The European Union faces no imminent shortage of oil supplies due to the war in the Middle East, a spokesperson for the European Commission confirmed on Monday.
All Member States are required to maintain strategic oil reserves sufficient for 90 days and to inform the Commission if these reserves are accessed. No Member State has reported taking such action so far.
Hungary and Slovakia have released limited oil stocks, but that was unrelated to the conflict in the Middle East, the Commission clarified.
The Commission is also not greatly concerned about gas supplies for the time being. Gas imports, like oil supplies, are highly diversified, the spokesperson said.
Europe is well-prepared despite its significant exposure to global markets as a net energy importer, according to the Commission. However, the primary concern is not energy supply security but rising energy costs, they said.
