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EU Holds US Talks Over Oil Prices, Emergency Stock Options
(MENAFN) The European Commission is conducting high-level discussions with the US administration over developments in global oil markets and the possibility of releasing emergency petroleum reserves, while working with EU member states through the International Energy Agency.
European Commission spokesperson Anna-Kaisa Itkonen said Thursday that the commission remains in close contact with member states as authorities assess the situation affecting international energy markets.
“We are in very close contact with our member states on this ongoing issue,” Itkonen told reporters in Brussels, adding that the commission was 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 European Commission is currently coordinating the positions of EU countries ahead of an IEA Governing Board meeting scheduled for Friday. The meeting could include discussions over a coordinated release of emergency oil reserves in response to pressure affecting global energy markets.
Itkonen stressed that the commission itself does not have the authority to determine whether international emergency stocks should be released. Instead, its role is to help coordinate the positions of EU member states participating in the IEA discussions.
The spokesperson also differentiated the current circumstances from a traditional energy supply crisis. She described the situation as a “global energy price crisis,” rather than an immediate shortage of fuel across Europe.
“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.
However, she noted that rising pressure on energy prices has become a broader international concern, particularly in the oil market. Unlike some other parts of the energy sector, global oil markets are less regulated and operate on an inherently international basis.
The discussions between European and US officials come as governments monitor oil market conditions and consider possible measures to limit the impact of elevated energy prices. EU member states are expected to continue coordinating their positions ahead of the IEA meeting and any potential decisions concerning emergency reserves.
European Commission spokesperson Anna-Kaisa Itkonen said Thursday that the commission remains in close contact with member states as authorities assess the situation affecting international energy markets.
“We are in very close contact with our member states on this ongoing issue,” Itkonen told reporters in Brussels, adding that the commission was 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 European Commission is currently coordinating the positions of EU countries ahead of an IEA Governing Board meeting scheduled for Friday. The meeting could include discussions over a coordinated release of emergency oil reserves in response to pressure affecting global energy markets.
Itkonen stressed that the commission itself does not have the authority to determine whether international emergency stocks should be released. Instead, its role is to help coordinate the positions of EU member states participating in the IEA discussions.
The spokesperson also differentiated the current circumstances from a traditional energy supply crisis. She described the situation as a “global energy price crisis,” rather than an immediate shortage of fuel across Europe.
“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.
However, she noted that rising pressure on energy prices has become a broader international concern, particularly in the oil market. Unlike some other parts of the energy sector, global oil markets are less regulated and operate on an inherently international basis.
The discussions between European and US officials come as governments monitor oil market conditions and consider possible measures to limit the impact of elevated energy prices. EU member states are expected to continue coordinating their positions ahead of the IEA meeting and any potential decisions concerning emergency reserves.
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