The ongoing impact of Russia's invasion of Ukraine will see almost 300,000 barrels of diesel oil held in Britain as part of New Zealand's emergency stocks reportedly released.
New Zealand's energy and resources minister Dr Megan Woods said the International Energy Agency (IEA) agreed to take action to release an extra 120 million barrels of emergency oil stocks to help offset the loss of Russian oil exports after sanctions were imposed on the country following the invasion, the New Zealand Herald newspaper reports.
New Zealand would release 483,000 barrels from its emergency oil stocks as part of additional action taken by the 31 member countries of the IEA, WalesOnline reports. Dr Woods is reported as saying: "Our release is made up of around 184,000 barrels of crude oil held in Spain and close to 299,000 barrels of diesel held in the United Kingdom."
