Energy and Resources Minister Megan Woods says New Zealand is ‘not close’ to bringing in oil reserves after the attack on Saudi fields.

“We would have to see prices rise by about $20 per barrel in order for some of those strategic reserves to be released. So we are not close to that.”

Minister Woods told Q+A, “we've got basically a month's worth of oil, crude, that is held offshore that we can bring in. So it’s that forward planning, really, that we can activate.”

The Minister says the government will not relax the regional fuel tax while Saudi Arabia restores its oil supply.

“It’s not something we are considering. And as I said, actually, we are nowhere near some of the price per barrels that we have seen even in very recent times –

The fact of the matter is that we still have to pay for our roading infrastructure and our transport infrastructure.”

The Minister says she is waiting more information from the Saudi oil Minister tomorrow.

Please find the interview here.

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