According to the press release from the European Commission (EC), it has formally requested Romania to ensure the correct implementation and application of the Oil Stocks Directive.
According to this Directive, all EU member states are obliged to maintain minimum stocks of crude oil and/or petroleum products, which must be available at all times and thus ensures the security of supply of petroleum products in the EU. The press release said that the current Romanian legislation prohibits the use of oil stocks as collaterals, which could make it more difficult for commercial operators to fulfill their obligations to hold stocks. Romania has also incorrectly implemented the rules regarding the right of commercial operators to delegate their obligation to hold stocks and the establishment of the emergency procedures in the event of a major supply disruption.
Under the Oil Stocks Directive, all EU member states must maintain emergency stocks of crude oil and /or petroleum products equal to at least 90 days of net imports or 61 days of consumption, whichever is higher. Currently, oil accounts for about 34 % in the EU energy mix. Although EU produces some of its oil, most of its supplies are imported.
Romania now has two months to inform the European Commission on the taken measures, otherwise the EC may decide to refer the case to the Court of Justice of the EU.
