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Oil: Storage

Question for Department for Business, Energy and Industrial Strategy

UIN 96749, tabled on 4 January 2022

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.

Answered on

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.