asked the Minister for Industry, Commerce and Energy if a shortage of Irish oil supplies is likely as a result of the cut-back in Iranian oil production; and if he will make a statement on the general oil supply situation as it affects this country.

I have no reason to believe that a shortage of Irish oil supplies is likely as a result of recent developments in Iran. I would expect that alternative supply arrangements will be made by the oil companies in the event of any prolonged cut-back in Iranian production.

The Deputy is no doubt aware that this country, as a member of the International Energy Agency, would participate in an oil-sharing system which would be activated if supplies to any one country or to all countries in the agency fell by 7 per cent or more.

The Minister has probably read reports about the great unease internationally regarding oil supplies from Iran and about whether the Saudi Arabians would be able to take up the shortage which could result. Is the Minister making inquiries about this at international level and what are the long term prospects for our oil supplies in the event of further dislocation of supplies from Iran?

There have been contacts on this at international level through the International Energy Agency, of which we are a member. The matter is under review. In the event of an oil shortage, the existing supplies will be divided among members of the IEA.

What is the extent of our present supply contracts?

About 10 per cent of our oil supplies come from Iran. I understand there are varying suggestions as to the extent of the reduction in Iranian oil production. There is already six weeks' supply of oil on the high seas anyway.

What is the amount in storage here?

I have not that information.

Does the Minister consider that our membership of the IEA is of benefit?

This is an old chestnut.

I have asked a question.

It is not related to the original question.

The Minister said that in the event of a world shortage of oil there would be a division of existing supplies in which we would be entitled to participate because of our membership of the IEA. Does the Minister consider our membership of this body to be of benefit?

The question of membership was debated in this House during the term of the previous Government and the decision was made that we should join. Since we are now members, we will take full advantage.

When that debate was taking place the spokesman for the then Opposition, Deputy Barrett, and the present Minister for Industry, Commerce and Energy said that if we joined the IEA they would immediately resign from it if they came back into Government.

We have not resigned.