Recommendation (EU) 2022/867 on the release of emergency oil stocks by Member States following the invasion of Ukraine

Summary:

Recommendation adopted by the European Commission on 1 June 2022 concerning the release of emergency oil stocks by Member States of the European Union (EU) following Russia's invasion of Ukraine.

Further information:

Council Directive 2009/119/EC imposes an obligation on EU Member States to maintain minimum stocks of crude oil, aiming at ensuring a high level of security of supply in the EU. It also lays down rules and procedures to be applied in case of emergency.

In March and April 2022, the Governing Board of the International Energy Agency (IEA) decided coordinated oil emergency stockdraw plans to release 60 and 120 million barrels of oil, respectively. The European Commission and Member States discussed the opportunity, expected benefits and impact of IEA collective action at several meeting of the Oil Coordination Group. 18 Member States participated in this collection action and pledged voluntary contributions.

Emergency oil stocks held in the EU are at the lowest volume since 2013. They reflect the net imports of crude oil and petroleum products during 2020, which were unusually low. The Commission highlights the importance to restrain the demand for crude oil and petroleum products as much as possible due to uncertainty relating to the war in Ukraine. Member States should therefore not replenish in the short term those emergency oil stocks, unless there is a risk for their security of supply preparedness.

The Recommendation was adopted by the European Commission on 1 June 2022 and published in the Official Journal on the following day.