EU in high-level talks with US over oil market, possible stock release

The European Commission is holding high-level talks with the US administration over the global oil market and possible emergency stock releases, while coordinating the positions of EU member states through the International Energy Agency (IEA), a spokesperson said Thursday.

“We are in very close contact with our member states on this ongoing issue,” European Commission spokesperson Anna-Kaisa Itkonen told reporters in Brussels, adding that the commission was also maintaining “high-level contacts” with the US administration.

“There are lots of phone calls, lots of meetings taking place at this point,” she said.

The commission is coordinating EU member states’ positions ahead of an IEA Governing Board meeting scheduled for Friday, where a possible coordinated release of emergency oil stocks could be discussed.

Itkonen said the commission’s role is to coordinate the positions of EU member states at the IEA rather than decide on an international stock release itself.

The commission spokesperson distinguished between an energy supply crisis and the current situation, which she described as a “global energy price crisis.”

“There is no supply issue for the time being. We do not have any concrete shortage of diesel or gas at the moment in the European Union,” Itkonen said.

The current pressure on energy prices, however, is a global issue, particularly in oil markets, which are less regulated and inherently global, she said.