Australia Plans New Laws to Secure Fuel Supply Amid Middle East Conflict

Australian Prime Minister Anthony Albanese announced plans to change export-finance laws to help secure fuel supplies as ongoing conflict in Iran disrupts global oil markets. The country, which imports 90% of its fuel, has faced localized shortages and cancelled shipments from Asia.

SYDNEY – Australian Prime Minister Anthony Albanese announced Saturday that his government will modify export-finance legislation to strengthen the nation’s fuel supply security as ongoing conflict involving Iran continues to disrupt global energy markets.

The country relies on imports for approximately 90% of its fuel needs and has faced regional supply shortages over the past month since hostilities between the United States, Israel and Iran escalated, creating widespread disruptions to international fuel distribution networks.

“Today, I announce that Australia will establish new powers to get fuel here for Australians,” Albanese stated during televised comments. “New fuel security powers will enable the government to underwrite the purchase of fuel by the private sector.”

According to Albanese, these new authorities will allow Australia’s export-finance agency to guarantee fuel shipment purchases, helping to increase domestic supply levels.

The Prime Minister indicated his center-left Labor administration plans to present the legislative changes to export-finance and insurance-corporation statutes in parliament beginning Monday.

Energy Minister Chris Bowen revealed during Saturday’s televised statements that Australia currently maintains a 39-day supply of gasoline reserves along with 30 days’ worth of diesel and aviation fuel.

Government officials acknowledged this week that while overall supply remains robust, the nation has experienced the cancellation of six fuel deliveries from Asian suppliers and several hundred Australian service stations have temporarily run out of either gasoline or diesel.