Looks like the gov’t will be motivated to sure up domestic crude supplies. I wonder which company may be able to assist?
Reserves have been significantly depleted and with rising tensions globally, it is a good time to lock down and support domestic companies with oil discoveries.
Declining fuel reserves prompts Turnbull government security review
The Turnbull government will launch a review of Australia's fuel reserves amid warnings that conflict in the Middle East or South China Sea could disrupt supply and threaten record-low domestic emergency stocks.
Environment and Energy Minister Josh Frydenberg will announce the National Energy Security Assessment on Monday amid a backdrop of declining domestic production, diminishing refining capacity and geopolitical risks in the oil-rich regions Australia sources the majority of its fuel from.
Latest government figures show Australia has just 22 days supply of crude oil, 59 days of LPG, 20 days of petrol, 19 days of aviation fuel and 21 days of diesel.
Overall, the country has just 49.6 days of net coverage which is well below the 90 day supply Australia and other nations agreed to store under an agreement with the International Energy Agency.
The last National Energy Security Assessment was in 2011, when Australian reserves were well above the 90 day requirement.
"With the supply and demand dynamics of global energy markets changing rapidly and nearly a decade since the last National Energy Security Assessment, the time is right to relook at and rethink Australia’s fuel security," Mr Frydenberg said....” see article for further content
*bold is my addition
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