At a time when global oil reserves have risen, year-on-year, by 6.6 billion barrels, the UK and others started releasing several million extra barrels on to the market last week.
Although a surprise to many – the move was generally welcomed as a measure to prevent possible supply disruptions resulting from current events in the Middle East and North Africa.
The Chancellor has even suggested that the extra stock, combined with his Budget measures, means that petrol is currently around 6p a litre less than it otherwise would have been!
