If there was ever a disruption to global supplies, Australia could be one of the first countries affected.
It's a two way street, we lose the refined product, the rest of the world loses more.
Australia's liquefied natural gas exports were worth A$49 billion in 2019. Australia has become the largest liquefied natural gas exporter in the worldNow that's just energy, then there is minerals, and of course Food,
The Australia natural resources industry has produced revenue records for iron ore, gold and copper in 2020, according to the Australian Bureau of Statistics data. The mining sector injected $270 billion into the Australian economy last year, contributing to 62 per cent of the country’s total export https://www.kitco.com/news/2021-02-08/A ... -2020.htmlOur GDP, the measure of how much stuff we all use down here is around 1300 Billion, and we are exporting about 500 billion of stuff. That's 500 Billion excess to our requirements. Australia doesn't need any fancy currency manipulations or massive money printing like the US or Britain, we are loaded and we also export oil.
Australia's crude oil exports draw strength from improving Asian demand outlook 02 Jul 2021
Preliminary data from Australia's Department of the Environment and Energy showed the country exported 9.35 million barrels in April, up 8% year on year. It was the largest monthly export since September 2020, when 10.04 million barrels were shipped
https://www.spglobal.com/platts/en/mark ... nd-outlookAustralia ranks 20th in the world for oil consumption, accounting for about 1.1% of the world's total consumption. So yes, we use a lot more oil than we have on hand now but the rest of the world has a vested interest in providing us what we need because in reality we can be self-sufficient at the drop of a hat. I haven't seen any recent statistics but with NSW and VIC locked down as they are I imagine fuel consumption has plummeted. Now is that a plan to mitigate the peak or what.
