Vol. 429 No. 3
195 Mr. Barry asked the Minister for Transport, Energy and Communications if Ireland's emergency crude oil stocks are up to the designated limits; if he proposes to increase these limits in view of the uncertainty of OPEC quotas, and their volatility; and if he will make a statement on the matter.
198 Mr. Barry asked the Minister for Transport, Energy and Communications if he has satisfied himself with the level of oil stocks held at Whiddy, County Cork; and if he will make a statement on the matter.
I propose to take Questions Nos. 195 and 198 together.
On 1 March 1993, the most recent date for which figures are available, Ireland's oil stocks, as reported to the EC, were 104 days petrol, 95 days gasoil, also known as diesel, and 147 days heavy fuel oil. This includes 205,000 tonnes of crude which is held at the oil storage terminal at Whiddy Island.
Ireland is currently in excess of EC and IEA oil stockholding obligations which require the maintenance of oil stocks equivalent to 90 days of the previous year's consumption in the case of the EC, and 90 days of the previous year's imports in the case of the IEA, across a range of product categories. It is my intention that we should continue to meet these obligations. There are no current world oil market developments which give cause for concern with regard to oil stockholding. Therefore, I have no plans for action to increase stocks at present.
