New Zealand will release more oil reserves

WELLINGTON, April 8 (Xinhua) – New Zealand will release 483,000 barrels of its emergency oil reserves as part of additional action by member states of the International Energy Agency (IEA) in response to continuing global oil shortages.

Last Saturday, 31 IEA members agreed to take collective action to release an additional 120 million barrels of global oil emergency supplies, New Zealand Energy and Resources Minister Megan Woods said on Friday.

The amount of contributions to the share draw is now determined by the IEA, and New Zealand has taken on slightly more than the amount requested by the IEA, Woods said.

“Our output consists of about 184,000 barrels of crude oil stored in Spain and about 299,000 barrels of diesel fuel stored in Britain,” she said, adding that this contribution stems from the production of 369,000 barrels of crude oil in the past. months as part of the initial collective action to produce 62.7 million barrels stored by IEA members.

New Zealand’s membership in the IEA requires it to hold stocks equivalent to at least 90 days of clean oil and imports, the minister said, adding that New Zealand buys offshore emergency stocks as part of that commitment and helps deal with possible failures. in the oil market.