EU oil security experts have warned that regional fuel supply constraints could emerge within weeks if oil flows through the Strait of Hormuz remain blocked, despite no current fuel shortages across the bloc.
Specialists from the European Commission, EU countries, the International Energy Agency (IEA), NATO and the oil industry met to discuss Europe’s security of oil supply and coordination measures as the conflict in the Middle East continues, according to an update from the European Commission’s Oil Coordination Group issued on Monday.
Jet fuel was identified as the main concern if disruption continues.
The group said EU emergency oil stocks could be released if needed, but any release would need to be matched with fuel-saving measures if the situation persists, so stocks can be managed for longer.
The Commission also pointed to guidance published last week for the transport sector, including clarifications on regulatory flexibilities around “slots” — the permissions airlines use to take off and land at airports — and a Safety Information Bulletin from the European Union Aviation Safety Agency on the safe use of Jet A aviation fuel in Europe.
Global stocks depleting, IEA report says
Global oil stocks are depleting, while imports from the Atlantic Basin have risen by more than expected but remain well short of losses from the Gulf, the IEA said in its latest oil market report, as cited during the meeting.
The Oil Coordination Group said it would continue meeting regularly to coordinate responses to any changes affecting jet fuel supplies in the EU.
