{"id":641095,"date":"2026-10-01T00:44:10","date_gmt":"2026-10-01T00:44:10","guid":{"rendered":"https:\/\/www.newsbeep.com\/ie\/641095\/"},"modified":"2026-10-01T00:44:10","modified_gmt":"2026-10-01T00:44:10","slug":"supply-of-oil-in-extremely-volatile-state-according-to-national-oil-reserves-agency","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ie\/641095\/","title":{"rendered":"Supply of oil &#8216;in extremely volatile state&#8217;, according to National Oil Reserves Agency"},"content":{"rendered":"<p>The supply of oil \u2013 responsible for half of Ireland\u2019s energy needs \u2013 is in an \u201cextremely volatile\u201d state, the agency charged with emergency supplies has warned.<\/p>\n<p>To increase resilience, the National Oil Reserves Agency (Nora) is moving away from storing emergency supplies with external providers and obtaining its own storage centres.<\/p>\n<p class=\"contextmenu Body Body\">The agency says it has entered into long-term leases of three strategic facilities \u2014 two in Dublin, at Ringsend and Poolbeg, and one in Tarbert, Co Kerry.<\/p>\n<p class=\"contextmenu Body Body\">Nora, operating under the aegis of the Department of Climate, Energy and Environment, has the task of ensuring Ireland meets its obligations under EU legislation and International Energy Agency (IEA) rules to maintain a minimum of 90 days\u2019 stocks of oil for use in the event of an emergency.<\/p>\n<p class=\"contextmenu Body Body\">Its 2025 annual report shows that, as part of efforts by the IEA to respond to fuel supply shocks caused by the war in the Middle East, Ireland\u2019s stock was expected to fall by 10.5 days, bringing it to 79.5 days.<\/p>\n<p class=\"contextmenu Body Body\">The EU presidency meeting of energy ministers on Tuesday heard the stock has since risen to 84 days.<\/p>\n<p class=\"contextmenu Body Body\">IEA executive director Faith Birol told media at Dublin Castle that Europe faced a \u201cvery difficult\u201d winter in terms of high prices caused by oil and gas supply volatility.<\/p>\n<p class=\"contextmenu Body Body\">Ireland is particularly vulnerable to global energy price hikes, as 78% of its overall energy supply is imported, compared to the EU average of 57%.<\/p>\n<p class=\"contextmenu Body Body\">Just over 50% of Ireland\u2019s energy needs are made up of oil \u2014 all of which is imported \u2014 and around 30% is met by gas, 80% of it imported.<\/p>\n<p class=\"contextmenu Body Body\">In his statement, Nora chair Frank Gleeson said the outbreak of military hostilities between the US and Iran on February 28 caused \u201csignificant volatility\u201d and that the disruption to oil production and shipping around the Strait of Hormuz increased global energy price volatility and international trade flow constraints.<\/p>\n<p class=\"contextmenu Body Body\">In March 2026, due to the significant disruption in oil flows, he said Ireland agreed to participate in the release of oil reserves proposed by the IEA.<\/p>\n<p class=\"contextmenu Body Body\">He said Ireland\u2019s share of the agreed 400 million barrels of oil to be released was 1.61 million barrels or approximately 200,000 tonnes.<\/p>\n<p class=\"contextmenu Body Body\">He said this would cut Ireland\u2019s oil stocks by around 10.5 days.<\/p>\n<p class=\"contextmenu Body Body\">Mr Gleeson added: \u201cThe situation remains extremely volatile.\u201d<\/p>\n<p class=\"contextmenu Body Body\">The report said 64% of the oil stocks are located on the island of Ireland, the rest across four EU countries.<\/p>\n<p class=\"contextmenu Body Body\">Unlike oil, Ireland has no national emergency gas storage facility, but one is planned for the Clare coastline by 2030, capable of holding seven days\u2019 supply.<\/p>\n","protected":false},"excerpt":{"rendered":"The supply of oil \u2013 responsible for half of Ireland\u2019s energy needs \u2013 is in an \u201cextremely volatile\u201d&hellip;\n","protected":false},"author":2,"featured_media":641096,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[72,113,8858,61,60],"class_list":["post-641095","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-economy","tag-energy-prices","tag-ie","tag-ireland"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/641095","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=641095"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/641095\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/641096"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=641095"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=641095"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=641095"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}