Brussels, 06/02/2003 (Agence Europe) - The group responsible for oil supplies, created during the 1973 oil crisis and consisting of representatives form the European Commission and experts from Member States was called to order on Wednesday by the Commission in order to analyse the situation on the oil markets in view of assessing prices in the current geo-political context. The balance sheet for this meeting was positive, indicated Commission sources, given that experts are not expecting a breach in supplies for the EU and believe that oil stocks are healthy.
Indeed, according to the latest figures communicated by Member States for the period from June to November 2002, all States (except Belgium, Luxembourg and Portugal) have maintained a level of oil stocks at a level higher than Community prescriptions, or over 90 days, for three category of products (diesel, kerosene, petrol). During the meeting, the Commission recalled the proposals presented in September for a co-ordinated management of oil and gas stocks aimed at ensuring security of energy supply in the EU, proposals that provide for an increase in volume of safety stocks from 90 to 10 days (EUROPE of 12 September, p.12).