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Fuel Supply Transit from Middle East to Europe Will 'Take Time,' EU Oil Coordination Group Says

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Fuel supplies from the Middle East will "take time" to reach Europe despite the observed slow recovery in shipping transit through the Strait of Hormuz, the EU Oil Coordination Group said on Friday.

In an assessment of oil supply situation in the EU, the group noted that the impact of the Strait of Hormuz closure to the jet fuel market has been limited by increased domestic production and availability of alternative supplies.

Global stock draws have also helped stabilize crude oil supplies "for the time being," according to the statement.

The European Commission and EU countries recognized the collective action by the International Energy Agency to release strategic reserves, which provided additional supply to the EU.

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