International Energy Agency members coordinate oil stock release
Around 400mln barrels of oil are being released to the market.
The UK will contribute 13.5mln of these barrels to help consumers by preventing short-term global supply disruptions.
Disruptions could lead to volatile oil prices and damage the global economy.
IEA members are required to hold emergency oil stocks equivalent to 90 days of net oil imports to help meet demand in periods of significant disruption to oil supply.
In the UK, these stocks (76.6mln barrels in total) are held by major suppliers at their facilities, including refiners and importers.
The UK Government says it will work closely with partners to resume the safe transit of tankers through the Strait of Hormuz and monitor the ongoing situation in the Middle East.
Energy Secretary Ed Miliband adds, ‘The price cap [is playing] an important role in protecting energy bills until July.’
