The Commission, EU countries and industry representatives are meeting to assess the situation in the oil market

At today’s extraordinary meeting of the Oil Coordination Group, representatives from the European Commission, EU member states and the industry provided an update on the state of the EU’s oil supply security, as disruptions in the Middle East enter their sixth week.

Industry representatives taking part in the discussion reported that, for the time being, oil supplies remain stable, despite being affected by fluctuations in global prices, and expressed concern about the uncertainty surrounding the duration of the conflict. They also highlighted the importance of avoiding undue interference in the markets and of ensuring transparency and coordination at EU level. 

Following the extraordinary meeting of the Transport, Telecommunications and Energy Council held on 31 March, the Commission and EU countries also discussed the exchange of the latest data on EU stocks and market conditions with a view to analysing the medium-term supply and demand situation in the EU and laying the groundwork for coordinated action and measures at EU level in the future.

Today’s discussions in the Oil Coordination Group will serve as the basis for the development of the next set of tools requested last month by EU leaders. The Commission will continue to assess the supply situation and maintain regular communication with EU countries, the International Energy Agency (IEA) and market participants.

More information: European Commission.