Since the 1970s oil shocks, the International Energy Agency (IEA) has mandated that members maintain 90 days of net crude oil reserves.
As explained by The AFR’s Phil Coorey, Australia’s stockpiles began to decline after Labor lost power in 2013.
During the Coalition government’s tenure, four of Australia’s remaining six refineries shut down because they could not compete with large Asian refineries, leading to petrol stocks dropping as low as 23 days.
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