Oil accounts for 34% of the EU's energy mix. The EU does produce some of its own oil but most of its supplies are imported. With the majority of the EU's transport fuels coming from oil and with some EU countries heavily reliant on the resource for heating and electricity, maintaining emergency stocks to be used in case of supply disruptions is vital.
Emergency oil stocks
Under the EU's Oil Stocks Directive:
- EU countries must maintain emergency stocks of crude oil and/or petroleum products equal to at least 90 days of net imports or 61 days of consumption, whichever is higher
- Stocks must be readily available so that in case of a crisis they can be allocated quickly to where they are most needed
- EU countries must send the European Commission a statistical summary of their stocks at the end of each month. This summary must state the number of days of net imports or consumption that the stocks represent
- During a supply crisis, the Commission is responsible for organising a consultation between EU countries. Withdrawals from stocks should not be made before this consultation, except in a very urgent situation