The European Union has sufficient oil and faces no immediate risk of shortage from the Middle East war, a Commission spokesperson said.
Energy prices have risen sharply since the conflict began. On Monday, the price of oil climbed above 100 dollars per barrel, the highest level since mid-2022.
According to the spokesperson, EU member states hold emergency oil reserves that are sufficient to meet demand for at least 90 days. Brussels has seen no signs that an emergency situation is developing.
The Commission, however, is concerned about the high prices. Rising energy costs could push inflation higher across the bloc.
The spokesperson said G7 countries will meet on Monday to discuss releasing strategic oil reserves to curb prices.
@anp | NEWS BRAINPORT
