To ask the Secretary of State for Business, Energy and Industrial Strategy, what his policy is on the required minimum level of oil stocks for national resilience.
12 January 2022
Emergency oil stocks are a critical tool to defend against the harmful impacts of major disruptions to global oil supply. The UK holds emergency stocks of oil, primarily to release in a co-ordinated fashion with other members to the international market in the event of such major supply disruption. As a member of the International Energy Agency the UK is obligated to hold a minimum of 90 days of net imports. This obligation is passed on to companies that supply more than 50 thousand tonnes of key fuels to the UK market in a twelve-month period.