As a result of the COVID-19 crisis, commercial oil stocks in the EU experienced extraordinary fluctuations when comparing June 2019, 2020 and 2021. In the EU (excluding data for Germany, the Netherlands and Sweden for lack of historical data), they increased by 18.3% in June 2020 when compared with June 2019 and then decreased by 8.4% in June 2021 when compared with June 2020.
This shift is linked to the COVID-related measures that restricted movement and transport, and almost completely halted the demand for several fuels in 2020. With the gradual lifting of the restrictions, the demand for oil products started slowly normalising, and commercial oil stocks in June 2021 adjusted to 55 145 thousand tonnes and accounted for 33% of the total stocks (167 651 thousand tonnes).
Source dataset: nrg_stk_oilm
Indeed, domestic commercial oil stocks may fluctuate according to market needs and trends, as opposed to emergency oil stocks, which are quite stable since they reflect obligations that are calculated on annual bases. Commercial stocks, although held by economic operators in the national territory for their own operational and commercial needs, can be crucial in times of crises, which is why EU countries must report these stocks along with emergency oil stocks.
Source dataset: nrg_stk_oilm
The EU countries with the largest fluctuations in commercial oil stocks in June 2021 compared with June 2020 were Greece (+286% in 2020, -61% in 2021), Estonia (+197%, -51%) and Denmark (+ 97%, -33%). In terms of quantities, the EU countries recording the largest changes were Italy (+1963 thousand tonnes in 2020, -1085 thousand tonnes in 2021), Denmark (+1293, -874) and Greece (+ 1116, - 916).
For more information:
- Germany, Netherlands, Sweden: missing for lack of historical data on commercial oil stocks.
- Eurostat Statistics Explained article on emergency oil stocks statistics.
- Eurostat overview of energy statistics
- Eurostat database of energy statistics
To contact us, please visit our User Support page.
For press queries, please contact our Media Support.