P.M. BRIEFING : EC Foresees No Panic Over Oil

Times Wire Services

The European Community Commission said today a war in the Persian Gulf would be “cause for concern but not panic” in the EC’s oil market because of the trade bloc’s large stocks--enough for 100 days’ consumption.

As a precautionary measure, major energy facilities in the 12 member states have taken measures to secure themselves against possible terrorist attacks, the EC said.

If supplies start running out despite the stocks, the EC could decide to set a target of consumption cuts of up to 10% in each member state under independent energy saving plans.