Wellington, March 19 (NationPress) New Zealand's Prime Minister, Christopher Luxon, raised concerns on Thursday regarding a potential long-lasting conflict in the Middle East that might lead to a disruption in global oil supplies. The government is currently contemplating an increase in its fuel escalation level next week.

As tensions escalate in the Middle East, Kiwi drivers have been seen lining up at petrol stations. However, Luxon commended the public for their level-headedness in refraining from panic-buying during a press briefing, assuring that national fuel reserves remain sufficient at this time.

Finance Minister Nicola Willis informed the media that the government will begin issuing fuel updates bi-weekly starting next Monday. She stated that New Zealand currently possesses 41.3 days' worth of petrol, 47 days of diesel, and 49 days of jet fuel.

In another announcement, Associate Energy Minister Shane Jones revealed that New Zealand plans to issue oil tickets—contracts corresponding to 1.577 million barrels of crude oil—to fulfill its obligations to the International Energy Agency's (IEA) collective efforts.

This initiative entails IEA member nations agreeing to release an unprecedented 400 million barrels of crude oil or its equivalent into global markets to counteract the oil supply challenges caused by the closure of the Strait of Hormuz, as reported by Xinhua news agency.

Jones remarked, "Although this is a significant contribution to the global scenario, the release will have minimal repercussions on New Zealand's domestic fuel security."

On Wednesday, New Zealand officials confirmed that the country maintains a robust reserve of petrol, diesel, and jet fuel, despite global supply issues arising from the Strait of Hormuz due to the ongoing Middle East conflict.

As of March 15, national stock levels for petrol, diesel, and jet fuel accounted for approximately 49 days of supply, which includes both onshore reserves and fuel in transit to New Zealand, as stated by Finance Minister Nicola Willis.

Starting that week, the Ministry of Business, Innovation and Employment will track the pipeline of fuel shipments heading to New Zealand, with more than a week's fuel supply anticipated to arrive shortly, she noted.

Shane Jones, responsible for fuel security, emphasized that officials are collaborating closely with industry leaders to enhance the frequency, quality, and timeliness of fuel stock and shipping information, reiterating that there is currently no necessity for any fuel restrictions.