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Europe Warned of Possible Disruption in Oil Supply

(CN) - The oil supply to Europe might be disrupted by a dispute between Russian and Ukrainian oil transport companies over transit conditions through Ukraine, the European Commission announced in a press release Monday.

The commission said it "can confirm" that the Russian government sent an early warning about a possible disruption in the oil supply based on the disagreement between oil transport companies.

"It is important to note that it has nothing to do with gas supply," the press release states.

"There is no current threat to supplies to households or to businesses," the commission said, noting that EU member states are required to stock oil for potential supply shortages.

The commission said it has notified member states "and is following the situation closely."

As a precautionary measure, the Oil Supply Group will convene in the next few days.

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