Market Open

30 Jun 2022 10:04:29

Oil demand has eased in NZ

Posted: 10 Jun 2022

Oil consumption – as recorded by the Ministry of Business, Innovation and Employment – plummeted after the country went into lockdown in March 2020. With Covid initially eliminated, oil usage had nearly returned to pre-pandemic levels by the end of that year.

But since then, demand has eased. If this trend holds, the country may have passed “peak oil”, a major climate milestone.

There’s also positive news for the electricity grid: the amount of coal burned in power units has fallen significantly, according to ministry data.

Read more on Stuff.