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Mining & Resources

Petrol stocks at record levels

petrol stock image

Australia’s petrol stocks are at record highs, with jet fuel and diesel stocks also remaining stable during the COVID-19 pandemic according to the latest official data.

An update to the Australian Petroleum Statistics to the end of April 2020 show Australia held 30 days of petrol consumption cover, the highest level since electronic record keeping began in 1989. Jet fuel also increased to 29 days of consumption cover, and diesel stocks remained stable at 20 days of consumption cover. Consumption cover levels of crude for April were at 27 days.

Minister for Energy and Emissions Reduction Angus Taylor said these figures show Australia is well positioned to support those jobs and industries that rely on a stable fuel supply as the country recovers from the COVID-19 pandemic.

“Despite a significant disruption to global oil markets, our Government has been able to work with industry to keep fuel supplies secure and keep our country running. Truckies, motorists, farmers and the mining sector can all be assured that fuel will be flowing to help our economy recovery from the pandemic,” Minister Taylor said.

These statistics are great news for our oil producing sector.

Australia’s exports of crude oil, condensate and other refinery feedstocks increased by 20 per cent last year. This resulted in a reduction of Australia’s net oil imports by 9 per cent.

The statistics also highlighted an increase in Australia’s days of net import coverage used by the International Energy Agency (IEA) with 79 days recorded in April 2020 when including stocks on the way to Australia.

These IEA days are not comparable to consumption cover days.

IEA days are calculated across all fuel types (including non-transport fuels such as bitumen and lubricants) and are based on an average net imports figure.

Consumption cover days are specific to each type of fuel product and are based on the previous year’s consumption levels.

The Government has announced the next steps of a comprehensive package that will enhance fuel security through strengthening local industry. This will include working with the private sector to test potential storage opportunities and assessing the long-term sustainability of the refining sector.

These next steps come as Minister Taylor signed a lease agreement with the United States in early June 2020 to store Australian Government-owned oil in the US Strategic Petroleum Reserve.

Source: Australian Government

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