G7 releases 100M barrels but Australia won't benefit much
The G7 released 100 million barrels of fuel, but Australia gets only 2 per cent from the US.
G7 leaders agreed to release 100 million barrels of diesel and crude oil over four months to address supply concerns. Australia's Energy Minister Chris Bowen welcomed the move but said it won't meaningfully affect Australia.
About 2 per cent of Australian fuel comes from the US. Australia has taken its own steps by reducing minimum stock rules by 20 per cent until January.
This gives fuel suppliers flexibility to meet local needs. The country currently has 41 days of petrol in reserve, 32 days of diesel, and 28 days of jet fuel.
Fifty ships carrying fuel are heading to Australian ports.
- 100 million barrels over four months
- G7 release
- 2 per cent
- US share of Australian fuel
- 41 days
- Australia's petrol reserve
- 50 heading to Australian ports
- Fuel ships en route
Why it mattersFuel prices matter to every Australian driver and business. While global moves to ease supply are welcome, they won't directly help ease local prices.
AustraliaAustralian fuel remains secure with weeks of reserve supply, and domestic policy changes give suppliers flexibility. Unleaded 91 was averaging $2.38 per litre in early October.
✓ Claims checked against the source. checked 2 h ago
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