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New Zealand releasing 300,000 barrels of emergency diesel stored in UK

Almost 300,000 barrels of diesel oil held in Britain as part of New Zealand’s emergency stocks are reportedly being released in response to the ongoing impact on energy security after Russia’s invasion of Ukraine. The New Zealand Herald newspaper reports that the country’s energy and resources minister Dr Megan Woods said the 31 members of the International Energy Agency (IEA) agreed to take collective action to release an additional 120 million barrels of global emergency oil stocks to help offset the loss of Russian oil exports after sanctions were imposed on the country following the invasion.

New Zealand, on the other side of the world from Britain, would release 483,000 barrels from its emergency oil stocks as part of additional action taken by member countries. 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.”

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