EU Oil Security Group Sees No Immediate Supply Concerns Amid Global Uncertainty

The European Union's Oil Coordination Group met to discuss oil security of supply in Europe amid global geopolitical uncertainty. The group consists of experts from the European Commission, EU countries, industry, the International Energy Agency (IEA), Energy Community, and NATO.

Although the situation in the Middle East remains unstable and price volatility is significant for jet fuel and diesel, the group confirmed that there is no immediate supply problem in the EU. Demand for jet fuel and diesel is being met through higher EU refinery production and alternative supplies from global markets, while commercial and emergency stocks remain at sufficient levels.

The group warned that the evolution of the conflict in the Middle East and usual demand trends for autumn and winter could impact the market in the coming weeks and months. The European Commission will continue to assess the situation and support coordinated action as needed.