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Oil: Reserves

Volume 488: debated on Wednesday 25 February 2009

To ask the Minister of State, Department for Business, Enterprise and Regulatory Reform what proportion of the UK’s compulsory oil stocks under EU law are accounted for by the Compulsory Oil Stock Reservation Agreement for stock held outside the UK. (253309)

I have been asked to reply.

The UK has bilateral agreements with other EU countries where they can hold stocks on behalf of the UK and the UK can hold stocks on their behalf.

The latest figures for November 2008 show that the net proportion of stocks held abroad equated to 18 per cent. of the UK’s compulsory oil stocks.