§ Mr. MansTo ask the Secretary of State for Energy what action, in the light of commencement of hostilities in the Gulf, is being taken to ensure that oil supplies are maintained.
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§ Mr. WakehamThe IEA gave notification yesterday morning, 17 January, that the contingency plan agreed last Friday 11 January is now being activated. Member countries agreed that in the event of hostilities in the Gulf they would make available to the market an additional 2.5 million barrels of oil per day through a combination of stockdraw, demand restraint and other measures. The United Kingdom share is 120,000 barrels per day and will come from stocks held by the oil companies.
There are ample supplies at present. This action provides further reassurance that if shortages occur, additional supplies will be available.