with EU countries, the IEA and market participants.
