NZ agrees to release oil tickets to global market

NZ agrees to release oil tickets to global market

Friday 20 Mar 2026

Associate Energy Minister, Shane Jones, has confirmed New Zealand will release oil tickets to fulfil its commitment to the International Energy Agency’s collective action in response to the oil supply issues created by the closure of the Strait of Hormuz.

New Zealand’s contribution under the action, announced last week by the International Energy Agency (IEA), is 1.577 million barrels of crude oil or the equivalent. Oil tickets are contracts that give the Government the option to purchase different types of fuel. New Zealand is not releasing physical supply to the market, the Minister clarified.

“New Zealand holds oil tickets, which are options to purchase different types of oil or refined fuel. We will release some of the tickets we hold to the global market,” said Mr Jones.

“Under the action, IEA members have agreed to release 400 million barrels of crude oil or equivalent to global markets. This is significantly greater in volume than the collective action taken in response to the Russia-Ukraine conflict in 2022.

“This will add much-needed supply globally, helping reduce pressure on global refineries which ordinarily access oil from the Middle East. The action should help to calm global markets.”

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Source: Inside Government

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