The European Commission said Thursday it continues to be on the watch as diesel and jet fuel supplies remain tight amid "global geopolitical uncertainty affecting oil markets".

However, it assured there was "currently no physical shortage of these products in Europe".

The European Union’s main executive body issued the statement after the latest meeting of the bloc’s Oil Coordination Group, held with the International Energy Agency (IEA).

"Following the conclusions of the European Council meeting of 15-16 October, the Commission updated the Group on the launch of the strategic dialogue with EU refineries", the Commission said. "This dialogue, to be chaired by Commissioners Dan Jørgensen and Andrius Kubilius, will take place soon".

"The Commission will continue to assess the overall impact of the global situation on Europe, support coordinated action where needed and maintain regular communication with EU countries, the IEA and market participants", it added.

At their meeting on October 15, the IEA Governing Board agreed to accelerate the release of about 100 million barrels of remaining volumes committed under the intergovernmental agency’s collective release launched March. Plans are "already in place" including for the release of over 20 million barrels of diesel, the IEA said.

However, releases will continue to follow "a timely manner consistent with national circumstances", it said.

Around 330 million barrels have so far been released since March. "[S]ome IEA members have released higher volumes than initially pledged in March while other members intend to do so, making the total amount of stocks to be released exceed the original total of 400 million barrels", the IEA said.

The governing board "encouraged those IEA members holding oil production and refining capacities to boost supply of crude and refined products, particularly diesel", the IEA said.

"Further actions" focusing on diesel are on the pipeline, depending on how the market develops, it said.

Meanwhile as of Thursday, the EU’s underground natural gas storage facilities had approximately 845 terawatt hours (TWh) – a filling level of 74.62 percent, according to Gas Infrastructure Europe’s online Aggregated Gas Storage Inventory.

"Given the important role of storage in meeting winter demand and supporting security of supply, continued injections at the beginning of the winter, together with close monitoring of storage and system conditions, are encouraged", the European Network of Transmission System Operators for Gas (ENTSOG) said October 8 about its outlook for supply during the 2026-27 winter.

"Storage remains a cornerstone of Europe’s winter preparedness. It covered approximately 26 percent of EU gas consumption during winter 2025-26 and around 30 percent during 2024-25.

"Sufficient stocks throughout the winter remain important for both the current season and the subsequent refilling period.

"European gas infrastructure remains sufficiently flexible to meet demand, with European LNG regasification capacity of approximately 1,600 TWh per winter season/~145 bcm [approximately 5.12 trillion cubic feet], which can partially compensate for lower storage levels at the beginning of the withdrawal season and support meeting winter demand.

"Maintaining strong LNG deliveries throughout the winter remains important to support the European gas balance and preserve storage levels. If LNG availability remains limited, storage levels could fall well below 30 percent by the end of the winter, increasing impact in the event of potential cold spells later in the season and may constrain the ability to refill during the following summer".

However, ENTSOG general director Piotr Kuś said, "Regional disparities remain, particularly for landlocked countries in Central and Eastern Europe and Southeastern Europe that may face greater challenges in accessing sufficient LNG supplies".

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