The meeting of the Oil Coordination Group brought together experts from the European Commission, EU member states and the Energy Community Secretariat to discuss the state of oil supply security in Europe and how best to coordinate at EU level whilst the conflict in the Middle East continues.
Whilst there is currently no fuel shortage in the EU, regional supply constraints could arise in the coming weeks if the blockade of oil supplies through the Strait of Hormuz is not resolved. The Group discussed the EU’s coordinated approach should the situation persist beyond the end of May. Whilst the EU’s emergency reserves can be released if necessary, experts emphasised the importance of coordinating such releases at EU level and complementing them with appropriate demand-side measures to achieve effective results. The coordination of EU policies across the energy and transport sectors, as well as the guidance for airlines clarifying regulatory flexibility regarding slots and fuel types – due to be published tomorrow – can support such measures.
The Oil Coordination Group will continue to meet regularly to ensure a coordinated response to any developments regarding the supply of aviation fuel in the EU. The Commission will continue to assess the overall impact of the situation in the Middle East on Europe, supporting coordinated measures where necessary and maintaining regular communication with EU countries, the IEA and market participants.
More information: European Commission.
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