Ireland is to release an additional 451,000 barrels of oil from the national oil reserves, as part of an agreement with other International Energy Agency (IEA) members.

IEA member states have agreed to release 120 million barrels of oil, which it describes as "...the largest stock release in IEA history."

This is in addition to 62.7 million barrels agreed to be released last month and represents 9% of total emergency reserves.

The release is in response to soaring oil prices in the wake of Russia's invasion of Ukraine.

IEA Executive Director Fatih Birol said in a statement that the collective action "... reflects the determination of member countries to protect the global economy from the social and economic impacts of an oil shock following Russia’s aggression against Ukraine".

In a statement, the Department of Environment, Climate and Communications said "...NORA (National Oil Reserves Agency) are moving to operationalise the decision to release 451,000 barrels, which is the pro-rata contribution to the international IEA release."

The price of a barrel of Brent crude dipped below $100 a barrel this evening.