Ireland Joins IEA Oil Reserve Release Amid Middle East Supply Concerns

Ireland is to contribute 1.6 million barrels of oil to a coordinated international release of strategic reserves, as the International Energy Agency (IEA) moves to stabilise global energy markets disrupted by ongoing conflict in the Middle East.

Ministers from IEA member countries, including Ireland's Minister for Climate, Energy and the Environment, Darragh O'Brien, have agreed to initiate the action, which will see a combined 400 million barrels released from member states' strategic stockpiles.

Ireland holds 90 days' worth of oil stocks in line with its international obligations. The country's 1.6 million barrel contribution equates to approximately 10.5 days of supply. The National Oil Reserves Agency (NORA), which manages Ireland's strategic reserves, will operationalise the release in liaison with the Department of Climate, Energy and the Environment.

Ahead of the decision, Minister O'Brien convened Ireland's Oil Security of Supply Group on Monday, 9 March, to assess the domestic situation. The group reported no immediate supply concerns, with industry views set to inform decisions around the release.

At European level, the Commission has convened an EU Oil Co-Ordination Group meeting tomorrow, 12 March, where the IEA release will be discussed in further detail.

Minister Darragh O'Brien said:

"My Department convened the Oil Security of Supply Group earlier this week [Monday, 9 March] to collate information from the oil industry on the supply situation as it pertains to local markets. They reported no immediate supply concerns. The views of the industry will factor in decisions around this release

Participation in this IEA collective action reflects our shared commitment to maintaining stability in global energy markets and protecting consumers and businesses from the worst effects of price volatility. My officials continue to liaise closely with our national and international partners to ensure a coordinated, timely and appropriate response."

The IEA was established in 1974 specifically to co-ordinate collective responses to major disruptions in global oil supply, and this release represents one of its core functions in action.