New Zealand Explores Swapping IEA Tickets to Secure Fuel Supply
Photographer: Marty Melville/AFP/Getty Images
New Zealand is considering using options it holds with the International Energy Agency as an insurance policy against any future squeeze on fuel supplies.
New Zealand holds options, or tickets, with the IEA for crude or refined product that it doesn’t need, and the proposal may see those swapped for the gasoline, diesel or jet fuel it does need, Prime Minister Christopher Luxon said Monday in Wellington. The strategy may ensure the nation has additional supply the end of June, he said.