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Australia to Release Strategic Fuel Reserve in Response to Middle East Supply Concerns

2 hours ago

On March 14, the Australian government announced it will release roughly 6 days of gasoline and 5 days of diesel from its strategic fuel reserves—marking the first time it has drawn down the reserves since the 2022 Russian invasion of Ukraine. Australian Energy Minister Chris Bowen said the move aims to give fuel suppliers more flexibility amid the Middle East conflict. Currently, Australia still has roughly 36 days of gasoline, 29 days of aviation fuel, and 32 days of diesel stockpiled. This action is also part of the International Energy Agency’s (IEA) plan to collectively release 400 million barrels of oil from the strategic reserves of its 32 member nations, with the goal of stabilizing global oil prices and securing supply. Meanwhile, the Australian government has temporarily eased fuel quality standards, expecting to add roughly an extra 100 million liters of gasoline monthly over the next two months. Amid the Middle East situation and shipping disruptions in the Strait of Hormuz, international oil prices have surged recently, leading to fuel supply shortfalls in some parts of Australia.
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Data: Only 77 Ships Have Passed Through the Strait of Hormuz Since March 1

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