Oil and gas coordination groups take stock of the situation in the oil and gas markets

Experts from the European Commission, EU member states and the International Energy Agency (IEA) met today in the Gas and Oil Coordination Groups to discuss the state of the EU’s gas and oil supply security in Europe, as the conflict in the Middle East enters its third month.

The Gas Coordination Group confirmed that the security of the EU’s gas supply remains virtually unchanged, with storage levels slightly below pre-crisis averages. The Group noted that reaching a storage level of 80% by the end of summer would be sufficient to guarantee winter supplies. The Group agreed that the replenishment of EU gas stocks must be carefully weighed against economic considerations, and noted that EU countries have not planned any further intervention so far. Furthermore, the Group considered that, in cases where the storage target set out in legislation cannot be met, EU countries could consider activating regulatory flexibilities in a timely manner. 

The Oil Coordination Group reviewed the follow-up to the adoption of the AccelerateEU communication of 22 April, which introduces specific measures for crude oil and petroleum products, such as the launch of a Fuel Observatory providing near-real-time monitoring of supply, stocks, imports and exports. Furthermore, as mandated by energy ministers at the extraordinary meeting of the Transport, Telecommunications and Energy Council on 31 March, the Commission has been collecting national data on available stocks and market conditions in order to provide a regional assessment of the situation across the EU. The data already obtained indicates that aviation fuel stocks remain sufficient to meet demand for the time being. However, the duration of the closure of the Strait of Hormuz could have a significant impact in the coming weeks and months. The information gathered will serve as a basis for coordinated actions and measures at EU level, such as the release of stocks already committed under the IEA’s call for collective action. 

The Commission will continue to assess the overall impact of the situation in the Middle East on Europe, supporting coordinated actions where necessary and maintaining regular communication with EU countries, the IEA and market participants.

Further information: European Commission.