<div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The government has been assuring Australians that the country is not going to </span><a href="https://www.9news.com.au/national/panicked-buyers-empty-shelves-to-stockpile-jerry-cans-as-fuel-prices-surge/75f156f4-b974-418f-9f17-f7ac550f3051" rel="" target="" title="run out of petrol"><span>run out of petrol</span></a><span> in spite of the </span><a href="https://www.9news.com.au/world/us-israel-attack-iran-live-updates-march-11-donald-trump-latest-world-news-headline/06bb3cab-63f2-47c3-93cb-0ae650ea1142" rel="" target="" title="crisis in the Middle East"><span>crisis in the Middle East</span></a><span>.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>But as </span><a href="https://www.9news.com.au/national/victoria-daily-fuel-price-caps/30128357-747a-4c09-a38f-68c1539e17a7" rel="" target="" title="some drivers are turned away from service stations"><span>some drivers are turned away from service stations</span></a><span> and </span><a href="https://www.9news.com.au/national/panic-buying-fuel-shortages-australia-inflation-hits-five-per-cent/be00a858-4fb3-417a-8452-a501dc97f297" rel="" target="" title="prices go through the roof, there's plenty of cause for concern"><span>prices go through the roof, there's plenty of cause for concern</span></a><span>.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Independent economist Saul Eslake told </span><a href="http://nine.com.au"><span>nine.com.au</span></a><span> Australia probably won't run out of petrol.</span></div></div><div><div id="adspot-mobile-medium"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE:</span></strong><span> </span><a href="https://www.9news.com.au/national/panicked-buyers-empty-shelves-to-stockpile-jerry-cans-as-fuel-prices-surge/75f156f4-b974-418f-9f17-f7ac550f3051" rel="" target="" title="Aussies could face $4400 fine over 'dangerous' jerry can act"><strong><span>Aussies could face $4400 fine over 'dangerous' jerry can act</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>But the circumstances are different from the Gulf Wars or the Russian invasion of Ukraine, which also caused prices to spike.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"I don't think it will. But the probability is not zero," he said.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"It's higher than it was in 2022, in 2004 and 1991."</span></div></div><div><div class="OUTBRAIN" data-reactroot="" data-src="//www.9news.com.au/world/does-australia-have-another-petrol-would-we-run-out-of-fuel-oil-supply-iran-war-news/1f4af25b-2f5a-43d3-8a83-dcc919e12e28" data-widget-id="AR_5"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Most of Australia's fuel comes into the country already refined, practically none of it directly from the </span><a href="https://www.9news.com.au/middle-east" rel="" target="" title="Persian Gulf region"><span>Persian Gulf region</span></a><span>.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><a href="https://www.9news.com.au/south-korea" rel="" target="" title="South Korea"><span>South Korea</span></a><span> sold us $12.75 billion of petrol (including diesel). Another $8.5 billion came from </span><a href="https://www.9news.com.au/singapore" rel="" target="" title="Singapore"><span>Singapore</span></a><span>.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>More refined petroleum came from </span><a href="https://www.9news.com.au/malaysia" rel="" target="" title="Malaysia"><span>Malaysia</span></a><span>, </span><a href="https://www.9news.com.au/india" rel="" target="" title="India"><span>India</span></a><span>, </span><a href="https://www.9news.com.au/taiwan" rel="" target="" title="Taiwan"><span>Taiwan</span></a><span>, </span><a href="https://www.9news.com.au/china" rel="" target="" title="China"><span>China</span></a><span>, Brunei and </span><a href="https://www.9news.com.au/japan" rel="" target="" title="Japan"><span>Japan</span></a><span>. Only a few hundred million dollars worth came from the United Arab Emirates (UAE), and even less from Oman.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>But where those refiners get their oil from might worry Australians looking to fill up.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE: </span></strong><a href="https://www.9news.com.au/national/panic-buying-fuel-shortages-australia-inflation-hits-five-per-cent/be00a858-4fb3-417a-8452-a501dc97f297" rel="" target="_blank" title=""><strong><span>Supermarket pain for shoppers as inflation nears record high</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Most of the oil South Korea refines for sale to Australia comes from the Middle East.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>That includes Saudi Arabia, Iraq, the UAE, Kuwait, Qatar and Oman.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>More than a third of Singapore's oil is sourced from Arab nations.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>In 2024, Australia imported $7 billion of crude oil.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>But very little of that is coming from the Strait of Hormuz.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The largest chunk of oil comes from Malaysia, based on 2024 data. More comes from Vietnam, Brunei and the United States.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Only six per cent comes from the UAE. No other Arab states sold oil directly to Australia that year.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Australia also exports almost as much crude oil as it imports.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>AMP economist My Bui said she wasn't too worried about Australia running out of petrol.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"We export a lot of crude oil, and we have to import a lot of our refined petrol from Asia," she said.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"But in terms of energy, we are actually a net energy exporter because of LNG and coal."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Eslake flagged another potential concern for Australia's fuel supply.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>A large proportion of Australia's strategic reserve isn't kept domestically, but in the </span><a href="https://www.9news.com.au/usa" rel="" target="" title="United States"><span>United States</span></a><span>.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"If that reserve is needed by the United States, they'll take it," Eslake said.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"One of the other hallmarks of the Trump administration is that they don't give a rat's ass about their traditional allies."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE:</span></strong><span> </span><a href="https://www.9news.com.au/world/donald-trump-sexual-assault-allegations-13-year-old-teen-girl-jeffrey-epstein-files/3a3a5fee-6dc6-4fde-89fc-0f28762b9c46" target="" title=""><strong><span>Epstein files involving uncorroborated claim about Trump published</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Simply halting those exports to guarantee local supply wouldn't necessarily solve the problem.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Australia exports its crude oil and imports refined oil because it's cheaper to do so.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Australia does not have the capacity to refine all the oil it needs into diesel and petrol. Upping our refining capacity would lead to even higher prices at the pumps.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>But having enough petrol in the country won't necessarily mean prices will go down.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Because of the global market, a barrel of oil in the Middle East will sell for the same price as one in Australia.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE:</span></strong><span> </span><a href="https://www.9news.com.au/world/iranian-footballers-asylum-australia-news-donald-trump-iran-deportation-migrants-usa-updates/eb00f5c5-2b5d-428a-a0c4-96c1fc9a9d80" rel="" target="" title="Trump has been giving the Iranians the boot. Now he demands asylum"><strong><span>Trump has been giving the Iranians the boot. Now he demands asylum</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><em><strong><span>NEVER MISS A STORY: Get your breaking news and exclusive stories first by following us across all platforms.</span></strong></em></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><ul><li><em><strong><span>Download the 9NEWS App here via</span></strong></em><span> </span><a href="https://apps.apple.com/au/app/9news/id1010533727" target="" title=""><em><strong><span>Apple</span></strong></em></a><span> </span><em><strong><span>and</span></strong></em><span> </span><a href="https://play.google.com/store/apps/details?id=nineNewsAlerts.nine.com&amp;hl=en_AU&amp;pli=1" target="" title=""><em><strong><span>Google Play</span></strong></em></a></li><li><em><strong><span>Make 9News your preferred source on Google by</span></strong></em><span> </span><a href="https://9.nine.com.au/8x987w" target="" title=""><em><strong><span>ticking this box here</span></strong></em></a></li><li><em><strong><span>Sign up to</span></strong></em><span> </span><a href="https://login.nine.com.au/edm?client_id=nineatnine" target="" title=""><em><strong><span>our breaking newsletter here</span></strong></em></a></li></ul></div></div>