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

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)
Ian Llewellyn
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...

More Economy

Farm retailers' profits hit as on-farm inflation bites
Finance

Farm retailers' profits hit as on-farm inflation bites

Co-operatives Farmlands and Ruralco report 'challenging' times.

Air NZ's A-list influencer play
Economy Analysis

Air NZ's A-list influencer play

Air New Zealand's day of the bigwigs gives corporates a say. 

Pattrick Smellie 02 Dec 2023
Fonterra wants govt to push hard on US
Primary Sector

Fonterra wants govt to push hard on US

Foreign minister Winston Peters made a direct appeal at the US business summit for an FTA.

Riley Kennedy 01 Dec 2023
The RBNZ looks to have one more hike up its sleeve
Economy

The RBNZ looks to have one more hike up its sleeve

There is a 75% chance of another 25 basis point rate hike. 

Rebecca Howard 30 Nov 2023