Energy Minister heading to Saudi Arabia in bid to secure fuel supply

Amidst the ongoing turmoil in the Middle East and the severe disruptions to the global energy supply chain, Climate Change and Energy Minister Chris Bowen will personally lead a delegation on an emergency diplomatic visit to Saudi Arabia next week, aiming to secure and lock in a long-term stable supply of liquid fuels and crude oil for Australia.

In an interview with the Australian Broadcasting Corporation’s (ABC) flagship political talk show “7.30” on Monday evening, Bowen revealed that thanks to the government’s “minimum inventory obligation” policy implemented in recent years, Australia currently has approximately 41 days’ worth of domestic and en route petrol reserves. While this figure is higher than the historical average of recent years and sufficient to meet short-term domestic consumption demand, Bowen emphasized that the risks in the global energy market have not been eliminated.

He expressed “extreme concern” about the current squeezed crude oil supply in the Middle East, citing the military conflict in Iran and surrounding geopolitical tensions as disrupting shipping in key waterways such as the Persian Gulf and the Strait of Hormuz, leading to sharp fluctuations in international oil prices and strain on the refining supply chain.

Despite the Australian government’s call for public rationality, the rise in international crude oil prices has already impacted Australian retail petrol stations. Bowen concluded by emphasizing that the global situation remains highly volatile, and that “obtaining the most accurate intelligence and engaging in proactive diplomatic maneuvering are key to ensuring Australia’s fuel security and economic stability in the coming months.”