Australia Releases Seven Days’ Worth of Petrol, Five Days’ Worth of Diesel From Reserves

Australia is releasing seven days’ worth of petrol and five days’ worth of diesel from its reserves amid the ongoing Iran war that has severely affected the supply and prices of oil worldwide.

Australia is a member of the International Energy Agency (IEA), which previously agreed to release 400 million barrels of oil from their emergency reserves available to the market.

Australia Releases Petrol, Diesel From Reserves

According to ABC News, the country currently has 36 days’ worth of petrol supply and 32 days’ worth of diesel.

Australia also has jet fuel reserves equivalent to 29 days’ worth.

Energy Minister Chris Bowen confirmed that the oil to be released will not flow immediately due to supply chain constraints. However, it will give fuel retailers more flexibility.

“The minimum stock obligation which was introduced … for this purpose, [for] the rainy day, is now necessary,” Bowen said. “There is a war. I think war ticks the boxes of crisis.”

Despite the decision to release oil from the emergency stockpile, the country’s petrol and diesel reserves are still above the minimum requirements established three years ago.

IEA Member Countries Agree to Release Oil

As previously mentioned, IEA member countries previously agreed to make oil available from emergency reserves in response to the effects the conflict in the Middle East has on global oil supply.

“The oil market challenges we are facing are unprecedented in scale, therefore I am very glad that IEA Member countries have responded with an emergency collective action of unprecedented size,” IEA Executive Director Fatih Birol said in a statement.

“Oil markets are global so the response to major disruptions needs to be global too,” Birol added. “Energy security is the founding mandate of the IEA, and I am pleased that IEA Members are showing strong solidarity in taking decisive action together.”

Aside from Australia, other members of IEA are as follows:

• Austria
• Belgium
• Canada
• Czechia
• Denmark
• Estonia
• Finland
• France
• Germany
• Greece
• Hungary
• Ireland
• Italy
• Japan
• Latvia
• Lithuania
• Luxembourg
• Mexico
• Netherlands
• New Zealand
• Norway
• Poland
• Portugal
• Slovakia
• South Korea
• Spain
• Sweden
• Switzerland
• Turkiye
• United Kingdom
• United States of America