Considering the market volatility stemming from the conflict in the Middle East and the closure of the Strait of Hormuz, the European Commission is calling on EU countries to make timely and coordinated preparations to secure the supply of oil and refined petroleum products in the EU. There is already an obligation on EU countries to maintain oil stocks and to have contingency plans in response to security of supply incidents. EU countries are also contributing – approximately 20% – to the release of over 400 million barrels of emergency oil stocks coordinated by the International Energy Agency (IEA)…