EU Sees No Immediate Oil Supply Risk As Member States Hold 90 Days Of Emergency Stocks

BRUSSELS, March 9 (Bernama-Anadolu) -- The European Commission said Monday that all European Union (EU) member states currently hold between 85 and 90 days of emergency oil stocks and that there is no immediate concern about supply shortages despite rising global energy prices, Anadolu Ajansi reported.

EU Commission spokesperson Anna-Kaisa Itkonen told reporters in Brussels that the bloc remains well prepared to deal with potential disruptions in global energy markets.

"We are far less concerned about the security of supply than we are about the high energy prices. This moment is a perfect reminder to focus on strengthening our energy independence and resilience, and we have been doing this for years," she said.

"There is no imminent oil supply shortage in Europe," Itkonen added, noting that all member states maintain emergency reserves equivalent to at least between 85 and 90 days of consumption.

Itkonen said the commission has not been notified by any member state about releasing strategic reserves in response to the current market situation.

An EU Oil Coordination Group will meet Thursday to review the situation and assess developments in global markets, she added.

"On oil, we do not see any concern or emergency situation (...) For the moment, the situation is under control. Energy supply in Europe remains stable," she said.

The spokesperson added that Europe's diversified supply structure has reduced risks linked to geopolitical tensions.

"We moved away from dependency on one supplier to a mix of pipeline and LNG supply from global suppliers. The same goes for oil," she explained.

Europe now imports most of its pipeline gas from Norway and liquefied natural gas mainly from the United States, while it does not import oil or gas from Iran, she added.

Itkonen also said the commission continues to monitor developments in energy markets closely, together with EU member states and the International Energy Agency.

"We do not have a comment to make on the prices as such, except that we do follow the increases with some concern," she said.

Despite price volatility, Itkonen said the bloc is "much better prepared than we were in 2022," noting that gas storage levels remain sufficiently high to cover the remainder of the winter heating season.

-- BERNAMA-ANADOLU