Ireland to release oil reserves as part of wider move to keep lid on prices

"The oil market challenges we are facing are unprecedented in scale. IEA member countries have responded with an emergency collective action of unprecedented size. The decision was unanimous."

"Ireland is a member of the IEA and typically aim to hold 90 days of oil supply in the National Oil Reserves Agency (NORA). That 'Irish' oil is held in sites across Ireland, including close to the country's only refinery at Whitegate in Cork, as well as in Spain, Denmark and Sweden."

"The IEA, which co-ordinates stockpile releases for OECD countries, has said its 32 members hold more than 1.2 billion barrels in public emergency stockpiles, including the largest buffer, the US Strategic Petroleum Reserve. There's a further 600 million barrels of industry stocks under government obligation."

The International Energy Agency, comprising member country governments, coordinated an unprecedented 400 million barrel release from emergency oil reserves to address energy price spikes caused by Middle East conflict. Ireland, an IEA member, maintains 90 days of oil supply through the National Oil Reserves Agency, stored across Ireland, Spain, Denmark, and Sweden. Oil prices surged toward record levels as Persian Gulf flows halted, reaching nearly $120 per barrel. The IEA's 32 members collectively hold over 1.2 billion barrels in public emergency stockpiles, with an additional 600 million barrels in industry stocks under government obligation. The unanimous decision represents unprecedented collective action to stabilize global oil markets.

Read at Irish Independent