Vol. 565 No. 3
76 Mr. Cuffe asked the Minister for Communications, Marine and Natural Resources if there is evidence that the war in Iraq is affecting global oil supplies in terms of output or price; and if the Government is taking measures to deal with problems in this regard. [10859/03]
In conjunction with the International Energy Agency and the EU Commission, we have been keeping a close eye on the oil market in the lead up to and during the course of the war in Iraq. While there have been some speculative movements both upwards and downwards in oil prices surrounding the war situation and unrelated supply difficulties in Venezuela and Nigeria, there was no evidence of the war affecting supplies. Crude prices are much lower now than they were in early March. Since there are no supply problems at present, the question of response measures does not arise.
