Britain to allow 1.5 million barrel private sector oil reserve release

LONDON – Britain will allow privately-held oil reserves to be released voluntarily in answer to a global stockpile release effort led by the United States, a UK government spokesperson said in an emailed statement on Tuesday.

“If all companies chose to use this flexibility it would release the equivalent of 1.5 million barrels of oil,” the spokesperson said.

“This does not impact UK oil reserves which are significantly above the 90 days required by the (International Energy Agency).”