Australia debates oil-import reliance options

Rising geopolitical tensions in maritime zones heighten its energy-security risk

With a high dependence on imported oil and products, diminished refining capacity, low oil stockholdings and a geographically-disparate refuelling network, Australia could quickly face gasoline, diesel and jet fuel shortages if inbound shipping or Asian refining capacity is ever disrupted. In its latest country review on Australia, the International Energy Agency again highlighted the nation's position as the sole net oil importer among its 30 member countries. For several years, Australia has been the only IEA member country lacking public stockholdings of oil. It also relies solely on the commercial stockholdings of its energy industry to meet its obligation under the Agency's Internationa