The EU's energy ministers have agreed new rules on oil stocks, but failed to agree on the location of a new energy regulatory agency.
At their meeting in Luxembourg today (12 June), ministers agreed to update rules on oil stocks that will require member states to ensure that at least one-third of their stocks are refined petroleum products rather than crude oil so that they can be released quickly in times of crisis.
The agreement also covers the rules for releasing stocks in the case of a crisis and a change in the way that the minimum requirements are calculated, based on consumption.
Ministers failed to take a decision on where a new Agency for the Co-ordination of Energy Regulators (ACER) should be located, as support was divided among the three cities competing to host the body.
Ljubljana, the capital of Slovenia, had the most support, with ten countries backing its bid, while Bratislava in Slovakia had the support of eight countries, followed by Bucharest, the capital of Romania, with the support of seven countries. The Czech Republic, which holds the presidency of the Council of Ministers, and Sweden, which takes over the presidency on 1 July, abstained.
The issue of where the ACER will be based will be discussed at an informal meeting of EU energy ministers in July.
