Middle East crisis: EC and EU countries ‘coordinate and assess’ situation in oil and gas markets
In separate ad hoc meetings of the Gas Coordination Group and the Oil Coordination Group held on March 12, the European Commission (EC) and EU countries coordinated and assessed the situation concerning the EU’s gas and oil security of supply in view of the continued disruptions in the Middle East, the EC’s Directorate-General for Energy said on March 13.
During the exchange, EU countries confirmed that they do not observe any security of supply risks at the moment.
Oil stocks remain at a high level, gas storage filling levels in the EU remain stable, the statement said.
“EU countries agreed that the regulatory framework provides for sufficient flexibility and gas storages should not be refilled at all costs,” it said.
The Oil Coordination Group welcomed the voluntary nature and timing flexibility of the International Energy Agency’s 400-million-barrel release announced March 11 while calling for an assessment of its medium-term impact on supply security.
The Commission will continue to monitor the situation and keep regular communication with EU countries and market participants. In case of a prolonged closure of the strait of Hormuz or further disruptions, the EU security of oil and gas supply will be reassessed.
The next Oil Coordination Group meeting will take place on March 19 whereas the next Gas Coordination Group meeting is scheduled for March 26.
(Photo: Dinototosugiarto, via Wikimedia Commons)
