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A diesel fuel nozzle with new European labels to standardise gasoline pumps in the EU zone is seen at a petrol station in Nice October 12, 2018. — Reuters picBRUSSELS, Oct 27 — European Union officials discussed diversifying oil stocks and creating a buffer for diesel and gasoil during an emergency meeting of the bloc’s oil coordination group, one told Reuters.
The meeting of the EU’s oil coordination group concluded that the risks are much lower than 50 years ago as Europe only relies on oil for about 30 per cent of its energy mix, although Saudi Arabia is one of its top three suppliers, the official said. While EU oil stocks currently meet a 90-day requirement, the official said, they are mostly in crude, whereas Europe’s vulnerability is in diesel and gasoil. More than 50 per cent of the bloc’s goods transportation relies on trucks using diesel.
Gasoil is used in heating, particularly since the loss of most Russian gas, while jet fuel demand continues to rise. “Furthermore, there are still some Member States that are importing Russian crude oil by pipeline and which can make them vulnerable to further Russian manipulation,” Simson said.