Australia has a limited set of potential solutions to reduce its exposure to oil shocks. Short-term measures include rapid, low-impact steps to reduce oil demand, and exploring bilateral crisis supply agreements with suppliers affected by LNG shortages, supported by new export control mechanisms. Australia faces an unprecedented oil security challenge. Fatih Birol, the executive director of the International Energy Agency (IEA), described the current oil shock as “the largest supply disruption in the history of the global oil market”, and cal... [5732 chars]
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