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European Commission urges preparations if Middle East crisis continues
The European Commission has warned that the European Union should prepare for possible aviation fuel shortages in June if the current situation in the Middle East continues until the end of May.
According to the Commission's official announcement, the issue was discussed during the recent meetings of the Oil Coordination Group and the Energy Union Security Working Group. These meetings were attended by European Commission experts, industry representatives, member states, the International Energy Agency and NATO.
Discussions focused on the security of oil and gas supplies to Europe as the conflict in the Middle East approaches its tenth week. The Commission notes that aviation fuel remains a key concern, due to supply pressures and falling commercial stocks linked to the prolonged closure of the Strait of Hormuz.
"As the market faces supply pressures, commercial stocks are dwindling. The EU should start preparing for the possible consequences if the situation persists beyond May," the European Commission said in a statement.
Currently, according to the Commission, there are no fuel shortages in the EU and gas supplies remain largely stable. The process of filling gas storage facilities has also begun.
The Commission underlines that, if necessary, oil and gas reserves can be released to the market. Experts recommend that member states act in a coordinated manner and harmonise demand-side measures to ensure maximum efficiency.
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