Commission and IEA take stock of oil markets and measures to restore long-term stability and lower prices

In an extraordinary meeting last March 18, the International Energy Agency (IEA) Governing Board took stock of the latest situation on oil markets and its effect on prices and security of supply.

In the discussion, the Commission welcomed the IEA-coordinated action to make around 400 million barrels of oil available to the global market to offset losses in supply and to instill stability. It has been a sign of solidarity of IEA members and a shared understanding that the unprecedented challenges are of a global nature, requiring a joint response that preserves energy security. In that spirit, while there is no immediate risk to Europe’s security of supply, the Commission continues to closely monitor the situation.

Beyond emergency oil stock release, reducing oil consumption was a prominent discussion point due to the significant, and more lasting, impact it can make to reduce stress on the oil markets. Indeed, energy savings can help to ease pressure particularly on high oil-consuming sectors such as aviation, as well as ordinary households.

Europe can build from past experience when reducing gas demand both as a crisis response measure and by fast-tracking structural changes in terms of renewables deployment and energy efficiency that brought good results.

The effectiveness of measures depends, to a large extent, on anticipation, planning and coordination. In this context, the Commission continues to coordinate closely with key partners, in particular EU countries, industry, IEA Members, the G7 and partners in the Middle East. Moreover, in the Oil Coordination Group scheduled tomorrow, the Commission intends to discuss further with EU countries.

For more information: European Commission