エラーが発生しました。 詳細 隠す
保存されていないページがあります。 復元 取り消す

Australia is running a continuous and growing deficit in total oil stocks, defying the International Energy Agency's (IEA) mandate on members to maintain 90-days of coverage and perpetuating the country’s vulnerability to swings in global oil markets. Whether global supply imbalances arise from geopolitical discord, OPEC-sanctioned supply adjustments, or other market balance factors, the fact that Australia maintains no strategic reserve and has less than a 50 day supply of oil bodes poorly for the potential cost to the economy in the event of a price spike and potential resulting shortages.

  • Australia is the only non-exempt member of the IEA that fails to maintain the 90-day reserve commitment and is also the only member to have experienced a twofold decline of its oil stocks over the past 10 years.

What is the source of the Australia oil stock balance problem, and how can it be remedied? Oil stocks, which consist of primary oil—such as crude oil, natural gas liquids (NGLs)—and refined oil products, are being dragged down by falling levels of crude oil. Crude oil stocks have fallen along with the country’s long-term declining production and lower refining intake, increasing the country’s net oil imports.

  • The most direct route to satisfying the IEA mandate and reducing the systemic risk to the Australian economy and its energy security would be to continue increasing imports of refined oil products.
  • Existing refineries operate at near full capacity and public policy strategies—such as higher fuel efficiency standards—would take too long to implement in the context of aggressive demand for oil from the likes of India as well as continuing conflict throughout the Middle East that is increasing the geopolitical risk premium on global oil prices.

Data indicates that Australia has experienced declining stocks of primary oil (crude oil, NGLs, etc) whereas the country's stock of refined products stocks has remained comparatively stable. However, the country has increased its reliance on imported refined oil products by scaling back its domestic oil refining capacity, making it ill-prepared to cope with growing demand for oil products and potential supply shocks. The major exporters of oil products to Australia are South Korea, Singapore, and Japan, which together account for about 70 percent of Australia's total oil products imports.

 

You may also want to visit our Global Oil Prices Data Insight for up-to-date coverage of key prices globally.

Download our latest ENERGY Data Brief

Download our one-page PDF full of live links to energy-related data, statistics, and dashboards from leading industry sources to support research and data-based decision making.

関連するデータ洞察

Crude Oil Price Forecast: 2018, 2019 and Long Term to 2030

Brent crude oil prices will average $72.8 per barrel in 2018 and to $73.7 per barrel in 2019, according to the most recent forecast from the US Energy Information Administration's monthly Short-Term Energy Outlook (EIA). This reflects an upward revision of $9.5/barrel to the EIA forecast for 2018 compared to last month's Outlook.The OECD Economic Outlook as of May 2018 was less bullish, pegging the real price of a barrel of Brent oil— i.e. price adjusted for inflation—at $69.4/barrel in 2018.Looking out to 2020, the IMF in its Primary Commodity Prices Projections released in July asserted that after modest growth in 2018, the nominal price...

United States: The World's Newest Major Exporter of Crude Oil

In June, US crude oil exports reached historic levels at nearly 2.2 million barrels per day (b/d), a level similar to that of Nigeria and Iran. From 1975 until late 2015, a federal ban on the export of US crude oil severely restricted crude oil exports to all countries except Canada. By lifting the ban, the US Government has transformed the United States into a major exporter of crude oil and a force that is reshaping global oil markets. To date in 2018, the United States has averaged more than 1.7 million b/d of crude oil exports while continuing to import an average of 7.9 million b/d.Although Canada remains an important consumer of US...

Cost of Producing a Barrel of Crude Oil by Country

Slump of oil prices does not slow oil production immediately as it does with investment according to historical evidence. On the contrary, it affects future production through decreased investment in exploration and development of new fields. However, in the current conditions when oil price hovered above break-even price (price at which it becomes worthwhile to extract) for several years the response of production to price decrease may come more quickly. Especially, it concerns countries which experience high operating costs of oil production, namely United Kingdom, Brazil, Canada, Australia. In these countries oil price slump will affect...

Global Energy Statistics

The Global Energy Statistics hub provides a collection of databases, charts, and interactive tables covering the most commonly used statistics on energy. All global statistics come from BP and the International Energy Agency. Looking for something else? We welcome your feedback to make this selection more informative and useful. _______________________   You may be interested in other topics: Agriculture | Commodities | Demographics | Economics | Education | Energy | Environment | Exchange Rates | Food Security | Foreign Trade | Healthcare | Land Use | Poverty | Research and...