Tánaiste welcomes decision by IEA to release some emergency reserves
- Foilsithe: 11 Márta 2026
- An t-eolas is déanaí:
The spot price of oil on wholesale markets has fallen sharply in the last few days following its peak on Monday.
Clearly there is a huge level of volatility at present - this is indicative of heightened uncertainty, including around damage to energy infrastructure and possible transit restrictions due to “choke points” (strait of Hormuz).
Notwithstanding the fall in prices over the last couple of days, the International Energy Agency (IEA) has today decided to release some of its emergency reserves.
Speaking in Paris, the Tánaiste said:
I welcome this decision as it will help restore confidence; this action is intended to increase supply and underpin the market in the weeks ahead. It will also help provide confidence and reduce market volatility. Ireland will play its part in this policy response also.
This policy response does not take away the need to monitor price closely in parts of the retail market, and Minister Burke has tasked the CCPC with looking at this.
My officials are closely monitoring the situation and we will update our economic and fiscal projections in the coming weeks in our annual spring economic assessment (annual progress report).
I will also discuss the situation further today in my meeting with my French counterpart, conscious that France currently holds the important G7 presidency.
Ends.