The European Commission’s spokesperson for Energy welcomed the G7 countries’ decision to release emergency oil reserves, while at the same time warning of a “very difficult winter” ahead in terms of energy prices. During a press briefing, Anna-Kaisa Itkonen was asked about the volume of oil and diesel each country would be required to release, as well as whether the release of reserves would be mandatory or voluntary.
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“We welcome this statement and the decision that was taken, as well as the commitment made by G7 leaders on Friday to release emergency reserves,” she said. She further noted that the Commission welcomes the decision for an additional reason: it includes a “clear commitment to opposing export bans,” which, according to her, could further worsen an already constrained supply.
“Protecting households and businesses from sudden price increases remains our priority,” the European Commission spokesperson added.
She also addressed the potential impact of the reserve release decision on the oil market and energy prices. In her words, “it was a necessary and positive step forward, and we are confident that the decision taken and the subsequent actions you referred to will have a positive impact on the oil market and on oil prices for member states, businesses, and consumers.”
Ms. Itkonen clarified, however, that the decision to release reserves and the organization of any related process fall under the authority of the International Energy Agency. “On our side, we are ready to convene the Oil Coordination Group or, if needed, 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 specific quantities and volumes of reserves that might be released, emphasizing that the relevant process falls within the remit of the International Energy Agency.
