Emergency oil stocks at lower levels after releases

19.10.2022, 11:07 finchannel.com

In July 2022, the EU held 103.6 million tonnes (mt) of emergency oil stocks, an increase of 2.5% from June 2022. July data show a recovery from the previous month, which recorded the historical low of 101.1 mt marking a decrease of 4.5% compared with January 2022 and of 10.3% compared with June 2021. Crude oil and petroleum products are crucial in the EU economy, and given its oil import dependency, holding emergency oil stocks means more energy security. EU law demands that the Member States maintain minimum emergency stocks of both crude oil and petroleum products. Following the Russian invasion of Ukraine, these requirements allowed for two emergency stock releases decided in March and April 2022 and aimed at stabilizing the market. The low levels in June 2022 reflect the above releases which were coordinated by the International Energy Agency and backed by several Member States.