Portfolio — 26 May 2026

Minister Chris Bowen convened the fifth National Cabinet fuel-security briefing since the Middle East conflict began on 28 February, using the occasion to report measurable improvement in Australia's stockpile position across all three fuel categories [TA-260525-climat-359b813302de]. Australia now holds 43 days of petrol, 38 days of diesel and 31 days of jet fuel — each several days higher than at the conflict's outset [TA-260525-climat-359b813302de].

The diesel figure is the highest recorded since the 2023 minimum-stock obligation came into force, a benchmark Prime Minister Albanese foregrounded in his own remarks alongside news that 48 ships carrying 3.4 billion litres of fuel are currently en route to Australia.

The most significant procurement development is the 660,000-barrel jet-fuel arrangement with China, which Bowen attributed to direct discussions with Premier Li and was subsequently confirmed by Foreign Minister Wong — an explicit cross-portfolio coordination between the energy and foreign-affairs portfolios. Export Finance Australia has separately secured 800 million litres of fuel, with two cargoes already delivered and the remainder incoming [TA-260525-climat-359b813302de].

Albanese announced an additional 50 million litres of diesel directed to Western Australia and 50 million litres of jet fuel for the East Coast as a precautionary buffer against continued uncertainty [TA-260525-climat-359b813302de].

Bowen flagged the principal near-term risk: ships stranded in the Strait of Hormuz could take up to 30 days to resume cargo flows, meaning the July supply outlook, while currently secure, depends on those vessels clearing the chokepoint. On the domestic side, he credited the end of fuel hoarding with improving diesel availability for the agricultural sector — a practical supply-chain dividend from changed consumer behaviour.

The portfolio's operating approach, consistent across this sequence of National Cabinet meetings, is threefold: build strategic reserves to a comfortable buffer above statutory minimums, diversify import sources to reduce single-corridor exposure, and use government procurement mechanisms — including Export Finance Australia — to underwrite supply ahead of commercial market signals.

The China jet-fuel deal is the clearest illustration of that diversification logic in practice, with diplomatic channels deployed directly in support of energy-security objectives.