European Commission says EU oil supplies remain secure despite Middle East volatility

The European Commission says the European Union faces no immediate oil supply problems despite continued instability in the Middle East and sharp volatility in crude oil and petroleum product prices. The statement followed a meeting of the Oil Coordination Group in Brussels, which brought together experts from the European Commission, EU Member States, industry, the International Energy Agency, the Energy Community and NATO.

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The Commission said supplies to the European market remain secure. It said demand for jet fuel and diesel continues to be met through higher refinery production in EU countries, together with alternative supplies from global markets.

At the same time, the Commission warned that the Middle East situation remains unstable and that geopolitical uncertainty is driving significant price volatility, particularly in jet fuel and diesel. It said developments in the Middle East conflict, combined with the usual rise in energy demand during autumn and winter, could put further pressure on crude oil and petroleum product markets in the coming weeks and months.

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