Australian Government Launches Urgent Fuel Security Review as Reserves Dip Below 50 Days
May 7th, 2018Via: New Zealand Herald:
Energy Minister Josh Frydenberg has ordered an urgent review of Australia’s liquid fuel reserves as the country dips below 50 days, but says it should “not be construed as Australia having a fuel security problem”, reports news.com.au.
The International Energy Agency mandates that countries hold at least 90 days’ supply, but Fairfax reported on Monday that Australia has just 22 days of crude oil, 59 days of LPG, 20 days of petrol, 19 days of aviation fuel and 21 days of diesel remaining.
Australia depends on the Middle East for 91 per cent of its transport fuel imports, but recent instability in the region amid US-led air strikes on Syria has prompted warnings that the country has no “plan B” in case of an oil and fuel supply interruption.
Due to the closure of a lot of refineries here in the last couple of decades, most of Australia’s fuel now arrives by way of refineries in South Korea and Singapore, Japan and China.
http://crudeoilpeak.info/almost-half-of-australias-petrol-diesel-and-jet-fuel-imports-come-from-south-korea-and-japan