Australia will release strategic fuel reserves to address supply concerns stemming from the Middle East situation.

According to Mars Finance, on March 14th, the Australian government announced it would release approximately six days' worth of petrol and five days' worth of diesel from its emergency fuel reserves, marking the first time these reserves have been used since Russia's invasion of Ukraine in 2022. Australian Energy Minister Chris Bowen stated that this move aims to provide fuel suppliers with greater allocation flexibility amid the Middle East conflict. Currently, Australia still holds approximately 36 days' worth of petrol, 29 days' worth of jet fuel, and 32 days' worth of diesel in stock. This action is also part of the International Energy Agency's (IEA) joint plan by its 32 member countries to release 400 million barrels of oil reserves, aimed at stabilizing global oil prices and ensuring supply. Simultaneously, the Australian government has temporarily relaxed fuel quality standards, expecting to add approximately 100 million liters of petrol per month over the next two months. Affected by the situation in the Middle East and disruptions to shipping in the Strait of Hormuz, international oil prices have risen rapidly recently, leading to fuel supply shortages in some parts of Australia.