The European Commission’s spokesperson on energy issues, Anna-Kaisa Itkonen, commented today on the G7’s decision to release emergency oil reserves, which was announced on Friday, welcoming the decision and referring to a “very difficult winter” in terms of energy prices.
Ms. Itkonen was asked about the amount of oil and diesel each country would be required to release, as well as whether the release of reserves would be mandatory or voluntary. “We welcome this statement and the decision that was made, as well as the commitment made by G7 leaders on Friday to release emergency reserves,” she said.
As she explained, the Commission welcomes the decision also because there was “a clear commitment to oppose export bans, which could further exacerbate the already limited supply. “Protecting households and businesses from sharp price increases remains our priority,” she added.
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She also referred to the impact of the decision to release reserves on the oil market and energy prices. As she said, “it was a necessary and positive step forward, and we are confident that the decision taken and the subsequent actions you mentioned will have a positive impact on the oil market and onoil prices for member states, businesses, and consumers.”
Ms. Itkonen clarified, however, that the decision to release reserves, as well as the organization of any related procedures, falls under the purview of the International Energy Agency. “For our part, we are ready to convene the Oil Coordination Group or, if necessary, a meeting of the EU Working Group on Energy Security, in order to further coordinate among ourselves and reassess the situation,” she noted.
The Commission spokesperson declined to comment on the quantities and volumes of reserves that might be released, emphasizing that the relevant process falls under the jurisdiction of the International Energy Agency.
Source: APE-MPE
