26/03/12
New Zealand, Australia to join IEA oil release: Update
Adds supply figures, energy minister quote in paragraphs 3-4 Sydney, 12 March
(Argus) — The governments of Australia and New Zealand will contribute to the
IEA's decision to release oil reserves, they said separately, following meetings
to determine their respective national support for the scheme. New Zealand will
contribute an equivalent of about six days' fuel supply, its government said on
12 March. The decision comes after the country's newly established Ministerial
Economic Security and Supply Chains Group met for the first time on 11 March.
New Zealand's oil product consumption was 129,000 b/d in 2025, according to
government figures, which would put its contribution to the IEA stock release at
only around 800,000 bl. Further details of the stock release are unclear. "We
should not overlook the fact that we are making a small but significant
contribution to protecting global economies and helping to ease the oil price
and supply issues around the world," energy minister Shane Jones said. The New
Zealand government holds its stocks, in part, through oil tickets or contracts.
The country's only refinery, the 135,000 b/d Marsden Point facility, closed for
conversion to an oil products import terminal in 2022. New Zealand has been
reliant on imports ever since. New Zealand's ministers have been advised that
fuel companies in the country face no significant supply chain issues and stock
levels remain strong, the government said. Australia Australia will contribute
to the IEA's decision to release oil reserves, but it has not yet finalised its
contribution, which will be released directly to the Australian market, federal
energy minister Chris Bowen said today. It is clear supplies will be affected if
the US-Iran war continues, he added. A national coordination mechanism involving
all levels of government is in place to respond to any fuel supply chain issues,
Bowen said. Australia's regional industries, including agriculture, transport
and fishing, have faced supply shortfalls in recent days due to a lack of spare
wholesale fuel volumes being released by major importers. Australia's main
importers are BP and ExxonMobil. Meanwhile, its domestic refiners are Viva
Energy and Ampol, which supply about 90pc of Australia's gasoline. Viva Energy
and Ampol operate the 120,000 b/d Geelong and 109,000 b/d Lytton refineries,
respectively. Australia suspended its recently introduced fuel standard for
gasoline today, allowing fuel with higher than the legally mandated limit of
10ppm sulphur to be sold for 60 days to boost supply from Lytton, which is yet
to complete its ultra-low sulphur fuels project. By Tom Major Send comments and
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