There is currently no disruption to oil supplies in Europe, the European Commission's Directorate-General for Energy said on Friday following a meeting of the Oil Coordination Group.
According to the Commission, experts from the Commission, EU member states, the oil industry, the International Energy Agency (IEA) and NATO met to assess the security of oil supplies in Europe.
The discussions took place in light of renewed hostilities in the Middle East and the closure of the Strait of Hormuz.
Conflict will exacerbate pressure
The Oil Coordination Group confirmed that, at this stage, there is no oil supply problem.
The Commission said European demand for crude oil and petroleum products can continue to be met through commercial stocks and alternative supplies from global markets.
However, it warned that a prolonged conflict in the Middle East could have a significant impact in the coming weeks and months, placing further pressure on global markets.
The Commission said it would continue to assess the overall impact of developments in the Middle East on Europe.
It added that it would support coordinated action where necessary and maintain regular contact with EU member states, the International Energy Agency and market participants.
Source: CNA
