The Joint Standing Committee on Treaties will hold a public hearing into maintaining Australia’s oil stocks on Monday 13 August.
Committee Chair Stuart Robert MP said that Australia is obliged to maintain enough oil stocks to last the country for 90 days.
"Australia has not met this obligation for some years and the Government is now considering ways to address this issue," Mr Robert said.
A treaty with the Netherlands is the first in a series of treaties that will allow the Australian Government to purchase oil stock reservation contracts, or tickets. In the case of an emergency Australia will be able either to draw on the stocks for its use or release the stocks back into the market to ease the disruption to supply.
Public hearing details: 11.00am – 11.45am, Monday 13 August 2018, Committee Room 2R1, Parliament House, Canberra
11.00am: Department of the Environment and Energy
Department of Foreign Affairs and Trade
Chair Joint Standing Committee on Treaties ---
