WELLINGTON, March 12 (Xinhua) -- New Zealand will release the equivalent of about six days' fuel supply as part of a coordinated move by the International Energy Agency (IEA), the government said Thursday.
The IEA has decided to release 400 million barrels of oil from global reserves in a bid to curb soaring prices triggered by the Middle East conflict.
Senior ministers met late Wednesday to review New Zealand's fuel stores and supply chains as part of the government's response, the first session of the new Ministerial Economic Security and Supply Chains Group, set up to coordinate cross-agency planning on energy and trade security.
Associate Minister for Energy Shane Jones said New Zealand, as an IEA member, is obliged to contribute to the release of strategic reserves.
"New Zealand's contribution is equivalent to about six days' fuel supply here. It can make that contribution through measures such as terminating its tickets to make the oil available to the market," Jones was quoted as saying in a press release.
He noted that members of the IEA are required to hold 90 days of oil stocks, and New Zealand holds its stocks, in part, through oil tickets or contracts.
"The government will ensure that the impact on Kiwis is minimized," Jones added, describing the contribution as a "small but significant" effort to stabilize global markets.
Fuel companies in New Zealand reported no significant supply chain issues and that fuel stock levels remain strong, according to the ministerial meeting. ■
