EU Maintains Strategic Oil Reserves Amid Hormuz Strait Tensions

The European Union has informed member states that there is currently no need to release strategic oil reserves despite ongoing conflicts affecting the Hormuz Strait, according to insiders. The EU Commission, acting as the executive body, conveyed this message during a specially convened Energy Union working group meeting on Thursday. According to Jin10, the Commission assured that member states possess strategic oil reserves sufficient to cover 90 days of consumption, meeting the obligations set by the International Energy Agency. The EU Commission is particularly monitoring the supply of diesel and jet fuel, which are heavily reliant on the Middle East. Insiders revealed that 40% of the EU's diesel and jet fuel imports originate from Gulf countries, while oil imports from the region account for approximately 8%, and liquefied natural gas imports from Qatar make up 9%. During the Energy Union meeting, officials noted that liquefied natural gas shipments scheduled for March have successfully passed through the Hormuz Strait, indicating that supply disruptions are unlikely in the short term.