New Zealand

New Zealand faces moderate energy security risk due to its high 90% oil import dependency, though it lacks direct Hormuz exposure. Gasoline prices are among the highest at $1.82/L, but 85 days of oil reserves provide a critical buffer against immediate supply shocks. The country benefits from significant renewable electricity generation, which mitigates some of the oil price impact on its broader energy system, and food risk remains low despite a 35% rise in fertilizer costs. The outlook suggests New Zealand will continue to manage elevated fuel costs and supply chain pressures, supported by its reserves and renewable energy base.