Ireland commits to participate in IEA release of international strategic oil reserves

IEA action to address international supply issues that are emerging on foot of the conflict in the Middle East

Ireland's Oil Security of Supply Group reports no immediate supply concerns

Ministers in member countries of the International Energy Agency (IEA), including Minister for Climate, Energy and the Environment Darragh O'Brien, have agreed to initiate an action to release Strategic Reserves (of oil) to address the supply issues that are emerging on foot of the conflict in the Middle East.

Ireland holds 90 days' supply of stocks of oil, in line with its international commitments, and

intends to participate in the action. The National Oil Reserves Agency (NORA) manages the State's Strategic Reserves.

Ireland's contribution to an IEA 400-million-barrel release would be 1.6 million barrels. That level of contribution equates to approximately 10.5 days of supply. The Department of Climate, Energy and the Environment will liaise with NORA on operationalising this release.

The European Commission is working closely with Member States on this issue, and has convened an EU Oil Co-Ordination Group tomorrow (12 March) where the IEA release will be discussed in further detail.

Minister O'Brien said:

"My department convened the Oil Security of Supply Group earlier this week [Monday, 9 March] to collate information from the oil industry on the supply situation as it pertains to local markets. They reported no immediate supply concerns. The views of the industry will factor in decisions around this release.

"Participation in this IEA collective action reflects our shared commitment to maintaining stability in global energy markets and protecting consumers and businesses from the worst effects of price volatility. My officials continue to liaise closely with our national and international partners to ensure a coordinated, timely and appropriate response."