Australia and Singapore agree to strengthen energy supply chains for oil, LNG and diesel amid Middle East conflict disruptions and soaring global prices
SYDNEY: Australia and Singapore have agreed to strengthen cooperation on energy supply chain resilience.
The pact aims to secure the flow of essential goods like petroleum oils, diesel, and liquefied natural gas between the two nations.
The joint commitment was announced amid deep concern over the Middle East conflict.
Both nations highlighted the war’s consequences for their region, particularly its impact on energy supply chains and prices.
Global oil prices have soared as the conflict between the United States, Israel and Iran centres around the Strait of Hormuz.
Approximately 20% of the world’s oil and gas shipments normally transit through this vital waterway.
In Australia, petrol prices have surged, prompting official calls for residents to avoid panic buying.
Energy Minister Chris Bowen insisted the country was a “long way” from rationing, though he conceded some petrol stations had run out of fuel.
“We are committed to working together to strengthen energy supply chain resilience,” the two nations said in a joint statement.
They agreed to “strengthen energy security” to support the uninterrupted flow of essential energy commodities.
