34.— (1) The Minister shall, in accordance with the State’s stockholding obligations, from time to time determine the extent to which, and the manner in which, crude oil, intermediate products and different categories of petroleum products may be taken into account—

(a) in calculating national oil reserves F36[and Irish emergency stocks], and

(b) in determining the volume of oil stocks to be maintained by the Agency in order to carry out its duty under section 32.

(2) The Minister shall keep the Agency informed of the volume of oil stocks, calculated by reference to the information supplied to the Minister in accordance with the regulations relating to returns, that the Agency must maintain to comply with its duty under section 32.