EU: 90-day crude oil reserves are "sufficiently stocked," no plan to activate strategic release for now

Golden Ten Data reported on March 6 that, according to informed sources, the European Union informed member states this week that, despite the ongoing Iran war continuing to disrupt the key shipping lane of the Strait of Hormuz, there is currently no reason to release strategic oil reserves. According to the sources, the European Commission, as the EU's executive body, stated at a specially convened Energy Union working group meeting on Thursday that the strategic oil reserves currently held by member states can cover 90 days of consumption—this is the obligation stipulated by the International Energy Agency, and at this stage there is no need to begin releasing reserves. The European Commission stated that it is currently paying particular attention to the supply of diesel and jet fuel, as these energy sources are more dependent on the Middle East region. According to the sources, Commission officials said that 40% of the EU's diesel and jet fuel imports come from Gulf countries. In comparison, total oil imports from the region account for about 8%, and liquefied natural gas imports from Qatar account for 9%. The sources also stated that during the Energy Union working group meeting, the Commission mentioned that liquefied natural gas shipments originally scheduled for delivery in March have already passed through the Strait of Hormuz, which means that supply disruptions are unlikely in the short term.