Australia’s government has received guarantees from major fuel exporting nations in Asia that supplies will proceed as normal despite the disruptions caused by the war in Iran, Assistant Foreign Affairs and Trade Minister Matt Thistlethwaite said.
In an interview with Sky News on Sunday, Thistlethwaite said that he had sought and received pledges from Japan, South Korea and Singapore that shipments of fuel to Australia would continue, amid concerns that some countries might curb exports to protect their own domestic supply. Despite being a large-scale fossil fuel exporter, the vast majority of Australia’s oil products come from refineries across Asia.
“I met last week with the Japanese minister and requested that supply continue and they’ve given us an assurance,” said Thistlethwaite, adding he’d spoken to the South Koreans and Singapore as well and received similar guarantees.
South Korea alone contributes about a quarter of Australia’s fuel imports, according to the Institute for Energy Economics and Financial Analysis, while another 13 per cent comes Malaysia.
On Saturday, Energy Minister Chris Bowen said that Australia was seeking to diversify its sources of oil products as a result of the war in Iran, including making purchases from the US and Mexico.
Australia has seen significant fuel price rises following the outbreak of the war, which has halted much of the trade through the Strait of Hormuz. Just 17 per cent of the nation’s oil products are refined onshore, and hundreds of petrol stations across Australia have reported shortages of certain types of fuel in the past week.