Urgent action needed as global oil shock exposes Australia’s oil vulnerability
Australia faces an unprecedented oil security challenge. Fatih Birol, the executive director of the International Energy Agency (IEA), described the current oil shock as “the largest supply disruption in the history of the global oil market”, and is calling on countries to act rapidly to reduce economic impacts. While Australia navigated recent oil shocks unscathed thanks to a high self-reliance in oil and oil products, the Iran crisis is markedly different.
