UK’s Department of Energy and Climate Change (DECC) has launched a new consultation to review the oil stocking system in the country.
The government has invited views whether the present obligation of oil stocking by suppliers is the best effective model or it needs an alternative system, such as the centralised stocking agency, which currently exists in other European Union (EU) member states.
The responses or views in relation to oil stocking system will be taken up to 7 June 2013.
UK DECC Secretary Edward Davey said that the country has a resilient and responsive oil stocking system, which will meet international obligations and ensures energy security.
"We are launching this consultation to ensure our oil stocking system continues to follow best practice, remains fit for purpose and provides the foundation to a vibrant UK oil industry," Davey added.
UK needs to maintain emergency oil stocks for use during an oil supply disruption, as it is a member state of the EU and the International Energy Agency.