Is gas/petro cheap ? ( Archived) (11)

Don't like what is happening in Pakistan, e.g. Chinese port near entrance of the Straits Hormuz. Oil tankers carry approximately 17 million barrels of oil each day through the Strait, or 20 to 30 percent of the world's total consumption, approximately 88 percent of all oil leaving the Persian Gulf goes via the Strait of Hormuz.


Here Diesel is around $2.29 for 1 L
I have in transit a 20L drum RX DSL 15-40 oil paid AU$125.59 plus postage

I think most of Australia's fuel is refined over seas, June 2021 report I just read stated we get 27% of our imported refined products from Korea, 26% from Singapore, 15% from Japan, 10% from Malaysia, 9% from China and the remainder from the rest of the world.
The Strait of Malacca, which links the Indian Ocean and the South China Sea, is an important channel for West Asia to transport oil to East Asia. China, Japan, and South Korea, and some other countries regard it as the “lifeline” of energy transportation.
Indonesia holds 3,692,500,000 barrels of proven oil reserves as of 2016, ranking 27th in the world and accounting for about 0.2% of the world's total oil reserves of 1,650,585,140,000 barrels. Indonesia has proven reserves equivalent to 6.2 times its annual consumption.

Australia is obliged under a 1974 treaty to “hold sufficient oil reserves” to cover at least 90 days’ worth of net oil imports if a severe supply issue occurs. But Australia has consistently failed to stockpile enough fuel reserves, with recent estimates suggesting it only holds about 68 days’ worth of supply.