National Oil Reserve Agency boss: Middle East conflict has caused 'absolute uncertainty'

NORA generally holds 90 days’ worth of oil reserves – the release of those barrels would reduce that reserve to roughly 80 days. File picture

The head of Ireland’s oil reserve agency has described the ongoing conflict in the Middle East as an “absolute uncertainty” and said further releases of supply from the reserve may be needed to counter shocks.

Dr Frank Bergin, chief executive of the National Oil Reserve Agency (NORA), told the Public Accounts Committee that releases from Ireland’s oil reserve are generally dictated by the International Energy Agency, adding that that body has “indicated” that it is not currently looking at an additional release of supply.