The European Commission is considering an increase in the overall minimum levels of oil stocks by its member states to 120 days in order to make sure that Europe is well supplied in case of an emergency.

According to EU rules, all member states must hold 90 days worth of oil in order to cope in case of a supply disruption. However some of the new member states, particularly those from Eastern Europe, were granted a transitional period.

Statistics seen by The Times show that Malta is well in line with these rules.

By the end of last month, Malta's total oil stocks amounted to 309,000 tonnes equivalent to 128 days of consumption, well over the 90-day EU threshold.

Launching a public consultation on whether changes should be made to the management of emergency stocks, the Commission yesterday said that certain shortcomings need to be addressed.

It said oil supplies in the EU are becoming more and more concentrated in a handful of countries, many of which are exposed to geopolitical risks.

It spoke of the need to clarify roles between the Commission, member states and the Paris-based International Energy Agency (IEA).

"While the IEA foresees clear tasks in cases of supply disruption, nine EU member states (including Malta) are currently not members of the agency," the document states.

"Such 'confusion' on the distribution of roles may lead to delays in making emergency stocks available."

According to the Commission, doubts about the availability of stocks in the context of actual or potential crisis may lead to market speculation and increase price volatility.

The price of oil on US and European market yesterday reached $119 a barrel.