Oil is the world’s number one energy source and is expected to remain so in the coming years. Global oil consumption has increased by 20% since 1994, and global oil demand is projected to grow by 1% per year.
The European Commission (EC) coordinates the maintenance of emergency stocks and the adequate response to internal and external supply disruptions.
In order to contribute to the transparency of the oil market, the EC publishes a weekly Oil Bulletin (describing the price trends for the main petroleum products applied by the Member States) and overviews of taxes and excise duties levied on these products. Oil stocks data from Member States is gathered and summaries of this data are regularly published.