The oil coordination group held another meeting to assess the current situation in the oil market. According to the executive body's report, EU supply remains stable for now, but prices for diesel and aviation fuel remain high due to global supply shortages.
Brussels noted that this pressure is also reflected in commercial stocks in the Amsterdam-Rotterdam-Antwerp region, which are 'below the five-year average,' although they have shown stability in recent weeks.
It was emphasized that European refineries are operating near maximum capacity and are responding well to market signals. Due to the possibility of new market disruptions, the executive body stated that it will 'continue to monitor the situation very closely in cooperation with member states.'
Nevertheless, according to the latest Eurostat data, EU emergency reserves 'remain at a high level and are available in case of market disruption,' as stated in the press release.
Several member states presented measures they are taking to reduce the financial burden, especially for vulnerable consumers, although the report does not specify what these measures are.
Fuel price dynamics are occurring against a backdrop of high instability in international energy markets, with the EU being particularly susceptible to fluctuations in fossil fuel prices due to import dependence.
The next meeting of the Oil Coordination Group, including industry representatives, is scheduled for October 15. However, the European Commission has announced in advance its readiness to convene an additional meeting before this date 'if the situation requires it.'