Australia's Fuel Stock Shortfall: Current Crude Oil Reserves at Just 53 Days

In the event a war breaks out or our shipping routes are blocked, Australia is screwed with practically all of our local refineries out of business.

At the May Senate Estimates, I asked the Department of Climate Change, Energy, the Environment and Water (DCCEEW) for a detailed breakdown of current fuel stocks, specifically how much is finished liquid fuel versus crude oil. Ms Svarcas indicated she will provide these figures on notice and at the same time, will clarify how crude oil is reported under the Minimum Stockholding Obligation (MSO).

I then inquired about the latest figure for Australia’s crude oil stock relative to the International Energy Agency (IEA) requirement of 90 days. Ms Svarcas confirmed that the current figure is 53 days and includes all fuels and refined products in Australian waters. This stock does not include the Exclusive Economic Zone (EEZ) stock, avoiding double counting between IEA and MSO measures. Ms Svarcas noted that "consumption cover days" are reported monthly on their website and are publicly available. She added that these figures indicate how long the stock will last based on average consumption, giving a clear view of Australia's fuel supply.

It was a big surprise to discover that Australia had sold its 1.7 million barrels of oil from the US strategic reserve. While it was never a good idea to have a national reserve held on the other side of the world, the secrecy with which the sale was done in response to Ukraine is concerning.