Brian Stanley
Question:159. Deputy Brian Stanley asked the Minister for the Environment, Climate and Communications the average price, per barrel of oil, that the State is paying. [42830/23]
View answerTuesday, 3 October 2023
Questions (159)
Written answers
As the Deputy is aware, the National Oil Reserve Agency (NORA) has responsibility for maintaining oil energy security in Ireland. Ireland maintains a 90-day strategic reserve, the vast bulk of which is held at several locations on the island of Ireland. These oil stocks are held to ensure Ireland’s compliance with International Energy Agency (IEA) rules and EU obligations, and are intended to be used in the event of a supply disruption. NORA provides monthly updates to my Department on the amount of stock held to demonstrate that it is meeting the 90 day requirement. This includes the breakdown of these stocks between the different products such as petrol, diesel and kerosene.
NORA's Annual Accounts provide details regarding the value of stocks at end-year and the costs relating to the storage of those stocks. The precise cost of the acquisition of these stocks is not divulged but would reflect the market price at the time of purchase.
Of course there are numerous State Agencies and Departments that are required to purchase oil in the course of their operations. I do not have pricing information in relation to such purchases across the public sector. Oil prices are subject to many factors, including market supply, demand levels and currency movements. The Deputy will be aware, that where possible, I am pursuing numerous policy initiatives that are aiming to reduce the State's consumption of oil and this includes the public sector leading by example where feasible.