Ireland to Release 1.61 Million Barrels of Oil from National Reserve

Ireland will release 1.61 million barrels of oil from its national reserve in the coming weeks, as part of a global effort to boost supplies amid the war in the Persian Gulf. The National Oil Reserves Agency (Nora) will inform an Oireachtas committee on Thursday that this release will reduce the reserve from 90 days to 80 days of supply.

Nora, established in 1995 to maintain Ireland’s strategic oil reserves, held the equivalent of 1.7 million tonnes of oil (2.1 billion litres) at the end of March. This included 1.95 billion litres physically owned and 0.14 million tonnes held via compulsory stock obligation tickets. The reserves are stored across Ireland and in EU countries like Spain, Denmark, the Netherlands, and Sweden.

Almost two-thirds of Nora's product is on the island of Ireland, stored in commercially-owned terminals and Nora's own facilities in Poolbeg, Ringsend (Dublin), and Tarbert (Kerry). Nora directly controls the storage and release of about 320,000 tonnes of diesel and jet fuel.

Ireland agreed in March to participate in the International Energy Agency's proposed release of 400 million barrels. Ireland's share is approximately 200,000 tonnes. Nora emphasizes that the 90-day reserve is a worst-case scenario; in a 20% supply cut, the current reserve would last up to 450 days.