HC Deb 21 May 1979 vol 967 cc17-8W
Mr. Skeet

asked the Secretary of State for Energy if he will compare the stocks of major oil products with what they were 12 months ago; and say how he proposes to match production with demand to avoid excessive price escalation.

Mr. Gray

The latest figures comparing 1978 and 1979 oil product stocks relate to the end of March and are as follows:

Thousand tonnes
March March
1978 1979
Light distillates 2,156 1,924
Middle distillates 3,664 2,987
Fuel oils 4,126 3,223
Other products 1,450 1,745
Total products 11,396 9,879
Crude oil holdings were 7,536 7,518

The lower 1979 product stock figure reflects especially the increased demand for heating oils during the winter. Forward stock estimates for end April indicate that stock rebuilding is now taking place.

In an effort to match supply and demand the United Kingdom is joining with other member States of the International Energy Agency and the EEC in measures to reduce by 5 per cent. demand on world supplies in 1979. In the United Kingdom action includes a programme of reduced oil burn by the CEGB and a campaign to reduce oil consumption in all parts of the public sector. I shall be watching the effects of the measures and will introduce further measures if these become necessary.