Media contributions
1Media contributions
Title Petrol prices in Australia are now lower than before the Iran war began. Is the oil crisis over and what happens next? Degree of recognition National Media name/outlet The Guardian Media type Web Country/Territory Australia Date 21/06/26 Description This retrospective article examines why Australia avoided the fuel shortages widely forecast at the outset of the Middle East conflict, with petrol falling from a March peak near 260 cents per litre to below 170 cents — beneath pre-war levels. It documents the global adjustment mechanisms that limited the shortfall: alternative Middle East pipeline capacity and stockpile releases each adding roughly four million barrels per day, an unexpected four million barrel reduction in Chinese imports, and the redrawing of supply chains as Asian buyers took record volumes of refined product from the Americas and India absorbed Russian and Venezuelan cargoes. On the Australian position, it traces substitution across sources — increased Korean crude, Malaysian jet fuel and US diesel and petrol offsetting reductions from Brunei, Vietnam, Singapore, Japan and China — alongside 92 vessel arrivals, the release of 20 per cent of onshore reserves, and $7.5 billion in Export Finance Australia underwriting supporting nineteen shipments that would not otherwise have been purchased. Dr Lurion De Mello attributes the fall in petrol prices to the accumulation of supply beyond consumption requirements, and forecasts that diesel will remain elevated given a tighter supply position. The piece closes on warnings that the crisis is not concluded, citing minefield clearance and insurer confidence as preconditions for restored shipping flows, US crude stockpiles at forty-year lows, and refining infrastructure damage with months-long consequences. Producer/Author Luca Ittimani and Jonathan Barrett URL https://www.theguardian.com/australia-news/2026/jun/21/oil-price-petrol-prices-australia-fuel-crisis-us-iran-war-lower Persons Lurion De Mello