LONDON (Reuters) - Britain will allow privately-held oil reserves to be released voluntarily in answer to a global stockpile release effort led by the United States, a UK government spokesperson said in an emailed statement on Tuesday.
LONDON (Reuters) – Britain will allow privately-held oil reserves to be released voluntarily in answer to a global stockpile release effort led by the United States, a UK government spokesperson said in an emailed statement on Tuesday.
“If all companies chose to use this flexibility it would release the equivalent of 1.5 million barrels of oil,” the spokesperson said.
“This does not impact UK oil reserves which are significantly above the 90 days required by the (International Energy Agency).”
(Reporting by Shadia Nasralla and Elizabeth Piper, Editing by Louise Heavens)
Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV. Learn more about Thomson Reuters products: