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Oil agency debt down

THE National Oil Reserves Agency (NORA) slashed debt levels by 25pc last year to €335.5m, according to new accounts.

The semi-State body is charged with ensuring Ireland maintains a minimum of 90 days reserves of fuel, under EU legislation and International Energy Agency rules.

The accounts also reveal that overall oil consumption in the country dropped by 12pc in 2009 as the effects of the recession ate into demand.

NORA described the fall in consumption as "minor".