1.12.2011 Official Journal of the European Union L 318/9 COMMISSION IMPLEMENTING REGULATION (EU) No 1240/2011 of 30 November 2011 laying down exceptional measures as regards the release of out-of-quota sugar and isoglucose on the Union market at reduced surplus levy during marketing year 2011/2012 THE EUROPEAN COMMISSION, Having regard to the Treaty on the Functioning of the European Union, Having regard to Council Regulation (EC) No 1234/2007 of 22 October 2007 establishing a common organisation of agri- cultural markets and on specific provisions for certain agri- cultural products (Single CMO Regulation) (') and in particular Article 64(2) and Article 187, in conjunction with Article 4 thereof, Whereas: The world market prices for sugar have been at a level close to or even above the Union internal market price since several months. Forecasts of world market prices based on the sugar futures exchange markets of New York and London for the terms of March, May and July 2012 further indicate a constant high world market price. Imports from third countries benefiting from certain preferential agreements are therefore expected to increase only moderately during the 2011/2012 marketing year. The forecasted sugar balance within the Union for the 2011/2012 marketing year identifies a deficit between utilisation of quota sugar and what should have been available of about 700 000 tonnes. The resulting low level of ending stocks threatens to disrupt the availability of supply of the Union’s sugar market and increase the Union internal sugar market price. On the other hand, a good harvest in some parts of the Union has led to the production of sugar in excess of the quota set out in Article 56 of Regulation (EC) No 1234/2007 of nearly 5 million tonnes. Taking account of estimations on contractual commitments of sugar producers in respect of certain industrial uses provided for in Article 62 of Regulation (EC) No 1234/2007 and the 2011/2012 export commitments for out-of-quota sugar, substantial quantities of out-of-quota sugar of about 1000 000 tonnes will still be available. Part of this sugar could be made available to the sugar market of the Union in order to partially satisfy demand and to avoid excessive price increases () O] L 299, 16.11.2007, p. 1. ) Article 187 of Regulation (EC) No 1234/2007 empowers the Commission to take the necessary measures for the sector if quotations or prices on the world market of sugar reach a level that disrupts or threatens to disrupt the availability of supply on the Union market. In this context, possible measures are not limited to the explicitly mentioned measure of full or partial suspension of import duties. In the 2010/2011 marketing year, the world market price for sugar was close to or even above the recorded average Union market price for certain periods of time. Against this background and taking transport costs and delays linked to imports into account, the instrument of a reduction of import duties alone might not be sufficient to address the shortage of quota sugar and the upward pressure on prices on the EU market. Article 64(2) of Regulation (EC) No 1234/2007 empowers the Commission to fix the surplus levy on sugar and isoglucose produced in excess of the quota at a sufficiently high level in order to avoid the accumu- lation of surplus quantities. Article 3(1) of Commission Regulation (EC) No 967/2006 of 29 June 2006 laying down detailed rules for the application of Council Regu- lation (EC) No 318/2006 as regards sugar production in excess of the quota () has fixed that levy at EUR 500 per tonne. The continuing low supply of sugar on the internal market in the 2011/2012 marketing year may allow the sale of 400 000 tonnes of out-of-quota sugar on the internal market. Because the supply shortage is less severe than in the 2010/2011 marketing year and the measure is taken at an earlier stage compared to the 2010/2011 marketing year with still some uncertainties regarding exact quantities available on the EU market, the setting of a reduced levy is appropriate, in order to avoid any risk of accumulation of quantities. For that limited quantity of sugar produced in excess of the quota a reduced surplus levy should be fixed, at a level per tonne representing the difference between the most recent publicly available average Union price and the world market price. As Regulation (EC) No 1234/2007 fixes quotas for both sugar and isoglucose, a similar measure should apply for an appropriate quantity of isoglucose produced in excess of the quota because the latter product is, to some extent, a commercial substitute for sugar. () O] L 176, 30.6.2006, p. 22.