European Commission: No Fuel and Gas Shortage in EU, but Risks Remain After May

The European Commission has stated that there is no fuel or gas shortage in the European Union, despite the ongoing war in the Middle East. This information was announced at a meeting of the Oil Coordination Group (OCG) and the Energy Union Task Force Security (EUTF Security), which brought together experts from the European Commission, industry, EU countries, the International Energy Agency, and NATO.

According to the European Commission, the security of gas supply to the EU remains largely stable, and gas storage filling has already begun. The market is successfully managing limited supplies of petroleum products and aviation fuel, although commercial stocks are decreasing due to the prolonged closure of the Strait of Hormuz. At the same time, meeting participants emphasized the need for the EU to prepare for potential consequences if the current energy situation persists beyond May.

The Commission will continue to assess the impact of the Middle East situation on Europe, support coordinated actions, and maintain communication with EU countries, the International Energy Agency, and market participants. Earlier, European Commission President Ursula von der Leyen warned that Europe might have to contend with the consequences of the US-Israel war against Iran for years. The European Commission also recently unveiled a package of measures and recommendations aimed at combating the fossil fuel energy crisis caused by the Middle East conflict.