The Energy and Resources Minister Dr Megan Woods says Russia’s invasion of the Ukraine and any resulting curtailment of Russian oil supply, won’t affect New Zealand’s fuel supply.

“New Zealand does not purchase any oil or oil products from Russia so would not be directly affected if Russian oil supply is curtailed,” Megan Woods said.

The International Energy Agency (IEA) has assessed that world oil production capacity is more than sufficient to meet demand due to any disruption that may arise from the situation in the Ukraine.

Minister Woods says with New Zealand being a member of the IEA, it holds strategic reserves offshore to manage potential disruptions in the oil market that could have an impact on the price of oil.

“We are actively consulting with its IEA partner countries and would expect to take part in any collective action called by the IEA to release strategic oil stocks in order to reduce any disruption in the market and reduce price impacts. Strategic reserves of oil are held for exactly this reason; to ensure there is as much fuel security and price stability as possible when there are global disruptions to oil production,” Megan Woods said.

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