§ Mr. David StewartTo ask the Secretary of State for Trade and Industry by what mechanisms she reviews strategic oil and gas reserves held by the Government. [179767]
§ Mr. TimmsThe UK does not have a strategic oil or gas reserve. It does hold oil stocks for use in a supply disruption. Under a EU Directive the UK is currently required to hold stock equivalent to 67.5 days' annual consumption. It meets this obligation by imposing compulsory oil stocking obligations on commercial companies. These holdings are the subject of regular reports to my Department and to the European Commission. My Department is also involved in the International Energy Agency's monitoring of world oil markets, and discussion of any action needed to respond to disruption or threatened disruption. There are no relevant international obligations in relation to gas.