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Energy Union Task Force takes stock of oil and gas security of supply in the EU

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The Energy Union Task Force, comprising of high-level representatives from the European Commission and EU countries, met on Friday 10 July to discuss the latest developments in the Middle East and the impact on the EU energy markets.

The Commission presented its latest assessments on oil and gas markets and took stock of gas storage levels and preparedness ahead of next winter. EU country representatives provided an update on the situation in their respective countries. 

The Task Force concluded that the supply of jet fuel remains overall stable so far. The supply of jet fuel in the EU has proven to be resilient in the face of geopolitical pressure, with increased EU refinery production and supplies secured from other regions around the world. The situation nonetheless remains volatile. 

On gas supplies, the Task Force observed that while prices remain still above pre-conflict levels, reflecting the current global market conditions and the uncertainty around the conflict’s duration, volatility has remained relatively low and prices are significantly lower than levels seen in the 2022 energy crisis. 

The Task Force confirmed that there is no immediate security of supply concern for winter 2026-2027 as storage filling targets remain achievable ahead of the start of the winter season, ensuring an adequate level of preparedness. In addition, the EU’s substantial LNG spare import capacity is expected to provide further flexibility to meet winter demand and support the optimal use of storage. 

The Commission and the Task Force will continue monitoring the oil and gas supply situation in the EU and coordinate action as necessary.

Background

Since the beginning of the conflict in the Middle East in February, the EU has collectively spent around an additional €53 billion in fossil fuel imports. The EU strategy to phase out fossil fuels in favour of cleaner, homegrown and, in turn, more affordable energy remains paramount. The Commission will shortly publish its first Electrification Action Plan, together with a legislative proposal to future-proof electricity bills, to speed up the rate of electrification in the EU.

The Commission has started the process to revise the Oil Stocks Directive, building on the commitment to revise the EU’s energy security framework, and incorporating lessons learned from the current Middle East crisis.

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