What's happening ?

As of July 1, 2011, as part of the new European directive, oil reserve obligations rose from 27% to 28.5% of the previous year’s inland consumption.

The implementation of the new European directive on oil reserves, adopted in June 2009, will have various impacts on SAGESS.

First of all, as of July 1, 2011, oil reserve obligations rose from 27% to 28.5% of the previous year’s inland consumption. Secondly, in July 2012, any IEA overstock held by SAGESS will be zero.