European Commission launches strategic dialogue on shrinking oil refining capacity

The European Union is facing energy security concerns due to a 20% decline in oil refining capacity since 2009, leading to increased reliance on imports. In response, European Commission President Ursula von der Leyen announced a strategic dialogue on refineries, chaired by Energy Commissioner Dan Jørgensen and Defence Commissioner Andrius Kubilius. The G7 recently announced a 100 million barrel oil release to address price spikes and supply fears, with European countries contributing to IEA-coordinated emergency releases. The EU's emergency oil stocks are held under national control, with France and Germany holding 35% of the total. The dialogue aims to address the declining refining capacity and ensure fuel security during the green transition.