Stock-draw
Oil-based products
Under conditions of energy supply disruption and by Council of Ministers’ agreement published in the Official State Gazette, minimum security stocks -including strategic reserves- may be subjected to intervention under CORES’ direct supervision, in order to abet the most efficient use of available energy supplies.
Likewise, the Government may decide on the final use of minimum security stocks, including strategic reserves, for as long as it is deemed necessary in order to ensure supplies to priority consumption centres. The Ministry of Industry, Tourism and Trade shall draw up regulations and general plans to implement in energy supply crisis situations.
Strategic reserves of oil-based products, to be drawn, down should be supplied to the operators, at market prices, for their delivery to consumers.
Under normal conditions, the Corporation is empowered to dispose of strategic reserves under specific circumstances, such as when there is overstocking beyond compulsory levels or to maintain product quality.
Under no circumstances shall the disposal of strategic reserves by the Corporation alter the competitive conditions or the normal functioning of the oil-based product market.
The application of this procedure was performed twice. The first was dated September 2, 2005, in response to temporary shortages of oil markets occurred as a result of damage caused by Hurricane Katrina. The International Energy Agency (IEA) considered necessary coordinated initial response involved the placing on the market 60 million barrels, with an average of 2 million barrels a day for 30 days.
By decision of the Council of Ministers of September 8, 2005, Spain joined this joint response, accounting for a share of 3.5%, ie 70,000 barrels a day and specifically lowered by the amount, temporarily, the obligation to maintain minimum security stocks of gasoline (four days) and middle distillates (two days) of the entities. By Order ITC/1775/2006 of May 25 was restored obligation obligated to maintain minimum security stocks of petroleum products from the 24 hours of December 31, 2006.
The second time was not long ago. On 23 June the IEA undertook a collective action, releasing again 60 million barrels, averaging 2 million barrels a day for 30 days, to make up for the lack of oil supply from Libya. The aim was, on the one hand, to make up for the lack of production in Libya until other third countries increased their production and, on the other, to prevent that the stress produced in the oil market following the events in Libya might affect economic recovery worldwide.
By decision of the Council of Ministers of June 24, 2011, Spain joined the joint response of the IEA, accounting for a share of 3.8%, ie 75,800 barrels a day and specifically lowered by an amount equivalent basis transient, the obligation to maintain minimum security stocks of 2.3 days of sales or consumption.
NATURAL GAS
Under emergency conditions, the Government may lay down usage requirements for natural gas reserves, which may include a number of measures regulating the gas market if short of supplies.
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