EU officials call meeting to assess potential supply risks in case the Israeli-Palestinian conflict triggers into a broader regional one.
The meeting of the EU's oil coordination group concluded that the risks are much lower than 50 years ago. / Photo: Reuters Archive
This month's conflict in Gaza has revived memories of the 1973 oil shock during the Yom Kippur War, when the Organisation for Petroleum Exporting Countries slapped an oil embargo on Western supporters of Israel, triggering fuel shortages. "The Middle East route is still of significant importance for Europe ... 20 million bpd goes through Hormuz. It is a real choke point," the official said.
According to an EU directive, member states must have emergency oil stocks equivalent to 90 days of net imports, or 61 days of consumption.The EU group last met in June, but was convened on Friday to discuss oil security ahead of winter given the 27-member bloc has already lost nearly all its Russian gas and oil supplies.
"The continued crude oil export cuts by OPEC and Russia, the conflict in Azerbaijan, and the Hamas attacks on Israel and its potential spill-over into the region are putting global oil supplies at risk," Simson said in remarks seen by"Furthermore, there are still some Member States that are importing Russian crude oil by pipeline and which can make them vulnerable to further Russian manipulation," Simson said.
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