The Ministry of Business, Innovation and Employment (MBIE) and fuel company Z Energy said New Zealand holds enough fuel reserves to weather any global supply disruptions.
The US and Israel-led airstrikes on Iran have prompted the country to launch missiles and drones at neighbouring Middle East states while threatening to close the vital Strait of Hormuz—through which roughly 20 million barrels of oil.
Iranian attacks have also compelled Qatar, a leading global gas exporter, to suspend output at critical sites, causing European natural gas prices to spike 50% overnight.
MBIE noted that, as an International Energy Agency (IEA) member, New Zealand is required to maintain at least 90 days’ worth of oil stocks.
This total is achieved via onshore stocks from fuel importers plus “oil tickets”—agreements with the US, UK, and Japanese governments that let overseas-held oil count toward New Zealand’s IEA obligations.
MBIE explained that the Minimum Stockholding Obligation (MSO), in effect since January 1, 2025, mandates fuel importers hold 21 days’ diesel, 24 days’ jet fuel, and 28 days’ petrol in New Zealand—including cargoes en route within its exclusive economic zone.
“Our data shows that fuel importers routinely hold more than what’s required – and while these figures are commercially sensitive, we can say that we have healthy stock levels and that importers have further ships planned and on their way to New Zealand,” a spokesperson from MBIE said.
By 2028, diesel stockpiles will need to reach 28 days.
The MSO, paired with overseas “ticket” contracts, delivers more than 90 days of net coverage for New Zealand, satisfying all IEA commitments.
Importers must regularly report stock levels to MBIE to guarantee reserves are ready on short notice.
Meanwhile, Z Energy stated it’s closely tracking the fast-changing Middle East situation, with no effect so far on its fuel-sourcing capabilities.
“Customers can continue to fill up as normal at any Z station across the country,” a spokesperson said.