Australia to release strategic fuel reserves in response to supply concerns amid Middle East tensions

BlockBeats News, on March 14, the Australian government announced it would release approximately 6 days' supply of gasoline and 5 days' supply of diesel from its emergency fuel reserves. This is the first time the reserves have been used since Russia's invasion of Ukraine in 2022.

Australian Energy Minister Chris Bowen stated that this move aims to provide greater flexibility for fuel suppliers amid the ongoing conflict in the Middle East. Currently, Australia still holds about 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 (IEA) plan, in which 32 member countries jointly release 400 million barrels of oil reserves to stabilize global oil prices and ensure supply. Meanwhile, the Australian government has temporarily relaxed fuel quality standards, and it is expected that an additional 100 million liters of gasoline will be supplied each month over the next two months.

Due to the situation in the Middle East and disruptions in shipping through the Strait of Hormuz, international oil prices have risen rapidly in recent days, and some regions in Australia are already experiencing fuel supply shortages.