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New Zealand not part of IEA oil release

WELLINGTON : New Zealand is not participating in the coordinated release of 60 million barrels of oil by developed count

oil-ieaWELLINGTON: New Zealand is not participating in the coordinated release of 60 million barrels of oil by developed countries announced by the International Energy Agency, the government said on Friday.

It said it had agreed to the collective action but was not required nor asked to contribute.

"On this occasion only IEA countries holding strategic stocks and representing more than 1 percent of IEA final oil consumption were requested to participate, but New Zealand only represents 0.4 percent," said acting Energy Minister Hekia Parata told Reuters in a statement.

"New Zealand has not received a request from the IEA to release stocks, and we have no plans to do so from either domestic or overseas reserves on this occasion."

The country's only oil refiner New Zealand Refining Company Ltd said it was not affected or involved in the IEA action.

Copyright Reuters, 2011