Own Goal: Middle East war to hit oil price, so gas price, so electricity price
michaelwest.com.au
In 2019, the Middle East supplied around 17% of Australia’s crude oil imports around 1% in refined products. However, the three largest suppliers to Australia of refined products, Singapore, South Korea and Japan, sourced 20, 35 and 44%, respectively, of their crude oil from Saudi Arabia and Iran.
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Australia is supposed to, by international agreement, have 90 days of petroleum reserves. Even using dodgy calculations by the Australian Government (the IEA does not accept them as proper), which includes in its reserves the fuel at sea on its way to Australia, our current reserves are 51 days.
Our real current reserve figures are at 31 days for petrol, 24 days for diesel (which keeps the country supplied with food and medicines) and 21 days for aviation fuel.