There was a palpable whiff of desperation from our oil-hungry prime minister in Singapore on Friday, almost as strong as the famous chilli crab from its local hawker markets and bustling ferries.
Marking his last-minute FIFO diplomatic mission to Singapore as a success – be it limited or not – will only be possible once Australia’s oil supply is guaranteed, which is not and will never happen, according to the latest insider information.
Indeed, there is an imperative to reach a major energy trading partner in the midst of our current oil crisis, itself fueled by the ongoing conflict in the Middle East.
Similarly, the Cook government’s delayed and expected response to the crisis this weekend is also welcome – strategic storage of diesel above federal requirements for use in WAthe second largest state in the world.
It was not the first time that Albanese (or many other world leaders) recently contacted his counterpart, the Prime Minister of Singapore Lawrence Wong.
And for good reason, as more than one million Aussies visit Singapore each year and bilateral trade was valued at $47.4 billion in 2024, making it Australia’s largest trading partner in South East Asia.
About a quarter of Australia’s oil comes from key refineries in Singapore – the world’s third-largest hub behind Houston and Rotterdam – and a third of Singapore’s LNG comes from Australia, mostly from WA.
Various nations have sought time with Wong to get some kind of reassurance – or even a guarantee – that oil supplies would be maintained amid continued uncertainty.
Our Prime Minister is one of only two to have a meeting since the war started, the other being with South Korea.
And with regional oil reserves dwindling and some key producing nations – including Malaysia, which also exports to Australia – already signaling moves to prioritize domestic demand, it was wise for the Albanians to raise Australia’s status as a key gas supplier to the island nation; its main source of electricity generation for its six million unequaled population.
