New Zealand PM warns of global oil supply disruption by prolonged Mideast conflict

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  • New Zealand PM warns of global oil supply disruption by prolonged Mideast conflict

NEW Zealand Prime Minister Christopher Luxon warned Thursday of a prolonged Middle East conflict that could disrupt global oil supplies, as the government considers raising its fuel escalation level next week. Kiwi drivers have queued at petrol stations amid the escalation of the Middle East conflict, but Luxon praised New Zealanders’ restraint in avoiding panic-buying at a press conference, saying national fuel supplies remain adequate for now. Finance Minister Nicola Willis told reporters that the government would be providing twice-weekly fuel updates starting next Monday, adding New Zealand currently had 41.3 days of petrol, 47 days of diesel and 49 days of jet fuel. In a separate announcement, Associate Energy Minister Shane Jones said New Zealand will release oil tickets — contracts for 1.577 million barrels of crude oil or the equivalent — to fulfill its commitment to the International Energy Agency’s (IEA) collective action. — Xinhua

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New Zealand PM warns of global oil supply disruption by prolonged Mideast conflict
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