The European Commission has requested member states to make coordinated and timely preparations to ensure the supply of oil and refined petroleum products in the European Union, considering the market volatility generated by the conflict in the Middle East and the closure of the Strait of Hormuz.
The community executive emphasized that the EU is well prepared due to the obligation of member states to maintain oil stocks and to have emergency plans for incidents related to supply security. The Commissioner for Energy and Housing, Dan Jørgensen, stated that supply security is guaranteed, but it is essential to already take action to cope with a possible longer-lasting disruption of international energy trade. In a letter addressed to the energy ministers of the EU, Jørgensen urged the use of meetings within the Oil Coordination Group and the Energy Union Security Operational Group for good coordination. He also recommended demand reduction measures, especially in the transport sector, according to the IEA's plan for reducing oil use.
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