Australia’s fuel security is far more precarious than we might realise. Not only do we not have the internationally mandated 90-day stockpile, but the ongoing closure of Australia’s refineries means we are on track to be 100% reliant on imported petroleum by 2030.
|An oil tanker leaves Sydney Harbour.|
Australian refineries import roughly 83% of the crude oil they process from more than 17 countries, mainly in Asia (40%), but also Africa (18%) and the Middle East (17%). We are a significant oil producer, but export 75% of our crude production, with the largest recipients being Indonesia and Singapore.
At the same time, the importance of importing refined petroleum from overseas is only increasing as our local production declines.
Read the story on The Conversation by a Research Fellow from the Future Social Service Institute at RMIT University, Anthony Richardson - “Australia imports almost all of its oil, and there are pitfalls all over the globe.”