Australia Energy Minister Chris Bowen will visit Saudi Arabia next week to meet
the Saudi energy minister as escalation in the Middle East raises concerns about
potential global supply disruptions. Official data show Australia imported 84%
of its oil product demand last year; since February, when conflict involving the
US, Israel and Iran escalated, Canberra says it has moved quickly to secure
supplies. Bowen said Australia currently holds 41 days of gasoline stocks and
that Saudi measures will be critical to fuel security in the coming weeks and
months. He ruled out further fuel tax cuts; the Labor government halved the fuel
consumption tax in March for three months to ease household costs.
