National Oil Reserves Agency Act 2007

Release of oil stocks in cases of particular urgency.

35.— (1) If the Minister considers that a case of particular urgency exists and that it is necessary for the compliance by the State with its stockholding obligations to do so, he or she shall notify the Agency that the oil stocks maintained by it may be reduced below the level required under section 32 for such period and to such level as the Minister may, in writing, direct.

(2) After consulting the Agency, the Minister may, in writing—

(a) issue a direction specifying the procedures to be applied by the Agency for releasing such oil stocks, and

(b) authorise the Agency to release oil stocks in accordance with those procedures.