Aenert news. Energy Market & Energy Statistics
Eurostat presented data on emergency and commercial oil stocks in the European Union, the availability of which is of great importance for energy security, given the EU's dependence on crude oil and petroleum products imports in the current geopolitical instability. In general, statistics show that emergency oil stocks in the EU are at a higher level than before Russia's invasion of Ukraine.
As the table below shows, in May 2023, emergency oil stocks in the EU were 108.2 million tons, a 7.2% increase from the historic low of 101.1 million tons in June 2022. The composition of emergency stocks by fuel varies according to the specific needs of each individual country. In general, though, stocks consist mainly of crude oil (45.3 million tons in the EU), ahead of gas/diesel (39.3 million tons) and gasoline (9.8 million tons).
As part of a coordinated effort to stabilize the oil market and ensure supply to end-users, starting from July 2022, the minimum level of compliance stocks in all EU countries has been raised from 86.3 million tonnes to 90.3 million tonnes. Member States are obliged to replenish stocks to the minimum required levels. The stock requirements are expressed in "daily equivalent" terms, which means that those Member States that are highly dependent on imports must maintain oil stocks of 90 days of average daily net imports. Whereas Member States that produce crude oil and shale should maintain 61 days of average daily domestic consumption.
In October 2022, 11 Member States had stocks below the required level. As can be seen from the table, this is a decrease compared to January 2022, which is explained by emergency releases as well as an increase in the level of requirements. Although from October 2022 onwards, countries started to steadily increase their stocks and in May 2023 only 5 countries were still below the required level.
EU Member States may store their emergency oil stocks on their territory or in other EU Member States. Five Member States store all their emergency stocks on their territory: Czech Republic, Hungary, Austria, Poland, and Slovakia. The country with the largest share of oil stocks stored abroad was Luxembourg (87.0%), followed by Malta (84.4%) and Belgium (49.1%).
In addition to emergency stocks, countries are also required to report their commercial stocks, which may be considered available in addition to emergency stocks in case of need. In August 2020, commercial oil stocks reached an all-time high of 63.2 million tons due to lower demand during the COVID period. They declined to 44.8 million tons in December 2021 due to the resumption of economic activity. Due to the Russian invasion of Ukraine, there was significant market instability, resulting in fluctuations in commercial stocks, which were 52.9 million tons in May 2023. The Netherlands (9.7 million tonnes), Germany (9.3) and Italy (5.6) were the Member States with the largest quantity of commercial stocks.
By the Editorial Board
Eurostat presented data on emergency and commercial oil stocks in the European Union, the availability of which is of great importance for energy security, given the EU's dependence on crude oil and petroleum products imports in the current geopolitical instability. In general, statistics show that emergency oil stocks in the EU are at a higher level than before Russia's invasion of Ukraine.
As the table below shows, in May 2023, emergency oil stocks in the EU were 108.2 million tons, a 7.2% increase from the historic low of 101.1 million tons in June 2022. The composition of emergency stocks by fuel varies according to the specific needs of each individual country. In general, though, stocks consist mainly of crude oil (45.3 million tons in the EU), ahead of gas/diesel (39.3 million tons) and gasoline (9.8 million tons).
As part of a coordinated effort to stabilize the oil market and ensure supply to end-users, starting from July 2022, the minimum level of compliance stocks in all EU countries has been raised from 86.3 million tonnes to 90.3 million tonnes. Member States are obliged to replenish stocks to the minimum required levels. The stock requirements are expressed in "daily equivalent" terms, which means that those Member States that are highly dependent on imports must maintain oil stocks of 90 days of average daily net imports. Whereas Member States that produce crude oil and shale should maintain 61 days of average daily domestic consumption.
In October 2022, 11 Member States had stocks below the required level. As can be seen from the table, this is a decrease compared to January 2022, which is explained by emergency releases as well as an increase in the level of requirements. Although from October 2022 onwards, countries started to steadily increase their stocks and in May 2023 only 5 countries were still below the required level.
EU Member States may store their emergency oil stocks on their territory or in other EU Member States. Five Member States store all their emergency stocks on their territory: Czech Republic, Hungary, Austria, Poland, and Slovakia. The country with the largest share of oil stocks stored abroad was Luxembourg (87.0%), followed by Malta (84.4%) and Belgium (49.1%).
In addition to emergency stocks, countries are also required to report their commercial stocks, which may be considered available in addition to emergency stocks in case of need. In August 2020, commercial oil stocks reached an all-time high of 63.2 million tons due to lower demand during the COVID period. They declined to 44.8 million tons in December 2021 due to the resumption of economic activity. Due to the Russian invasion of Ukraine, there was significant market instability, resulting in fluctuations in commercial stocks, which were 52.9 million tons in May 2023. The Netherlands (9.7 million tonnes), Germany (9.3) and Italy (5.6) were the Member States with the largest quantity of commercial stocks.
By the Editorial Board
