China, Australia Hold Talks on Energy Security Amid Mideast Crisis
“We talked about the importance of energy security, and how we can work together for the benefit of our nations and our region,” Albanese said regarding his conversation with Li.
“We will continue to engage in dialogue to maintain our stable and constructive relationship,” he added in a statement on X. “Now more than ever, our relationships with our neighbors matter.”
The discussion comes as Australia has already tapped into its strategic oil reserves and urged citizens to rely more on public transport to conserve fuel.
Meanwhile, Tehran has asserted tight control over the Strait of Hormuz, allowing passage only to vessels from “friendly nations.”
Fatih Birol, head of the International Energy Agency, warned that the current oil and gas crisis, caused by the Strait’s partial closure, is “more serious than the ones in 1973, 1979, and 2002 together.”
Australia sources just 2% of its energy products from the Middle East, totaling $37 billion in 2024, and has already reduced its fuel tax by half. Canberra has also placed orders for emergency fuel reserves from the United States for the first time in decades.
China, meanwhile, has advocated for a ceasefire in the region but has so far faced no domestic supply disruptions. The country maintains a 1.3-billion-barrel strategic crude reserve, sufficient for several months, alongside a diversified energy mix that includes nuclear, solar, and wind, while continuing to rely on domestic coal.
Beijing sourced 35% of its energy from Gulf countries in 2024, spending $413 billion on imports.
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