The European Commission is engaged in high-level discussions with the United States administration regarding the global oil market and the possibility of releasing emergency oil stocks. European Commission spokesperson Anna-Kaisa Itkonen confirmed to reporters in Brussels on Thursday that the commission is maintaining close contact with the US while simultaneously coordinating the positions of EU member states.
These efforts are centered on preparations for an upcoming International Energy Agency (IEA) Governing Board meeting scheduled for Friday, where the potential for a coordinated release of emergency oil stocks is expected to be a key topic of discussion. According to Itkonen, the commission is currently facilitating numerous meetings and phone calls to align member states' stances, though she clarified that the commission’s role is to coordinate these positions rather than to unilaterally decide on an international stock release.
Addressing the current state of energy markets, Itkonen distinguished between the existing price volatility and a supply crisis. She stated that there is currently no supply issue in the European Union, noting that there is no concrete shortage of diesel or gas at this time. Instead, the current situation is characterized as a global energy price crisis, with particular pressure on oil markets. Itkonen emphasized that these markets are inherently global and less regulated, contributing to the widespread price challenges currently being faced.
