The Commission and EU countries coordinate and assess the situation on the oil and gas markets

Atseparatead hocmeetingsof the Gas Coordination Group and the Oil Coordination Group held yesterday, the Commission and EU countries coordinated and assessed the situation regarding the security of EU gas and oil supplies in view of the ongoing disruptions in the Middle East.  

During the exchange, EU countries confirmed that they do not see any risk to security of supply at this stage. Oil stocks remain at high levels and gas storage levels in the EU remain stable. 

EU countries agreed that the regulatory framework offers sufficient flexibility and that gas storage facilities should not be filled at all costs.

The Oil Coordination Group welcomed the voluntary nature and temporary flexibility of the release of 400 million barrels announced yesterday by the International Energy Agency, while calling for an assessment of its medium-term impact on security of supply.

The Commission will continue to monitor the situation and maintain regular communication with EU countries and market participants. In the event of a prolonged closure of the Strait of Hormuz or further disruptions, the security of oil and gas supply to the EU will be reassessed. 

The next meeting of the Oil Coordination Group will take place on 19 March, while the next meeting of the Gas Coordination Group is scheduled for 26 March.  

More information: European Commission.