Energy Community launches oil coordination group amid global reserve concerns

The Energy Community is establishing an Oil Coordinating Group to strengthen cooperation among member states during oil supply crises. This new mechanism aims to improve market monitoring, data exchange, and the identification of supply chain vulnerabilities. The group will also serve as a bridge to the European Union’s Oil Coordination Group to align regional mechanisms with European structures.

This initiative follows a period of significant market volatility. Reports indicate that the 2026 supply shock was the strongest in over half a century, disproportionately affecting smaller regional economies. For instance, during the 2026 crisis, Albania provided approximately 50% to 60% of Kosovo’s fuel, while North Macedonia re-exported 330,000 tons to neighboring markets in 2024.

Simultaneously, global energy leaders are warning of dwindling oil buffers. Amin Nasser, CEO of Saudi Aramco, stated at the Energy Intelligence Forum that commercial inventories have reached a critical point, with less than 10% of the remaining six billion barrels being practically available for the market. Since the onset of conflicts in the Middle East, nearly three billion barrels of potential supply have been lost, and over one billion barrels have been withdrawn from commercial storage to compensate for shortages.