NZ gives 384k barrels of oil to try and calm oil markets

Russia's invasion of Ukraine has sent shock waves through oil and gas markets. (Image: Getty)

Tue, 08 Mar 2022

New Zealand contributed 384,000 barrels of oil towards the international effort to try and stem the tide of rising oil prices, data from the International Energy Agency (IEA) shows.Last week, NZ was one of the member countries of the IEA that agreed to the emergency release of their stocks by IEA in response to market disruption and oil prices escalating in the wake of the Russian invasion of Ukraine.The countries agreed to release 60 million barrels, but when the IEA tallied up the pledges it came to 61.7 million barrels, making it the largest...

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