WELLINGTON, April 8 (Xinhua) -- New Zealand will release 483,000 barrels from its emergency oil stocks as part of additional action by International Energy Agency (IEA) member countries in response to the ongoing global oil shortage.

Last Saturday, the 31 members of the IEA agreed to take collective action to release an additional 120 million barrels of global emergency oil stocks, New Zealand Energy and Resources Minister Megan Woods said in a statement on Friday.

The size of contributions to the stock draw has now been determined by the IEA and New Zealand has committed slightly more than the amount requested by the IEA, Woods said.

"Our release is made up of around 184,000 barrels of crude oil held in Spain and close to 299,000 barrels of diesel held in Britain," she said, adding that this contribution follows on from the release of 369,000 barrels of crude oil last month as part of the initial collective action to release 62.7 million barrels held by IEA members.

New Zealand's membership of the IEA requires it to hold stocks equivalent to at least 90 days of net oil and imports, the minister said, adding that New Zealand buys emergency reserve stocks that are held offshore as part of this obligation and help to manage potential disruptions in the oil market.