Australia’s vulnerability to a major interruption to global oil supply has been addressed in previous ACIL Allen reports to government for National Energy Security Assessments, and considered by the House of Representatives Standing Committee on Economics in its 2012 Inquiry into Australia’s Refining Industry.
These recent reviews found that Australia’s supply security was high – with a watch point concerning increasing net imports – underpinned by the ability of international markets to supply crude oil and refined oil products to Australia, and to respond to international and regional perturbations in supply and demand. This position has been reinforced by the availability of surplus refining capacity in Asia.
This report builds on previous work by ACIL Allen. It examines historical oil market responses to global oil market crises.