Australia's oil stockpile remains inadequate despite recent improvements, raising concerns about the country's vulnerability to global supply chain disruptions.
While there has been some improvement, Australia 's oil stockpile remains well short of its International Energy Agency (IEA) obligations to hold 90 days' worth of oil stocks. Australia has 48 days' worth of net imports, including 22 for diesel, 17 for jet fuel, and 29 for petrol consumption. The National Oil Supplies Emergency Committee (NOSEC) periodically conducts emergency response exercises that draw from real-world geopolitical tensions .
In 2019, an exercise called 'Catalyst' simulated a scenario where shipping through the Strait of Hormuz came to a halt following attacks on United States drones and Japanese and Norwegian oil tankers. The exercise also explored tensions escalating in the South China Sea, leading to halted tankers and refinery shutdowns in Asia. This scenario highlighted the vulnerability of Australia's fuel supply chain and the potential for disruptions from geopolitical events
Oil Stockpiles Geopolitical Tensions International Energy Agency Australia Supply Chain
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