EU countries and the European Commission have discussed the security of gas and oil supplies amid continued tensions in the Middle East, following meetings in Brussels this week.
The talks took place at a meeting of the Gas Coordination Group on 26 May and an ad hoc meeting of the Oil Coordination Group held the day before, the Commission announced on Thursday.
Participants discussed uncertainty in energy markets and price volatility, with broader economic implications.
The Gas Coordination Group said there is currently no immediate concern for the EU’s security of gas supply for the next winter season.
EU gas storage levels could reach 80% by the end of the summer, which would secure supply for winter 2026/27.
Gas storage refers to the reserves held in underground sites and other facilities that can be drawn on when demand rises.
The group said filling levels should be regularly assessed against the evolving situation, and noted that member states have not planned any additional market interventions so far.
Oil markets watching the Strait of Hormuz
The Oil Coordination Group said the closure of the Strait of Hormuz affects crude oil and major petroleum products, and that all EU countries are affected by the dynamics.
So far, the EU has experienced price effects but no physical supply disruptions at consumer level, the Commission noted.
If the situation does not improve in the coming weeks, markets are expected to become tighter, especially for jet fuel, it added.
The Commission and member states said they will continue coordinating and monitoring the gas and oil supply situation and will coordinate action as necessary.
