Ireland is required, under its membership of the International Energy Agency and the European Union, to hold strategic oil stocks equivalent to 90 days of net imports. The National Oil Reserves Agency (NORA) maintains these strategic reserves on behalf of the State. These stocks may be released to the market in the event of a serious shortage of petroleum products arising in domestic supply chains or as part of an IEA co-ordinated release. Since the onset of the conflict in Ukraine, my Department, NORA and the oil industry have, on a daily basis, monitored the volumes of product currently in the domestic supply chains, as well as tracking future expected consignments of product due to arrive at the commercial terminals, in order to identify any upcoming supply deficit.My Department and NORA maintain plans to respond to any significant supply deficit. The State's strategic reserves are in place to aid all sectors of the economy, including agriculture and forestry, and the importance of maintaining availability of all petroleum products is very much understood.
