EU eyes raise of emergency oil stocks as prices soar

The European Commission has launched a public consultation on whether changes should be made to the management of emergency oil stocks held by EU member states as oil prices edged closer to $120 a barrel on Tuesday (22 April).

The consultation will seek input into the “shortcomings” of the current system in the face of the growing risk of oil supply disruptions caused by rising global demand for oil, the Commission said on Tuesday. The consultation is open until 17 June.


“While oil consumption is increasing worldwide, supply is more and more concentrated in a handful of countries, many of which are exposed to high geopolitical risks,” the Commission said in an annex external to the consultation document external . These, it added, include “wars, internal conflicts, export or import embargos and terrorism”.

Euractiv