Friday's meeting was called by the EU commissioner for energy Kadri Simson to assess potential supply risks in case the Israel-Hamas conflict triggers a broader regional one.
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% of its energy mix, although Saudi Arabia is one of its top three suppliers, the official said. Each day around a fifth of daily global demand is shipped through the Strait of Hormuz. Western powers are nervous of an escalation that could lead to a blockade or increase the dangers of sailing through the narrow passage, where Iran has attacked and seized tankers in the past.
The EU group last met in June, but was convened on Friday to discuss oil security ahead of winter given the 27-member bloc has already lost nearly all its Russian gas and oil supplies. "The continued crude oil export cuts by OPEC and Russia, the conflict in Azerbaijan, and the Hamas attacks on Israel and its potential spill-over into the region are putting global oil supplies at risk," Simson said in remarks seen by Reuters.