Britain to allow 1.5 mln barrel private sector oil reserve release - Reuters

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Vessels that are used for towing oil rigs in the North Sea are moored up at William Wright docks in Hull, Britain November 2, 2017. REUTERS/Russell Boyce

LONDON, Nov 23 (Reuters) - 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)."

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Reporting by Shadia Nasralla and Elizabeth Piper, Editing by Louise Heavens

Our Standards: The Thomson Reuters Trust Principles.

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