PETROLEUM PRODUCTS – AUSTRALIA

Consumers won’t feel the pain unless things get serious

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Original article by Adam Creighton
The Australian – Page: 6 : 17-Sep-19

The drone attacks on Saudi oilfields serve as a reminder about how reliant Australia is on oil for its transport needs, and how potentially vulnerable it is to disruptions in the Middle East. Australia’s oil refineries import over 75 per cent of their feedstock, while Australia has the lowest oil reserves (59 days) of any member of the International Energy Agency. John Mitchell from Chatham House says around 20 per cent of Australia’s oil consumption comes through the Strait of Hormuz, either directly to Australia or indirectly after being processed in Asian refineries. The Saudi attacks are unlikely to have any immediate impact on local petrol prices.

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INTERNATIONAL ENERGY AGENCY, CHATHAM HOUSE

Australia exposed on oil by Mid-East conflict

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Original article by Cameron Stewart
The Australian – Page: 4 : 20-Oct-14

The NRMA motorists’ lobbying body in New South Wales warns that the nation’s energy security is under threat by the rising level of fuel importation as well as the armed conflict in the Middle East. Director Graham Blight says the current stores of transport fuel are only three weeks’ worth or less, and the economy would be severely crippled if they were to be depleted. Some 90% of fuel is now being sourced from overseas, compared with just 60% in 2000

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NRMA LIMITED