Ireland has joined the bid to release oil reserves in order to stabilise global oil supplies. It’s understood that the Department of Environment, Climate and Communications (DECC) will provide detailed arrangements in due course. Ireland currently holds 90 days’ demand of stocks of oil, in line with its international commitments, and intends to participate in the action.
The DECC has reassured consumers of the decision by saying that natural gas continues to flow and be traded normally, albeit at high prices. The European Commission says it is working closely with member states of the International Energy Agency (IEA) in order to protect the resilience of Europe’s gas security of supply.
According to a DECC spokesperson, both the IEA and the EU have stressed that the current situation only further strengthens our collective resolve to accelerate the clean energy transition, in line with the European Green Deal. The spokesperson comments that “more broadly, the Irish Government continues to stand in full solidarity with our EU partners and with Ukraine. Ireland’s support for Ukraine’s sovereignty and territorial integrity is unwavering”.
Earlier reports stated that Ministers belonging to IEA member states have agreed to release 60 million barrels from oil reserves to show solidarity with Ukraine and the maintain stability of global oil supplies.
LSL News.