Australia to double its domestic fuel reserves

The Government has committed to reach the 90 days of emergency fuel reserves in line with that of the International Energy Agency.

Australia will expand its domestic emergency fuel reserves in the face of increasing global uncertainty.

Following a landmark deal to have access to the US government’s strategic supply, announced earlier this year, the government now looks to boost reserves by 7 million to 15 million barrels, reports ACAPMAg.

Energy Minister Angus Taylor said they were responding to recent events such as the COVID-19 pandemic, which highlighted the impact of large global shocks and the need for fuel security.

As a member of the International Energy Agency, Australia is supposed to maintain a 90-day supply of fuel but has not been compliant with the requirement in recent years.

The plan to boost onshore storage by up to 15 million barrels will add between eight and 19 IEA days to domestic storage, taking it to the requisite 90 days by 2026.