-- European Union officials said gas storage remains near targets with 80% seen as sufficient for winter, while oil markets face risks from Hormuz disruptions, the European Commission said Friday.
Experts from the European Commission, EU countries, and the International Energy Agency met to assess supply security as the Middle East conflict entered its third month.
The Gas Coordination Group said supply conditions remain stable, with storage levels only slightly below pre-crisis averages despite ongoing geopolitical tensions.
Officials said reaching 80% storage by the end of summer would adequately secure winter demand, according to the commission.
EU countries are balancing storage refilling with economic considerations and have not introduced additional interventions so far, it said.
Countries can activate regulatory flexibility in a timely manner if they fail to meet storage targets under EU legislation, officials said.
The Oil Coordination Group is implementing actions under the April 22 AccelerateEU plan and introducing a Fuel Observatory to track supply, stocks, imports, and exports, the Commission said.
Energy ministers mandated the European Commission at the extraordinary Transport, Telecommunications and Energy Council meeting on March 31 to collect national data on stocks and market conditions.
The European Commission is using the collected data to build an EU-wide regional assessment of supply conditions and market developments, it said.
Current data shows jet fuel supplies can meet demand, but a prolonged Strait of Hormuz closure could disrupt markets in the coming weeks and months, the Commission added.
The European Commission will use the collected data to guide coordinated EU actions, including potential stock releases already committed under the IEA's collective response framework, it said.
The European Commission will keep assessing impacts, coordinate actions, and stay in close contact with EU countries, the IEA, and market participants, the Commission added.