Australia and Singapore agreed on Monday to cooperate in ensuring smooth supply chains of oil, LNG and diesel as the two import-reliant nations weather a global energy squeeze caused by the Mideast war.Global oil prices have soared as the war between the United States, Israel and Iran has centred around the Strait of Hormuz, through which around 20 percent of the world's oil and gas shipments normally transit.
In a joint statement, Australia and key shipping hub Singapore said on Monday they shared "deep concern over the situation in the Middle East and its consequences for our region, such as the impact on energy supply chains and prices".
"We are committed to working together to strengthen energy supply chain resilience," they said.
And they agreed to "strengthen energy security, to support the flow of essential goods including petroleum oils, such as diesel, and liquefied natural gas between our two countries".
In Australia, petrol prices have soared and officials have issued calls for residents to only buy what they need in the face of panic buying and alleged price-gouging.
Energy Minister Chris Bowen insisted on Monday the country was a "long way" from rationing, while conceding that some petrol stations had run out of fuel.
