Agreement on an International Energy Program:Annex Emergency Reserves

Agreement on an International Energy Program

Annex Emergency Reserves

Geldend

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Article 1

1

Total oil stocks are measured according to the OECD and EEC definitions, revised as follows:

A.

Stocks included:

crude oil, major products and unfinished oils held

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in refinery tanks

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in bulk terminals

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in pipeline tankage

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in barges

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in intercoastal tankers

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in oil tankers in port

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in inland ship bunkers

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in storage tank bottoms

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in working stocks

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by large consumers as required by law or otherwise controlled by Governments.

B.

Stocks excluded:

(a)

crude oil not yet produced

(b)

crude oil, major products and unfinished oils held

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in pipelines

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in rail tank cars

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in truck tank cars

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in seagoing ships’ bunkers

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in service stations and retail stores

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by other consumers

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in tankers at sea

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as military stocks.

2

That portion of oil stocks which can be credited toward each Participating Country's emergency reserve commitment is its total oil stocks under the above definition minus those stocks which can be technically determined as being absolutely unavailable in even the most severe emergency. The Standing Group on Emergency Questions shall examine this concept and report on criteria for the measurement of absolutely unavailable stocks.

3

Until a decision has been taken on this matter, each Participating Country shall subtract 10 per cent from its total stocks in measuring its emergency reserves.

4

The Standing Group on Emergency Questions shall examine and report to the Management Committee on:

(a)

the modalities of including naphtha for uses other than motor and aviation gasoline in the consumption against which stocks are measured,

(b)

the possibility of creating common rules for the treatment of marine bunkers in an emergency, and of including marine bunkers in the consumption against which stocks are measured,

(c)

the possibility of creating common rules concerning demand restraint for aviation bunkers,

(d)

the possibility of crediting towards emergency reserve commitments some portion of oil at sea at the time of activation of emergency measures,

(e)

the possibility of increasing supplies available in an emergency through savings in the distribution system.

Article 2

1

Fuel switching capacity is defined as normal oil consumption that may be replaced by other fuels in an emergency, provided that this capacity is subject to government control in an emergency, can be brought into operation within one month, and that secure supplies of the alternative fuel are available for use.

2

The supply of alternative fuel shall be expressed in terms of oil equivalent.

3

Stocks of an alternative fuel reserved for fuel switching purposes may be credited towards emergency reserve commitments insofar as they can be used during the period of self-sufficiency.

4

Stand-by production of an alternative fuel reserved for fuel switching purposes will be credited towards emergency reserve commitments on the same basis as stand-by oil production, subject to the provisions of Article 4 of this Annex.

5

The Standing Group on Emergency Questions shall examine and report to the Management Committee on

(a)

the appropriateness of the time limit of one month mentioned in paragraph 1,

(b)

the basis of accounting for the fuel switching capacity based on stocks of an alternative fuel, subject to the provisions of paragraph 3.

Article 3

A Participating Country may credit towards its emergency reserve commitment oil stocks in another country provided that the Government of that other country has an agreement with Government of the Participating Country that it shall impose no impediment to the transfer of those stocks in an emergency to the Participating Country.

Article 4

1

Stand-by oil production is defined as a Participating Country's potential oil production in excess of normal oil production within its jurisdiction

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which is subject to government control, and

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which can be brought into use during an emergency within the period of self-sufficiency.

2

The Standing Group on Emergency Questions shall examine and report to the Management Committee on

(a)

the concept of and methods of measurement of stand-by oil production as referred to in paragraph 1,

(b)

the appropriateness of ‘the period of self-sufficiency’ as a time limit,

(c)

the question of whether a given quantity of stand-by oil production is of greater value for purposes of emergency self-sufficiency than the same quantity of oil stocks, the amount of a possible credit for stand-by production, and the method of its calculation.

Article 5

Stand-by oil production available to a Participating Country within the jurisdiction of another country may be credited towards its emergency reserve commitment on the same basis as stand-by oil production within its own jurisdiction, subject to the provisions of Article 4 of this Annex provided that the Government of that other country has an agreement with the Government of the Participating Country that it shall impose no impediment to the supply of oil from that stand-by capacity to the Participating Country in an emergency.

Article 6

The Standing Group on Emergency Questions shall examine and report to the Management Committee on the possibility of crediting towards a Participating Country's emergency reserve commitment mentioned in Article 2, paragraph 2, of the Agreement, long term investments which have the effect of reducing the Participating Countries’ dependence on imported oil.

Article 7

1

The Standing Group on Emergency Questions shall examine and report to the Management Committee regarding the reference period set out in Article 2, paragraph 1, of the Agreement, in particular taking into account such factors as growth, seasonal variations in consumption and cyclical changes.

2

A decision by the Governing Board to change the definition of the reference period mentioned in paragraph 1 shall be taken by unanimity.

Article 8

The Standing Group on Emergency Questions shall examine and report to the Management Committee on all elements of Chapters I to IV of the Agreement to eliminate possible mathematical and statistical anomalies.

Article 9

The reports from the Standing Group on Emergency Questions on the matters mentioned in this Annex shall be submitted to the Management Committee by 1st April 1975. The Management Committee shall make proposals, as appropriate, to the Governing Board, which, acting by majority, not later than 1st July, 1975, shall decide on these proposals, except as provided for in Article 7, paragraph 2, of this Annex.

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