Risk Level
Existence of indications of possible problems that could significantly affect the oil sector.The probability of becoming a real threat is low, but there must be continuous monitoring of the situation.

Instability caused by the conflict between Ukraine and Russia.

Central stockholding entity


Entidade Nacional para o Setor Energético E.P.E. (ENSE, E.P.E.), namely the Oil Reserve unit as Central Stockholding Entity (CSE), is responsible for ensuring thirty days of national security reserves.

Bound Operators must provide 90 days, in which 30 days are constituted by CSE. They are responsible for the constitution of the remaining 60 days, place of which ENSE must be notified.

For the purpose of bound operators’ minimum mandatory reserves counting, according to the Decree Law Nr. 165/2013 of December 16, Article 9, point 3, consumption introductions made in the year (y-2) for the 1st Quarter of the year (y) shall be counted. For the remaining quarters of the year (y), consumption introductions made in the year (y-1) shall be counted.
ENSE offers itself to replace Bound Operators on the reserves establishment, as follows:

This way, Operators shall timely communicate to ENSE the reserves they wish to establish each quarter in order to enable CSE to adjust its reserves position according to the needs. Similarly, Operators shall communicate consumption introductions on a monthly basis until the 15th of the following month, as recommended by the Decree Law Nr. 165/2013.

The following table describes the reserves distribution ensured by ENSE to operators.


4th Quarter 2022


 ENSE´s established Reserves (average number of days)
Product CategoriesABC
Big Operators48,4850,1143,21
Small Operators90,0090,0090,00


 Operator's established Reserves (average number of days)
Product CategoriesABC
Big Operators41,5239,8946,79
Small Operators0,000,000,00


 ENSE´s established Reserves (Ton)
Product CategoriesABC
Big Operators119 339689 15172 869
Small Operators13 88986 0611 099
Total133 228775 21173 968


 Operator's established Reserves (Ton)

Product Categories
Big Operators102 185548 68778 889
Small Operators000
Total102 185548 68778 889