The Irish Government will release 1.6 million barrels of oil onto the market – around 10.5 days of supply – as part of a global move to keep a lid on prices. The move is part of the International Energy Agency’s (IEA) agreement to discharge 400 million barrels from emergency oil reserves, the largest-ever release, as governments seek to contain a spike in energy prices driven by the Middle East war. The Paris-based IEA is a global organisation made up of member country governments, which each hold strategic oil reserves in case of threats to fuel supply. Ireland is a member of the IEA and typically aims to hold 90 days of oil supply in the National Oil Reserves Agency (NORA). "IEA member countries have responded with an emergency collective action of unprecedented size."

Source: Irish Independent March 11, 2026 21:00 UTC