The war in the Middle East has had a significant impact on global oil markets. Global supply has been severely impacted, and prices have been extremely volatile.
My Department is proactively monitoring supply in line with the Oil Emergency Response Plan (OERP). This plan provides the basis of Ireland’s response, and provides the Minister with substantial legal powers to secure and protect supply if necessary.
The Plan and underpinning legislation and structures have been substantially enhanced and updated following the 2022 Russian invasion of Ukraine, building on the strong foundations that were in place. As a result, Ireland is much better prepared to manage any emerging situation with respect to a fuel shortage arising from the conflict in Iran .
In terms of fuel availability more generally for essential sectors, my Department is actively monitoring the situation and is liaising closely with national and international partners. The Deputy should note that the Oil Emergency Allocation Scheme provides for the Minister to designate by order and/or directions, sectors, subsectors, and activities as constituting Critical Services.
It is important to note that my Department has convened the Oil Security of Supply Group which meets weekly and consists of relevant Government Departments and Agencies, in addition to Fuels for Ireland and oil companies. At the meeting of 7 April industry confirmed that they had secured supply into mid-May. Ireland’s fuel supply chains remain robust and reliable.
Furthermore, the National Oil Reserves Agency, NORA, has operational responsibility for the day-to-day management of the State’s Strategic Oil Reserve. NORA currently holds 90 days of oil stocks. Stock may be released from Ireland’s stockholding in the event of a shortage of refined product on the domestic market, or as recently happened to participate in an International Energy Agency collective action, to alleviate a global oil shortage.
