European Commission assesses energy security amid Middle East conflict

The European Commission stated that EU member states hold sufficient oil and gas reserves despite supply chain disruptions caused by the conflict in the Middle East. Energy spokesperson Anna-Kaisa Itkonen indicated that the commission is less concerned about supply security than about rising energy prices. The EU has diversified its energy sources, relying on pipeline gas from Norway and LNG from the United States. Itkonen noted that the EU does not import oil or gas from Iran, which mitigates the immediate impact of the regional crisis. Member states currently maintain emergency oil reserves sufficient for 90 days, and no country has yet reported releasing these stocks. Furthermore, high strategic gas storage levels are reported across the union. Meanwhile, G7 nations are scheduled to discuss a potential coordinated release of strategic oil reserves during a virtual meeting.