\u00a0<\/p>\n
Australia relies on imports for an estimated 90% of its refined petroleum products, most of which comes from Asia.<\/p>\n
And leaders of both its major parties have long neglected to bolster its strategic reserves, which are relatively meagre, despite the fact Australia is a big exporter of liquified natural gas (LNG).<\/p>\n
Recent reports have suggested the country\u2019s reliance on imports of refined petroleum has left it vulnerable, with some sources claiming fuel reserves dropped as low as 10 days in March.<\/p>\n
China is a major source of aviation fuel for Australia, while also being a big importer of iron ore and gas from Australia.<\/p>\n
Australia was reportedly seeking an exemption from China\u2019s recent ban on fuel exports.<\/p>\n
\u00a0<\/p>\n
\u2018Keep the jet fuel coming\u2019<\/p>\n
China, which supplied about one-third of Australia\u2019s jet fuel in 2025, is also eager to boost trade with Canberra.<\/p>\n
Premier Li Qiang, who visited Australia in June 2024<\/a>, has previously called for deeper cooperation in \u201cgreen sectors,\u201d such as renewable energy,\u00a0electric vehicles, and\u00a0energy storage, given his country\u2019s dominance in those sectors.<\/p>\n \u201cThe Prime Minister and Premier Li agreed to increase government-to-government communication so that Australia and China are both working in support of regional energy security,\u201d the government\u2019s statement said.<\/p>\n The two sides agreed that high-level engagement was central to a \u201cmature, stable and constructive relationship\u201d, AFP reported.<\/p>\n Li said that their economic cooperation has \u201cenormous potential in the long run\u201d, adding that \u201cboth sides should accelerate the review and upgrading of the bilateral free-trade agreement\u201d.<\/p>\n \u201cChina is willing to import more high-quality products from Australia,\u201d while there is \u201cgreat potential\u201d for deeper cooperation on clean energy, Li said, according to a Chinese foreign ministry readout.<\/p>\n Albanese said he would travel to Singapore on Thursday to discuss trade in essential supplies such as diesel and LNG.<\/p>\n Singapore is Australia\u2019s largest supplier of refined petroleum products.<\/p>\n Last week, the Australian government halved its fuel tax on petrol for three months to help alleviate rising costs for motorists and truck drivers.<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n ALSO SEE: \t\t\t\t
\nAsia \u2018Suffering The Most\u2019 From Energy Crisis Due to Iran War<\/a>
\nOil up Again as Gulf War Rages, Big Chinese Ships Clear Strait<\/a>
\nIndia\u2019s Poor Turn to Wood, Coal as Iran War Spikes Gas Prices<\/a>
\nWar in Iran Could Hit Some of Asia\u2019s Biggest Economies Hard<\/a>
\nIndia Races to Secure Supplies as New Attacks Risk \u2018Energy War\u2019<\/a>
\nAsia Ramps Coal Power Use as Iran War Causes Gas Prices to Soar<\/a>
\nCarney Leads Trade Shift From US, to China, India, Australia<\/a>
\nChinese PM\u2019s Australian Tour Highlights Critical Minerals Race<\/a><\/p>\n![\"\"](\"https:\/\/www.newsbeep.com\/au\/wp-content\/uploads\/2026\/04\/Jim-P-1-96x96.jpeg\")
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