Vol. 402 No. 9
20 Mr. J. Higgins asked the Minister for Energy the level of oil stocks in terms of days' coverage of net imports at the beginning of the fourth quarter in the years 1989 and 1990; the present position; and if he will make a statement on the matter.
22 Proinsias De Rossa asked the Minister for Energy the current level of strategic oil reserves available in the country; the total quantity of oil acquired by the Irish National Petroleum Corporation since the beginning of the Gulf crisis; the average cost per barrel; and if he will make a statement on the matter.
25 Mr. Bell asked the Minister for Energy if he has any plans to increase the stocks of oil reserves from 74 days to 99 days, which is the average stocks held by OECD countries as outlined by the International Energy Agency on 1 July 1990; and if he will make a statement on the matter.
I propose taking Questions Nos. 20, 22 and 25 together. Oil stocks held by OECD countries at 1 July 1990 represented an average of 98 days forward consumption. Ireland's oil stock level at that date amounted to 95 days. During the past number of months I put various measures in place to further increase national stock levels. I arranged that additional strategic supplies of both crude oil and product be sought and put into position by Irish National Petroleum Corporation as quickly as possible to further augment stocks. To date, over 205,000 tonnes of crude have been put into the Whiddy terminal and almost 30,000 tonnes of gasoil and 21,000 tonnes of gasoline have been placed in storage in various locations in the country. In addition, stock levels of both crude and product at Whitegate are being maintained at higher levels than normal. As a result of these measures, by 1 October 1990 Ireland's oil stocks stood at 116 days while the average for the OECD was 97 days. Irish stock levels at 1 October 1989 were 60 days.
For reasons of commercial confidentiality, I do not propose to release the average cost per barrel of the additional strategic stocks.
