65
CHAPTER ONE
Developments in Global Markets
Since 2004, the US Administration has adopted a more flexible
attitude towards releasing quantities of the SPR to compensate for
any shortage of supply. This gives more importance to the commercial
aspect of the SPR than the previous policy, which regarded the SPR
as a last line of defence to be used only at times of major crisis. See
Figure (1-12)
and
Table (1-14)
.
The level of usable commercial stocks increased by about 26
million barrels, or 2%, at the end of 2012 to 1394 million barrels. The
usable commercial stocks are the stocks set aside by oil companies as
a hedging measure to respond to any sudden interruption of supplies
or for speculation purposes when prices go up.
Figure 1-12
US Strategic Petroleum Reserve (SPR) at Quarter End, 2011-2012
(Million barrels)
ﺍﻟﺷﻛﻝ
11
ﺍﻟﺷﻛﻝ
12
Average 2011
First quarter
2012
Second quarter Third quarter
Fourth
quarter
Singapore
Rotterdam
US Gulf
Mediterranean
0.0
0.5
1.0
1.5
2.0
2.5
Price without Tax
Tax
680
690
700
710
720
730
First quarter
Second
quarter
Third quarter
Fourth
quarter
2011
2012
