EU currently sees no risks to bloc’s energy supply — EC’s energy directorate

Business & Economy March 13, 12:17

Oil stocks remain at a high level, gas storage filling levels in the EU remain stable, the statement says

BRUSSELS, March 13. /TASS/. The European Union currently sees no risks to the community’s energy supply amid the ongoing conflict in the Middle East, the European Commission’s (EC) Directorate-General for Energy said in a statement.

"The Commission and EU countries <…> assessed the situation concerning the EU’s gas and oil security of supply in view of the continued disruptions in the Middle East," the document reads.

"EU countries confirmed that they do not observe any security of supply risks at the moment. Oil stocks remain at a high level, gas storage filling levels in the EU remain stable," according to the statement.

"In case of a prolonged closure of the Strait of Hormuz or further disruptions, the EU security of oil and gas supply will be reassessed," the directorate said, adding that the European Commission would "continue to monitor the situation and keep regular communication with EU countries and market participants."

On March 2, Major General of the Islamic Revolutionary Guard Corps (IRGC, elite army units) Ebrahim Jabari warned that the Strait of Hormuz, through which about a fifth of the world's oil exports pass, will be closed to ships due to the military operation of Israel and the United States against the Islamic republic. On March 5, Iranian Foreign Minister Abbas Araghchi said that the strait was not closed, but ships and tankers were not crossing it for fear of attacks from both sides. The US-Israeli military operation against Iran has led to a significant rise in oil prices. Later, the crude prices declined.

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