Australia is releasing its strategic fuel reserves in response to the situation in the Middle East.

Australia Taps Emergency Fuel Reserves for First Time Since 2022—Joins IEA's 400M Barrel Release

Australia is opening the taps. The government announced it will release roughly six days of gasoline and five days of diesel from emergency reserves—the first time since Russia's 2022 invasion. Energy Minister Chris Bowen says the move gives suppliers more flexibility as Middle East tensions roil markets. The country still has 36 days of gas, 29 days of jet fuel, and 32 days of diesel in the tank.

It's part of a coordinated 400 million barrel IEA release across all 32 member nations to calm oil prices and secure supply. Australia is also temporarily easing fuel quality rules, adding about 100 million liters of gasoline per month over the next two months. With oil prices soaring on Hormuz disruptions, some parts of the country are already feeling the squeeze.