The European Union has asked the International Energy Agency (IEA) to assess the medium-term impact that the release of 400 million barrels of oil from strategic reserves will have on supply security, the European Commission said.
The EU made the request following a meeting held on Thursday by its Oil Coordination Group, an advisory body that helps member states coordinate measures related to oil supply.
During the meeting, EU member states reiterated that they currently see no risk to the bloc’s oil supply security. Another meeting has been scheduled for March 19.
The IEA announced on Wednesday the coordinated release of 400 million barrels from strategic oil reserves to ease crude prices following the surge triggered by the war in Iran.
