New Zealand to help publish world oil stocks – Minister

Energy Minister Megan Woods has agreed to release emergency oil stocks with other member states of the International Energy Agency (IEA).

Photo: RNZ / Nathan McKinnon

Russia is the world’s third-largest crude oil producer and has suspended deliveries to Europe in response to sanctions over its war on Ukraine.

IEA members are required to hold inventories equivalent to at least 90 days of net oil imports. New Zealand purchases and holds emergency reserve stocks overseas.

Woods confirmed that New Zealand would help release 60 million barrels of oil, after a special meeting of more than 30 energy ministers in the early hours of the morning.

“In the immediate future, this collective action by the IEA countries will ensure less volatility in oil prices, due to the market impact of Russia’s invasion of Ukraine,” he said. she stated.

She said oil and gas prices had hit an eight-year high of US$105, and action by IEA member countries would ensure less volatility.

“Russia has used its position as the world’s third largest crude oil producer and second oil exporter to weaponize energy, withholding oil and gas supplies from Europe in the months before the invasion, helping to drive up oil and gas prices. »

A process is now underway to determine what voluntary contributions member countries could make, Woods said.

Steve R. Hansen