In a meeting of the Oil Coordination Group held today, the Commission and EU countries discussed the security of oil supply situation in the EU in light of recent reports on ongoing negotiations in the Middle East.
The Oil Coordination Group noted reports that trade flows are slowly beginning to recover following the memorandum of understanding signed between the United States and Iran last week. However, the Group also noted that it will take time for supplies from the region to reach Europe.
Overall, the petroleum products market has shown depth and resilience, with the IEA collective action helping to provide an additional source of supply to the EU. The jet fuel market has managed to limit the impact of the Strait of Hormuz closure by partially replacing missing volumes from the Middle East with imports from other sources and increased jet fuel production in the EU.
As regards crude oil, the Group noted that the situation is stable for the time being, largely owing to global stock draws in the last months.
The Commission and EU countries underlined the importance of continued coordination in view of the evolving market situation. The Commission and the Oil Coordination Group will continue monitoring the security of oil supply situation in the EU and coordinate action as necessary.
