Emergency oil stocks

KEY POINTS

• EU countries must:
  • maintain total oil stocks equivalent to at least 90 days of average daily imports or 61 days of consumption — whichever is the higher;
  • ensure that stocks are readily available and accessible in the event of an emergency;
  • keep an updated register of their emergency stocks and send the data to the European Commission by 25 February every year;
  • maintain an updated register of specific stocks, such as motor and aviation gasoline, held within their territory and supply the Commission with the information within 15 days of receiving a request to do so;
  • send the Commission monthly summaries of the level of the commercial stocks held on their territory;
  • have contingency plans in place to respond to a major disruption in supply and be able to release some or all of their emergency stocks quickly and effectively;
  • allow companies and other entities that are required to hold oil stocks to delegate some of that responsibility, subject to certain conditions.
• EU countries may set up central stockholding entities to acquire, maintain or sell stocks to comply with the directive.
• Import and consumption levels used to calculate the minimum level of stocks are based on the previous year’s data.
• An advisory oil and petroleum products coordination group helps the Commission analyse security of supply for the EU.
• The Commission may, working with national authorities, review emergency preparedness procedures.
• By 31 December 2015, the Commission had to review how the legislation was implemented.