{"id":6097,"date":"2020-03-12T05:36:38","date_gmt":"2020-03-12T02:36:38","guid":{"rendered":"https:\/\/www.al-sindbad.net\/australia-reaches-fuel-security-arrangement-with-us\/6097\/"},"modified":"2020-03-12T05:36:38","modified_gmt":"2020-03-12T02:36:38","slug":"australia-reaches-fuel-security-arrangement-with-us","status":"publish","type":"post","link":"https:\/\/www.al-sindbad.net\/australia-reaches-fuel-security-arrangement-with-us\/6097\/","title":{"rendered":"Australia Reaches Fuel Security Arrangement with US"},"content":{"rendered":"<p><strong>Australia and the United States have signed a milestone arrangement to bolster Australia\u2019s access to emergency oil supplies in the event of a major global disruption.<\/strong><\/p>\n<p>As informed, the arrangement will allow Australia to lease space in the US Strategic Petroleum Reserve (SPR) to store and access Australian owned oil during a global emergency.<\/p>\n<p><\/p>\n<p><em>\u201cThe U.S. Strategic Petroleum Reserve is a critical asset for energy and national security that America has had at our disposal for decades\u2026 we are glad that Australia is choosing to entrust us with their reserves,\u201d<\/em> Dan Brouillette, U.S. Secretary of Energy, said.<\/p>\n<p><\/p>\n<p><em> \u201cThis arrangement with Australia will strengthen the energy reliability of one of our strongest allies, providing them options in case of an emergency, and bolstering their energy security.\u201d<\/em><\/p>\n<p><\/p>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><\/p>\n<p><em>\u201cThis landmark Australia-US Arrangement represents our joint commitment to maintaining fuel security and improving Australia\u2019s resilience, as well as strengthening the close bonds between our two great nations,\u201d <\/em>Angus Taylor, Australia\u2019s Energy and Emissions Reduction Minister, commented.<\/p>\n<p><\/p>\n<p><em>\u201cThe Strategic Petroleum Reserve is the world\u2019s biggest emergency stockpile of oil. The U.S. is a trusted ally who has been essential for global oil security and we are glad to be building on our strong, longstanding relationship, while ensuring Australia is best prepared to act during a global oil disruption.\u201d<\/em><\/p>\n<p><\/p>\n<p>Under the agreement, Australian government-owned stocks held in the Strategic Petroleum Reserve can be counted towards Australia\u2019s compliance obligations with the International Energy Agency (IEA).<\/p>\n<p><\/p>\n<p>Under International Energy Agency obligations, Australia and other member countries are required to hold oil reserves equal to 90 days of the previous year\u2019s net imports and are permitted to hold these reserves offshore where a bilateral arrangement is in place.<\/p>\n<p><\/p>\n<p>A separate leasing agreement is currently being negotiated between Australia and the US. This would detail any future purchases Australia may make now the arrangement is in place.<\/p>\n<p><\/p>\n<p>Referring to the newly announced arrangement, the Maritime Union of Australia (MUA) warned in a separate statement:<\/p>\n<p><\/p>\n<p><em>\u201cThe Morrison Government\u2019s arrangement to store Australia\u2019s emergency fuel reserves in the United States is nothing more than an accounting trick that will do nothing to ensure the country\u2019s resilience to a global crisis that disrupts fuel supplies.\u201d<\/em><\/p>\n<p><\/p>\n<p>MUA explained that the agreement has provided no details on <em>\u201chow that oil stockpile would assist Australia in a genuine crisis, how long it would take to bring to Australia, or how it would be transported when there are no Australian-owned oil tankers.\u201d<\/em><\/p>\n<p><\/p>\n<p>According to Ian Bray, MUA Assistant National Secretary, the IEA requirement for minimum fuel reserves \u2014 which Australia has been in breach of since 2012 \u2014 were about ensuring adequate reserves were available to address potential shipping disruptions caused by military conflicts, economic crisis, or natural disasters.<\/p>\n<p>world maritime news<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Australia and the United States have signed a milestone arrangement to bolster Australia\u2019s access to emergency oil supplies in the event of a major global disruption. As informed, the arrangement will allow Australia to lease space in the US Strategic Petroleum Reserve (SPR) to store and access Australian owned oil during a global emergency. \u201cThe &hellip;<\/p>\n","protected":false},"author":1,"featured_media":6098,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[64],"tags":[1076,904,1615,3163,54],"class_list":["post-6097","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-maritime-news","tag-arrangement","tag-australia","tag-fuel","tag-reaches","tag-security"],"_links":{"self":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts\/6097","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/comments?post=6097"}],"version-history":[{"count":0,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts\/6097\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/media\/6098"}],"wp:attachment":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/media?parent=6097"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/categories?post=6097"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/tags?post=6097"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}