Austin Currie
Ceist:232 Mr. Currie asked the Minister for Public Enterprise the steps she will take to maintain essential oil supplies in a situation of international instability. [22245/01]
Vol. 541 No. 2
232 Mr. Currie asked the Minister for Public Enterprise the steps she will take to maintain essential oil supplies in a situation of international instability. [22245/01]
The operation of global oil supply arrangements is primarily a matter for the oil industry and in recent decades, oil markets have had considerable success in maintaining supplies to consumers despite occasional events in key producer areas. If, on the other hand, international tensions were to result in a significant oil supply disruption, the response of the consumer countries would be implemented within the framework of the formal emergency regime developed and maintained by the International Energy Agency, IEA, an autonomous OECD body of which Ireland is a member. Under the IEA regime, in return for maintaining 90 day oil reserves and introducing demand restraint measures as necessary, member states would be entitled to a share of available oil in the event of a reduction of at least 7% in normal supply levels. There are also provisions for a co-ordinated international response to an emerging crisis, without the oil sharing component, in advance of the 7% trigger.