In a statement to RTÉ News this afternoon, the Department of the Environment, Climate and Communications confirmed that Ireland will release 222,000 barrels of oil from the National Oil Reserves Agency (NORA) as part of a co-ordinated action by the International Energy Agency (IEA).
This equates to roughly 2 days of supply in Ireland.
The precise timing and nature of the release is "yet to be determined."
NORA holds approximately 90 days of supply. 85% is stored on the island of Ireland.
The statement goes on to say that this is "not a release under NORA’s own procedures (to deal with a fuel shortage)".
It refers to the industry body, Fuels for Ireland’s assurances and confidence that normal fuel demands will continue to be met.
It also said the Department "continues to monitor events on a daily basis."
The move by the IEA, agreed last week, is in response to the ongoing price pressures on oil arising from Russia’s invasion of Ukraine.
The statement said the Government is "extremely conscious of the impact that the global spike in oil prices is having on people" and that it’s working with the European Commission and member states as part of a coordinated response to this.
A separate statement from the Department of Transport confirmed that it was aware that a consignment of Russian oil is on its way to Dublin Port.
It said "...it does not contravene existing sanctions agreed at EU level which do not include oil shipments."
The tanker is due to dock in Dublin on Wednesday with oil products from a Russian port in the Baltic.
