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EU Officials: Ready to Mobilize Strategic Oil Reserves
On March 9th local time, the Eurogroup meeting was held in Brussels, Belgium. At the post-meeting press conference, Eurogroup President Pierre Gramegna said that they are closely monitoring market reactions to the developments in the Middle East, “We see upward pressure on energy prices.” He stated that the meeting discussed the types of measures member states are considering and the need to coordinate actions while closely monitoring the local situation. Additionally, they examined structural issues in European energy. European Commission Commissioner for Economic Affairs Paolo Gentiloni said at the press conference that it is too early to discuss specific policy measures to be taken regarding the Middle East situation. He also stated that preparations have been made to take necessary measures, including the use of strategic oil reserves. (CCTV News)