Members of the International Energy Agency (IEA) agreed to hold emergency reserves equal to at least 90 days of oil imports. Ministers say total supply is higher by including in the reserves fuel on ships bound for New Zealand. New Zealand may discover our emergency oil reserves exist mostly on paper. Japan and South Korea both maintain very large domestic oil reserves, far beyond New Zealand’s. Among developed countries, only Canada – an oil exporter – and New Zealand lack significant domestic strategic oil reserves.

Source: New Zealand Herald March 18, 2026 20:07 UTC