Doris Leblond
OGJ Correspondent
PARIS, June 18 -- The European Union Energy Council has issued a directive aimed at aligning emergency stocks with the oil-sharing program of the International Energy Agency.
EU membership has expanded since IEA implemented its emergency oil-sharing system in the 1970s, and not all EU members belong to IEA. EU legislation on oil stocks dates back to 1968.
The directive takes effect after publication in the Official Journal and must be transposed into national laws by the end of 2012.
Volume requirements for emergency stocks continue to be based on 90 days of net imports. Under the new directive, countries also will have to assure that at least one third of the stored oil is products corresponding to their consumption patterns.
The stocks must be owned by member states or a stockholding agency or held under arrangements ensuring the same level of public control.
The directive gives the EU new powers to review and audit stocks held by its members and to respond quickly to supply emergencies in cooperation with IEA.