The European Commission presently coordinates the maintenance of emergency stocks of crude oil and petroleum products in the European Union (EU). The aim is to increase security of supply, market stability and to promote solidarity among Member States. The International Energy Agency (IEA) requires its members to hold stocks for use in the event of global disruption. Previously a net exporter, the UK was exempt from this IEA requirement. Now as a net importer, the UK has both an IEA and an EU obligation.
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