Ireland has 26 oil storage terminals around the country, and also stores some of it in the Netherlands.
The government is due to release 10-days worth of oil from the national reserve in an attempt to stabilise prices.
Data journalist with the Irish Times, Rachel Lavin, told The Pat Kenny Show that the initiative was being conducted in an effort to “stabilise prices”.
“Replacing that oil over time would be more of a long term goal than something they're going to try and immediately replenish”, she told Newstalk.
“It's very hard to predict what's going to happen with oil prices until the Strait of Hormuz reopens.
“The Strait of Hormuz is responsible for 20% of the global oil flow until that reopens, until we know what's going to happen with the ceasefire.
“It's very hard to say how prices will go. This is an attempt to stabilise prices, but we'll have to wait and see.”
She addressed the volatility of the present market and the ongoing crisis in the Middle East.
BWMMPK Oil tanker at sea.“This feels relatively unprecedented for the last few decades”, she explained.
“I guess we're kind of a new territory here. The only parallel might be the beginning of the Ukraine war.
“But that completely reconfigured how we consume and get our supply of oil.”
Ireland has 26 oil storage terminals around the country, and also stores some of it in the Netherlands. Amsterdam is also major port destination.
She said that most countries were collectively vulnerable with the oil crisis.
“There was a stable pattern of consumption, a slight increase since the war for motor diesel. Kerosene dropped off, but that's a seasonal change.”
Main Image: Motorists queue to fill with fuel this afternoon at a CircleK.
