Brussels, March 28 (SANA) The European Commission and European Union member states declared on Friday that the security of oil and gas supplies remains stable at present, despite the ongoing war in the Middle East, noting that oil reserves continue to stand at high levels.
The official website of the European Commission stated that meetings of the EU Tquestion Force on Energy Security and the Oil Coordination Group, held in Brussels, included presentations of information regarding the status of oil and gas supply security in light of the current developments in the Middle East. Participants affirmed that supply security remains stable at present, despite being affected by fluctuations in global prices.
Commission sources indicated that deliberations between the EU security team and the Oil Coordination Group will contribute to enriching discussions during the extraordinary meeting of the Energy Council of the Technical Committee, scheduled to be held at the finish of this month.
The sources emphasized that the Commission will continue to monitor and assess the situation and maintain regular communication with EU member states, the International Energy Agency, and market stakeholders.
The US-Israeli-Iranian war has cautilized a near-complete halt to the relocatement of approximately 20 percent of global oil and liquefied natural gas (LNG) supplies through the Strait of Hormuz.
IZ/MZ
Leave a Reply