In the ad hoc meeting of the Oil Coordination Group held recently, representatives from the European Commission, EU countries and industry provided updated information on the EU’s oil security of supply situation, as the disruptions in the Middle East enter their sixth week.
According to the European Commission, industry representatives participating in the discussion reported that oil supply remains stable for the moment, despite being affected by fluctuations in global prices, while expressing concerns about the uncertainties surrounding the duration of the conflict. Industry representatives also highlighted the importance of avoiding undue interference with the markets and of ensuring transparency and coordination at EU level.
Following the extraordinary Transport Telecommunications and Energy Council meeting on 31 March, the Commission and EU countries also discussed sharing the latest data on EU stocks and market conditions with a view to analysing the demand and supply situation in the EU in the medium term and providing a basis for coordinated actions and measures at EU level in the future.