Australia plans to release 762 million liters of fuel

The Australian government announced on the 13th that it would release up to 762 million liters of gasoline and diesel from domestic reserves to ease pressure on the fuel supply chain. Australia’s Minister for Climate Change and Energy, Chris Bowen, said in a press release released that day that the government would respond to disruptions to the fuel supply chain by releasing 20% of the minimum stock obligation benchmark for gasoline and diesel. Bowen said that a sharp surge in demand has led to fuel shortages in many parts of Australia. On the 12th, the Australian government announced that it would temporarily adjust the country’s fuel quality standards over the next 60 days, allowing gasoline with a higher sulfur content to enter the market in order to increase domestic fuel supply. On the 11th, 32 member countries of the International Energy Agency, including Australia, unanimously agreed to release 400 million barrels of strategic petroleum reserves to address the global oil supply tightness caused by the U.S.-led and Israeli military strikes on Iran. (Xinhua News Agency)