New Zealand will release 483,000 barrels of its emergency oil stocks as part of further action by International Energy Agency (IEA) member countries in response to the continued global impact on energy security after Russia invaded Ukraine, Energy and Resources Minister Dr. Megan Woods said.
Last Saturday, the 31 members of the IEA agreed to take collective action to release an additional 120 million barrels of global emergency oil stocks to help offset the loss of Russian oil exports after the imposition of sanctions on Russia following the invasion.
“The size of the raffle contributions has now been determined by the IEA and New Zealand has committed slightly more than the amount requested by the IEA as our ticket contracts have been published as a whole,” said said Megan Woods.
“Our release is made up of approximately 184,000 barrels of crude oil held in Spain and nearly 299,000 barrels of diesel held in the UK.
“This contribution follows our release of 369,000 barrels of crude oil last month as part of the initial class action to release 62.7 million barrels held by IEA members.
“New Zealand’s membership of the IEA requires it to hold stocks equivalent to at least 90 days of net oil and imports. New Zealand buys emergency reserve stocks held overseas as part of this obligation and helps manage potential disruptions in the oil market.
“We released slightly more than our allocated share in response to the last class action and we have done so again as we play a part in helping stabilize global energy markets.
“There has been a great deal of volatility in global oil markets since the invasion and this new action, coupled with the United States’ decision to release 180 million barrels of oil over the next six months, will help bring some relief. some certainty to the market,” said Megan Woods.