Rachel Lavin

So yes, I analysed ships coming into the country and it looks so far like the pattern of ships docking at Irish ports has remained relatively consistent.

But obviously the price of oil is surging and that's the reason that the International Energy Agency, which is in charge of

Global Oil Supply, which Ireland is a member of, has directed its members to release about 10% of their oil.

So we have 90 days on reserve and we're now releasing 10.

We've already released five back into the European market.

Again, it's an effort to stabilise prices and we're going to release another five in the coming weeks.

I guess that's a good question.

I don't know if the plan is to replace it just yet with the price of oil that it is.

The plan is to stabilise prices.

So replacing that oil over time, I think, would be more of a long term goal than something they're going to try and immediately replenish.

Yes, it's the IAA that dictates the reserve and dictate the release.

So the same body that tells us to keep this on reserve is telling us to release it.

I mean, this is the IEA's strategy that by every country and their membership, and it's a large global organization releasing 10%, that it will have some impact on stabilizing prices.

But I mean, we're really in, it's very hard to predict what's going to happen with oil prices until the Strait of Hormuz reopens.

So 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 stabilize prices, but we'll have to wait and see.

Irish prices rose higher for diesel, I think, or unleaded higher.

since the Ukraine war in March and April.

They've since come down a little.