Ireland imported 14,000 barrels of crude oil a day from Libya in 2009, according to data from the International Energy Agency (IEA). The country’s dependency on Libyan oil exports could result in problems for the incoming Irish government.
The figure represents over 23 percent of Ireland’s total crude oil imports. The figure has dramatically grown in recent years from an average of 3,000 barrels a day in 2007.
Ireland has no indigenous oil production, something that the Irish Department of Communications, Energy and Natural Resources has been tasked with reviewing.
Under European Union obligations Ireland must maintain a 90-day reserve of oil stocks as well as contingency plans in the event of a major oil shortage.
Currently Libyan ports and terminals have been temporarily closed under order from the country’s head of state, Colonel Moammar Gadhafi.
Speculation is growing that Gadhafi has ordered his security forces to sabotage some oil facilities which has contributed to the soaring oil prices. As a result Ireland’s incoming government could be faced with an oil shortage in its first week in power.