Is Ireland's oil supply stable? Reserves drawn down amid Iranian crisis

Ireland is drawing down its national oil reserves, a critical component of its energy security infrastructure, in response to the ongoing oil crisis stemming from the conflict involving Iran. The International Energy Agency mandates that all EU countries maintain a 90-day supply of national oil consumption to prepare for potential crises. With the US-Israel war on Iran now over 90 days old, Ireland is releasing nearly 200,000 tonnes of oil from its public reserves.

This release accounts for approximately 10 days' worth of oil consumption. Five days' worth have already been dispensed, with another five days' supply scheduled for release over the next six weeks. This situation raises questions about the stability of Ireland's long-term oil supply as a ceasefire remains uncertain.

Ireland possesses 26 oil storage facilities across the Republic, including both public and industry-held reserves. A significant portion of the public reserve, over a third, is stored on Whiddy Island off the coast of Bantry in Co. Cork. This island holds historical significance, featuring 1800s gun batteries and a World War I US airbase, and since the 1960s, one of the largest oil terminals, still bearing the wreckage of the 1979 Betelgeuse Incident that claimed 51 lives.

Some of Ireland's strategic reserves are also stored overseas in Spain, Sweden, Denmark, and the Netherlands. This international storage strategy is employed both as a contingency for national crises and because building extensive domestic storage tanks can be more expensive. Analysts monitor oil reserves globally, often using satellite imagery to assess storage levels by examining the shadows cast by floating roofs within tanks – a falling roof indicates a decrease in supply.

However, the ebb and flow of commercial oil consumption and replenishment can also affect these levels. Even stored oil, with a lifespan of five to 10 years, requires regular refreshing. While some storage facilities showed significantly lowered roof levels in late April, the arrival of new tankers in May saw these levels rise, indicating that oil is still flowing into the country. Analysis of ship-tracking data shows that oil tanker arrivals into Irish ports since the conflict began have followed a pattern similar to the previous year, suggesting that Ireland's oil supply remains stable for now, though closely monitored.