EU Says No Urgent Oil Supply Security Concern, Sees Middle East Risks Tightening Markets

The European Commission said in meeting minutes that the EU Oil Coordination Group sees no urgent concern over oil supply security in the bloc, according to Jiemian News. The minutes said geopolitical uncertainty in the Middle East continues to drive price volatility in crude oil and petroleum product markets, especially jet fuel and diesel. The minutes added that European demand for jet fuel and diesel is currently being met by higher output from EU refineries and substitute supplies from global markets. They also said the evolution of the Middle East conflict and the usual autumn and winter demand pattern could affect markets in the coming weeks and months and further tighten supply.