The European Commission is working closely with Member States to protect and enhance the resilience of Europe’s energy security of supply. The Commission is also actively engaging with other countries to ensure sufficient and timely supply to the EU from diverse sources across the globe to avoid supply shocks. On 8th March, The European Commission proposed in REPOWEReu an outline of a plan to make Europe independent from Russian fossil fuels, starting with gas, in light of Russia's invasion of Ukraine.
The European Union Council conclusions of 24th-25th March stated that the European Union will phase out its dependency on Russian gas, oil and coal imports as soon as possible, as set out in the Versailles Declaration. In close coordination with Member States, the Commission will submit a plan, to this effect, by the end of May 2022. Ireland is continuing to monitor international energy (gas and oil) markets and to consult with its EU and international partners on appropriate measures, if necessary, to ensure energy security in light of Russia’s invasion of Ukraine.
Ireland’s policy of holding a Strategic Oil Reserve equivalent to 90 days supply is required by both its membership of the EU and the International Energy Agency (IEA) and is provided for by the National Oil Reserves Agency Act (NORA) 2007. NORA has operational responsibility for the day to day management of the State's strategic oil reserve. These reserves are available to be placed in the domestic market in the event of a shortage of petroleum products arising in the commercial supply chains or released to the international markets as part of an IEA collective action.