With Iraq war looming, EU strives to upgrade oil and gas stocks

The European Commission on last Wednesday called for the joint management of the bloc’s emergency gas and oil reserves, saying “geopolitical uncertainties” demanded an overhaul in mechanisms designed to safeguard Europe’s access to vital energy sources. As fears of impending US action against Iraq and a subsequent rise in oil prices continued to grow, senior European officials said an energy-dependent EU needed larger oil stocks ...

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