EU countries have said they currently see no immediate risks to the bloc’s gas and oil supplies despite continued disruption in the Middle East, following emergency meetings chaired by the European Commission.
Member states told separate meetings of the EU’s Gas Coordination Group and Oil Coordination Group that they did not “observe any security of supply risks at the moment”, the Commission informed on Friday.
Oil stocks were described as “at a high level” and EU gas storage levels as stable.
Countries also agreed that existing EU rules provide enough flexibility and that gas storage sites “should not be refilled at all costs.”
IEA oil release discussed
The Oil Coordination Group welcomed the “voluntary nature and timing flexibility” of a 400-million-barrel oil release announced by the International Energy Agency — a Paris-based group that coordinates emergency oil stockpiles among member countries — while calling for an assessment of its medium-term impact on supply security, the statement said.
The Commission said it would continue monitoring the situation and stay in regular contact with EU countries and market participants.
EU oil and gas supply security would be reassessed if there were a prolonged closure of the Strait of Hormuz — a key shipping route for oil and liquefied natural gas — or further disruptions, it added.
