Australia's fuel supplies have strengthened since the onset of the global energy shock, Prime Minister Anthony Albanese says, while also confirming a major new jet fuel supply deal with China.
Speaking alongside Energy Minister Chris Bowen in Canberra on Monday, Albanese said Australia currently holds 43 days of petrol, 38 days of diesel and 31 days of jet fuel — all higher than levels recorded on February 28, when the crisis began.
Albanese also revealed Australia had secured a new supply of 660,000 barrels of jet fuel from China, despite export restrictions imposed by Beijing.
Foreign Minister Penny Wong met with her Chinese counterpart last month.
Albanese confirmed the government had struck a deal with Chinese Premier Li Qiang to shore up jet fuel supplies.
'After discussions between myself and Premier Li, and confirmation following Foreign Minister Wong's visit to China, we have secured some 660,000 barrels of jet fuel for Australia,' he said.
'All of that is good news for Australia.'
The agreement comes alongside broader efforts by the government and industry to stabilise supply chains amid ongoing global disruption.
Anthony Albanese (pictured) revealed that Australia's fuel supplies were above pre-war levels
Despite the improved outlook, Albanese warned the situation remained volatile, particularly due to disruptions affecting global shipping routes.
'We know this is volatile and uncertain times,' he said.
'When the conflict ends, that doesn't mean that the economic tail concludes.'
US President Donald Trump remains locked in stalled negotiations with Iran over reopening the Strait of Hormuz, as broader peace talks to end the conflict continue.
'There will be a period of time before ships are able to go through the Strait of Hormuz,' Albanese said.
'Ships that are stranded have to offload their cargo, which can take up to 30 days, then go back to collect more cargo before returning to their destination.'
Bowen added that 48 fuel ships are currently bound for Australia, with 3.4billion litres contracted for delivery over the next four weeks, including 1.8 billion litres of diesel.
'These are good figures,' he said.
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The Albanese government has secured 660,000 barrels of jet fuel from China in a new deal
'We are seeing continuing strong flows into Australia.'
While Australia's position has strengthened, Bowen said global energy ministers he was speaking to in other nations remain concerned about supply chain risks.
'There remains strong concern about supply chains,' he said.
'But Australia is very well placed, and ministers around the world have indicated that our position is one we can be pleased with.'
Albanese said suppliers are now looking secure into July, but reiterated that uncertainties in global markets mean challenges are far from over.