SYDNEY — Australian Energy Minister Chris Bowen said he would travel to Saudi Arabia next week to meet his counterpart, Prince Abdulaziz bin Salman, as escalation in the Middle East raises concerns over global energy supply disruptions, Reuters reported Tuesday.
Australia imported 84% of its petroleum product demand last year, official data show, leaving it exposed to shocks since the U.S.–Israeli war with Iran began in February. “What we are seeing in the Middle East is deeply concerning,” Bowen told ABC News late Monday, adding that Saudi Arabia’s approach would be key to fuel security in coming weeks and months.
Canberra currently holds 41 days’ worth of petrol reserves, Bowen said. He ruled out a new fuel tax cut after Labor halved the fuel excise for three months in March, saying the earlier relief was temporary and that the government would not respond to every daily oil-price move.
Oil settled about 1% higher Monday after Houthi attacks on a Saudi military facility and the postponement of Gulf talks with Iran. Last week’s strike on Saudi Arabia’s East–West pipeline, which bypasses the blockaded Strait of Hormuz, continues to threaten as much as 4% of global supply.
Sources: Reuters
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