Australia debates oil-import reliance options
Rising geopolitical tensions in maritime zones heighten its energy-security risk
With a high dependence on imported oil and products, diminished refining capacity, low oil stockholdings and a geographically-disparate refuelling network, Australia could quickly face gasoline, diesel and jet fuel shortages if inbound shipping or Asian refining capacity is ever disrupted. In its latest country review on Australia, the International Energy Agency again highlighted the nation's position as the sole net oil importer among its 30 member countries. For several years, Australia has been the only IEA member country lacking public stockholdings of oil. It also relies solely on the commercial stockholdings of its energy industry to meet its obligation under the Agency's Internationa
Also in this section
29 April 2026
Trafigura’s $1b prepayment agreement confirms African resource holders’ renewed interest in oil-backed financing deals as they look to capitalise on high oil prices
29 April 2026
The UAE’s departure from the oil producers’ group was a surprise to many, but the move can be traced back to a single point five years ago
28 April 2026
Oil traders warning of $200/bl oil are wrong, and the market should be wary of proclamations that the impact of the oil shortage has only begun to be felt and a that a ‘harsh adjustment’ is coming—even for industrialised nations
28 April 2026
Restoring supply from Saudi Arabia, the UAE, Kuwait, Qatar, Bahrain and Iraq involves complexities far beyond simply adjusting operational controls
