The Australian government has received assurances from Asia’s major fuel exporting nations of that supplies will continue as normal despite disruptions caused by the war in Iran, Deputy Foreign Affairs and Trade Minister Matt Thistlethwaite said.
In an interview with Sky News on Sunday, Thistlethwaite said he had sought and received commitments from Japan, South Korea and Singapore for fuel shipments to Australia to continue, amid concerns that some countries might restrict exports to protect their own domestic supplies. Despite being a major exporter of fossil fuels, the vast majority of Australian petroleum products come from refineries in Asia.
“I met last week with the Japanese minister and requested that the supply continue, and they gave us guarantees in this regard.”Thistlethwaite said, adding that he had also spoken to the South Koreans and Singapore and had received similar assurances.
According to the Institute of Energy Economics and Financial Analysis, South Korea contributes about a quarter of Australia’s fuel imports, while another 13% come from Malaysia, Singapore’s neighboring country.
On Saturday, Energy Minister Chris Bowen stated that Australia is seeking to diversify its sources of petroleum products in the wake of the war in Iran. which includes making purchases from the United States and Mexico.
Australia has seen significant increases in fuel prices following the outbreak of war, which has paralyzed much of the trade through the Strait of Hormuz. Only 17% of the country’s petroleum products are refined on landand hundreds of gas stations across Australia have reported shortages of certain types of fuel over the past week.
