The European Commission, in collaboration with EU member states and international partners, is actively assessing the security of oil and gas supplies to Europe as the conflict in the Middle East enters its tenth week. Experts from the Oil Coordination Group (OCG), the Energy Union Task Force Security (EUTF Security), the International Energy Agency (IEA), and NATO convened today to discuss the current energy landscape.

Currently, the European Union reports no immediate fuel shortages. The EUTF Security reiterated findings from last week’s Gas Coordination Group meeting, confirming that gas supply security remains largely stable, with storage facilities already undergoing refilling.

However, concerns are emerging regarding crude oil and refined products, particularly jet fuels. Although the market has managed existing supply constraints, commercial stocks are reportedly declining due to the extended closure of the Strait of Hormuz. Both the OCG and EUTF Security have urged EU nations to begin contingency planning for potential disruptions should the situation persist beyond May. While the EU possesses emergency reserves that can be deployed, experts emphasized the critical need for coordinated release strategies at the EU level, coupled with appropriate demand-side management measures, to ensure efficacy.

Participants underscored the value of collaborative information exchange in these forums. The Commission affirmed its commitment to continuously monitor the broader implications of the Middle East situation on Europe’s energy security, facilitate coordinated responses when necessary, and maintain open lines of communication with EU countries, the IEA, and market stakeholders.