§ Mr. SayeedTo ask the Secretary of State for Trade and Industry what contingency plans she has to deal with an oil shortage. [9943]
§ Mr. WilsonUnder EU Directive 93/1998 each European Union member state has an obligation to keep stocks of oil that can be made available in the event of any disruption to international oil supplies. As part of this, the UK has an obligation to hold stocks of oil products (including motor spirit) or crude oil equivalent equal to or above 67.5 days' worth of consumption at any one time. In addition, the UK is a member of the International Energy Agency. The 26 IEA member countries, which include the USA and Japan and all other EU member states, all hold emergency stocks of oil and have committed themselves to take effective measures in accordance with IEA plans to meet any international oil 589W supply emergency. The IEA regularly holds exercises to ensure that procedures within the IEA and its member countries are kept up-to-date.