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

BlockBeats News, March 14th, the Australian government announced that it will release approximately 6 days of gasoline and 5 days of diesel supply from its emergency fuel reserves, marking the first time it has tapped into the reserves since the 2022 Russian invasion of Ukraine.

Australian Minister for Energy, Chris Bowen, stated that the move is aimed at providing greater flexibility for fuel suppliers against the backdrop of the Middle East conflict. Currently, Australia still holds approximately 36 days of gasoline, 29 days of aviation fuel, and 32 days of diesel in stock.

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 countries, with the goal of stabilizing global oil prices and safeguarding supply. Meanwhile, the Australian government has temporarily relaxed fuel quality standards, expecting to add an additional approximately 100 million liters of gasoline supply per month over the next two months.

Due to the impact of the Middle East situation and the disruption of shipping in the Strait of Hormuz, international oil prices have risen rapidly recently, leading to fuel supply shortages in some regions of Australia.