The International Energy Agency (IEA), of which Australia is a member, has agreed to release an unprecedented 400 million barrels of oil to stabilise global fuel supplies and curb further price spikes amid the deepening Middle East conflict.
The federal government says oil continues to flow to Australia and that national reserves remain at around 30 days well below the IEA requirement for member nations to hold at least 90 days of fuel stocks. Current Australian reserves include:
36 days of petrol
29 days of jet fuel
32 days of diesel
Australia’s voluntary contribution to the IEA release is still being finalised.
Energy Minister Chris Bowen said the government’s decision to temporarily relax fuel standards will free up additional supply, with 100 million extra litres per month to be prioritised for farmers, fishers and regional communities.
“In rural and regional Australia we continue to see unacceptable shortages, supply chain constraints, and a doubling of demand … demand has doubled, use has not,” Bowen said.
He added that Queensland would receive particular focus as part of the targeted distribution plan.
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