Australia to release 6 days' worth of oil stockpile amid Mideast tensions

ISTANBUL

Australia will release six days' worth of petrol from its emergency stockpile and five days of diesel amid the ongoing conflict between the US, Israel and Iran, an official said Friday.

This marks the first use of the country’s fuel reserves since the Russia-Ukraine war began in 2022.

Energy Minister Chris Bowen noted that the fuel “would not flow immediately due to the complexities of supply chains, but it would give fuel retailers flexibility to manage their supply.”

“Australia currently holds 36 days' worth of petrol supply, 29 days' worth of jet fuel and 32 days' worth of diesel,” ABC News reported.

The release of the energy stockpile comes as the Middle East conflict disrupts global energy supplies.

“There is a war. I think war ticks the boxes of crisis,” Bowen said, as Australia joined 31 other countries, part of the International Energy Agency, in agreeing to release 400 million barrels collectively.

Tensions escalated after Israel and the US launched joint attacks on Iran on Feb. 28, killing more than 1,300 people, including then-Supreme Leader Ali Khamenei and over 150 schoolgirls. More than 10,000 others were injured in the strikes.

Tehran retaliated with drone and missile strikes targeting Israel, Jordan, Iraq, and several Gulf countries hosting US military assets. Eight US service members have been killed since the conflict began.

Iran has effectively closed the Strait of Hormuz since around March 1, causing oil prices to surge. The narrow shipping lane handles about 20 million barrels of oil daily and roughly 20% of the global liquefied natural gas trade.