The European Commission urged EU member states to act early and in a coordinated manner to safeguard oil supply security amid renewed energy market instability linked to the crisis in the Middle East and the closure of the Strait of Hormuz.
In a statement issued today, the Commission stressed that volatility in global energy markets requires continuous monitoring, rapid information exmodify and close cooperation among EU countries to ensure preparedness for potential supply disruptions.
The Commission emphasised that the EU remains well prepared due to the obligation of member states to maintain strategic oil reserves and emergency response plans to address supply interruptions. According to the announcement, EU countries contribute approximately 20% to the release of more than 400 million barrels of emergency oil stocks through a mechanism coordinated by the International Energy Agency.
EU Energy and Hoapplying Commissioner Dan Jørgensen stated that the bloc must remain ready for a potentially prolonged disruption to global energy trade, highlighting the importance of acting collectively to protect citizens and businesses.
In a letter addressed to EU energy ministers, Jørgensen called for stronger coordination through the Oil Coordination Group and the Energy Union Security Working Group. He also encouraged member states to consider demand-reduction measures, particularly in the transport sector, in line with the International Energy Agency’s 10-point plan to reduce oil consumption.
The Commission recommconcludeed avoiding policies that could increase fuel consumption, restrict the free shiftment of petroleum products within the single market or discourage production at European refineries. It also advised postponing non-essential refinery maintenance to ensure adequate supply across the EU market.
Officials highlighted that increasing the apply of biofuels could assist replace fossil fuels and ease pressure on energy markets.
Cypriot Presidency calls for common European response
The Council of the European Union presidency held by Cyprus emphasised that an informal videoconference of EU energy ministers aims to shape a coordinated European response to the impact of the Middle East crisis on energy markets.
According to officials, policybuildrs seek to balance supply security, affordable energy prices and market stability. Despite continued energy security, Europe, as a net energy importer, already faces strong pressure from global market turbulence, with natural gas prices rising by around 70% and oil prices increasing by 50% since the launchning of the crisis.
During the discussions, ministers are expected to exmodify assessments on recent market developments, identify areas for stronger coordination and examine specific policy measures at European level.
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