U.K. Says IEA Oil Stockpiles Release at Discretion of Suppliers

The release of U.K. oil stockpiles under an International Energy Agency plan is at the discretion of the companies holding the fuels, according to the Department of Energy and Climate Change.

Having lowered companies’ reserves obligation by 3 million barrels, the U.K. government takes no further action, a DECC spokesman said from London, declining to be identified in line with department policy. It’s up to suppliers to sell the fuels depending on demand, the spokesman said.

The IEA is coordinating the release of 60 million barrels of oil over 30 days from the end of this week. The U.K.’s share of that is made up of 600,000 barrels of crude oil and 2.4 million barrels in oil products, the Paris-based agency said yesterday.

To contact the reporter on this story: Rachel Graham in London at rgraham13@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net