A BILL IS to be brought to Cabinet today that aims to strengthen the Government’s ability to manage stocks in the event of a curtailment of oil supplies.
Climate Minister Eamon Ryan will seek Cabinet approval later today to publish the Oil Emergency Contingency and Transfer of Renewable Transport Fuels Functions Bill 2022.
Despite the Bill being brought forward, it is understood that there is no such concern or risk at present of the Government’s ability to manage stocks in the unlikely event of a curtailment of oil supplies.
International oil supplies and prices have been steady over recent months.
As part of the State’s EU and International Energy Agency (IEA) obligations, the National Oil Reserves Agency (Nora) holds approximately 85 days of strategic stocks.
Nora’s stock holding is expected to be at 90 days by the end of January.
The Government’s approach is in keeping with that of other EU Member States, where emergency preparedness plans have been sharpened in response to the ongoing energy implications of the war in Ukraine.
The Government considers it prudent housekeeping at this time to develop appropriate contingency plans, it is understood.
The Bill will introduce clarity around the powers of the Minister, and how quickly they can be deployed to control the supply and distribution of fuel in an emergency.
It will also move to put all aspects of oil emergency planning on a statutory footing and establishing a register of oil suppliers to ensure fast communication to retailers.
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