Photo: RNZ / Mark Papalii
New Zealand will have to release about six days worth of fuel as part of a decision by the International Energy Agency.
The IEA has agreed unanimously to release 400 million barrels of oil from its reserves to tackle soaring prices.
Senior ministers met on Wednesday night to pore over the country’s fuel stores and supply chains.
Associate Energy Minister Shane Jones says New Zealand is obliged to contribute to the IEA’s release.
Smoke rising from the Thai bulk carrier ‘Mayuree Naree’ near the Strait of Hormuz.
Photo: ROYAL THAI NAVY / AFP
This handout photo taken on March 11, 2026 and released by the Royal Thai Navy shows smoke rising from the Thai bulk carrier Mayuree Naree near the Strait of Hormuz after an attack.
He says that can be can done by terminating tickets this country holds for its own stocks.
Jones says it’s yet to be determined how New Zealand will release its stocks, and ensure the impact here is minimimised.
He told Morning Report New Zealand has oil entitlements in the US, UK and Japan.
“What it does is it entitles New Zealand to call upon a fraction of oil but once this is released into the market it means the market can then purchase it.”
Attacks on shipping in Strait of Hormuz
Meanwhile, two vessels in the Strait of Hormuz have been attacked by Iran, the Islamic Revolutionary Guard Corps (IRGC) said in a statement, according to Iran’s semi-official Fars News Agency.
The Thai-flagged bulk carrier Mayuree Naree was fired upon after “disregarding warnings and insistently attempting to illegally pass through the Strait of Hormuz”, the IRGC said, according to Fars.
Another Liberian-flagged vessel, Express Rome, was also “struck by Iranian projectiles this morning after ignoring warnings from the IRGC Navy”, the armed forces said, Fars reported.
Data from analytics provider MarineTraffic showed both vessels were in the Strait of Hormuz earlier.
According to UK Maritime Trade Operations (UKMTO), there have been at least 13 attacks on vessels around the Persian Gulf, Strait of Hormuz and Gulf of Oman since the US-Israeli strikes on Iran, and Tehran’s retaliatory strikes, began on 28 February.
-RNZ/ CNN