Representatives from the European Commission, EU countries and industry have to review the EU’s oil supply situation as disruptions in the Middle East enter a sixth week.
Industry participants told the meeting that oil supplies remain stable for now, while prices have fluctuated globally, the European Commission announced on Wednesday night.
They also raised concerns about uncertainty over how long the conflict will last.
Industry representatives called for “avoiding undue interference with the markets” and for transparency and coordination at EU level.
The group also discussed sharing the latest information on EU oil stocks and market conditions after an extraordinary meeting of EU energy ministers on 31 March.
EU stocks refer to the volumes of oil held in reserve by member states to help manage supply disruptions.
Next steps at EU level
The exchanges are set to inform work on a forthcoming “Toolbox” requested last month by EU leaders, the statement said.
The European Commission will continue assessing the supply situation and keep in regular contact with EU countries, the International Energy Agency and market participants, it added.
