Richard Boyd Barrett (Dún Laoghaire, People Before Profit Alliance)
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Question 91: To ask the Minister for Communications, Energy and Natural Resources the position regarding contracts and other arrangements for oil imports to this country from Libya, in view of the crisis there and Ireland's dependence on imported Libyan oil; and if he will make a statement on the matter. [5849/11]

Pat Rabbitte (Dublin South West, Labour)
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The oil industry is fully privatised, liberalised and deregulated and there is free entry to the market. International Energy Agency statistics show that Ireland obtained 23.3% of its crude oil supply from Libya in 2010, representing 8.78% of overall oil imports to this country in the year in question. The oil was sourced on the commercial market and I would emphasise that Ireland does not have a strategic dependence on oil from Libya.

My Department is monitoring the evolving situation in the oil market in light of developments in North Africa and the Middle East and is maintaining contact with the Irish oil industry. Current oil industry stock levels and commercial market supply arrangements are meeting ongoing demands and there are no concerns about security of supply at this time.

My Department is also maintaining close liaison with the European Commission and the International Energy Agency (IEA), of which Ireland is a founding member, on oil market developments. The IEA's latest advice is that in the current global situation supplies remain readily available via normal market mechanisms, and the IEA is in close contact with OPEC and non-OPEC producers. In the event of a major supply disruption, the IEA has confirmed that it stands ready, as always, to make oil available to the market to take action to maintain energy security of supply. Ireland maintains its national strategic oil reserves fully in accordance with IEA and EU 90 day obligations.