RE: USA Strategic Reserve31 Mar 2022 14:19
FT 2019...........................
https://www.ft.com/content/e634753c-c401-11e9-a8e9-296ca66511c9
The UK’s emergency petroleum stocks will more than halve in the event of a no-deal exit from the EU, reducing the buffer of strategic reserves available in the event of severe global supply disruption.
The government would no longer require industry to hold the EU-mandated levels in the event of a hard Brexit, defaulting instead to much lower reserves stipulated by the International Energy Agency, the UK’s energy department said.
The Department for Business, Energy and Industrial Strategy told the Financial Times that EU rules require each member state to hold 61 days’ worth of consumption in reserve, which for the UK is equivalent to 11m tonnes or roughly 85m barrels. Under IEA rules, which are based on net imports, the government said the level of stocks held in reserve would drop to 4.5m tonnes or 35m barrels."