EU Oil Coordination Group Sees No Urgent Supply Concerns as Middle East Tensions Drive Volatility

The EU Oil Coordination Group said after its latest meeting that there are currently no urgent concerns regarding oil supply security in the European Union. The group, which brings together experts from the European Commission, EU member states, industry, the International Energy Agency, the Energy Community and NATO, published its meeting minutes through the European Commission.

The minutes noted that the situation in the Middle East and broader geopolitical uncertainty continue to drive price volatility in crude oil and oil product markets, particularly for jet fuel and diesel. Europe's demand for jet fuel and diesel is currently being met through increased output from EU refineries and alternative supplies from global markets.