Australia has agreed to cooperate with the government in ensuring smooth supply chains of oil, LNG and diesel to help weather a global energy squeeze in the Middle East.
Global oil prices have soared as the crisis between the United States, Israel and Iran has centred around the Strait of Hormuz, through which around 20% of the world’s oil and gas shipments normally transit.
In a joint statement, Australia and key shipping hub Singapore said they shared “deep concern over the situation in the Middle East and its consequences for our region, such as the impact on energy supply chains and prices”.
They also agreed to “strengthen energy security, to support the flow of essential goods including petroleum oils, such as diesel, and liquefied natural gas between our two countries”.
In Australia, petrol prices have soared and officials have issued calls for residents to only buy what they need in the face of panic buying and alleged price-gouging.
Energy Minister Chris Bowen insisted the country was a “long way” from rationing, while conceding that some petrol stations had run out of fuel. — AFP
