Australians were warned soon after the Middle East conflict started that the country could run short on fuel, with prices rising to record levels owing to disrupted oil supplies. Now, amid an uneasy peace deal and continued supply disruptions, petrol prices are lower than they were before the conflict began and official warnings over fuel usage have largely disappeared.
Fuel suppliers outside the Middle East have proved to be much more flexible than analysts expected – and China surprised everyone. The Australian government has moved to free up fuel reserves to ensure supply stability, according to officials.
Why haven’t we run out of fuel? Why were we told to cut back? And what will happen now? The answer lies in the rapid adaptation of global supply chains and unexpected contributions from non-Middle Eastern producers.
