Oceania | Diplomacy | Oceania

Australia, Singapore Agree to Keep Oil and Gas Flowing Amid Global Supply Crisis

The arrangement reflects both the two nations’ robust bilateral ties and their largely complementary energy needs.

Singaporean Prime Minister Lawrence Wong and Australian Prime Minister Anthony Albanese shake hands during a joint press conference in Canberra, Australia, Oct. 8, 2025.

Australia and Singapore yesterday agreed to maintain a continued flow of petrol, diesel, and liquefied natural gas (LNG) between the two nations, as Asian governments scramble to respond to the oil price shock created by the war in Iran.

In a joint statement yesterday, Prime Minister Anthony Albanese and his Singaporean counterpart Lawrence Wong said that their countries shared a “deep concern over the situation in the Middle East and its consequences for our region, such as the impact on energy supply chains and prices.”

“We are committed to working together to strengthen energy supply chain resilience, including by deepening regional co-operation, accelerating renewable energy transition, addressing unjustified import and export restrictions, and maintaining open trade flows,” they said in a statement.

“We call on other trading partners to join us in ensuring global energy supply chains are kept open, for the benefit of the security and prosperity of our peoples.”

The deal is just the latest arrangement that has been made by Asia-Pacific nations to address the oil supply crisis created by the war in Iran, which has effectively shut the Strait of Hormuz, cutting off around a fifth of the world’s oil and LNG supply. Asia is disproportionately reliant on energy exports from the Gulf, which supplies around 60 percent of the region’s crude oil imports and nearly a third of its LNG.

Both Australia and Singapore are highly dependent on energy imports. Nearly four weeks after the outbreak of the conflict, prices of petrol and diesel have spiked in both nations, and petrol stations across Australia have begun running out of certain grades of fuel, raising fears of possible petrol rationing. These concerns have been compounded by the news that six fuel shipments to Australia due after mid-April have been cancelled or deferred due to the global supply crunch.

In the current........

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