The European Union's Oil Co-ordination Group said on Friday that, while?oil flows were slowly recovering after a preliminary agreement to end the Iran War, it will still?take time for these supplies to reach Europe.

The Oil Coordination Group has noted that reports indicate that trade flows have begun to slowly recover after the'memorandum of agreement' signed between Iran and the United States last week. The group did note that it would 'take time' for supplies to reach Europe from the region.

The group said that "as far as 'crude oil is concerned, the situation remains stable for the time being, due to the global stock?"draws" in the past?months," they?added. (Reporting and editing by Alison Williams; Sudip Kar Gupta)

(source: Reuters)