Emergency Oil Stocks
NORA meets its oil stockholding obligation by a combination of:
Stocks owned by NORA and stored in Ireland and in other EU Member States with whom Ireland has concluded a Bi-lateral Oil Stockholding Agreement.
Stocks held by NORA under short term commercial contracts ("Stock Tickets") in Ireland and in other EU Member States with whom Ireland has concluded a Bi-lateral Oil Stockholding Agreement. These contracts include an option to purchase the oil in emergency circumstances during the period of the contract.
The Department of the Environment, Climate and Communications (DECC) determines the volumes of oil stocks NORA is to hold on an annual basis.
The current minimum level of stock to be held by NORA for 2023 is
1,602,770 tonnes of refined product, and
70,000 tonnes of Crude Oil.
This is equivalent to 90 days stocks.
Details of NORA’s historical Obligation Volumes can be found in the attached document.