Australia used to produce most of its own transport fuel. Increasingly however we have to rely on imports of oil and fuel from a range of countries around the world. The annual import bill for oil currently stands at more than $15 billion, but this is forecast to blow out to at least $100 billion by 2030.
Currently, most of the oil we import is sourced from the Asian region. However, the continuing growth of China and India will place increasing pressure on Australia’s traditional oil import supply sources in Asia.
In 2014/15 Sydney's Kurnell and Clyde refineries, and Brisbane's BP Refinery closed to be redeveloped as fuel import terminals, increasing our nation's reliance on imports of transport fuel.
World oil supply and demand
According to the International Energy Agency (IEA) forecasts world demand for oil will continue to increase from 100 million barrels per day XXXX.
Meeting this deamnd will require massive investment in exploration and development; as well as development of altenatives biofel, hydrogen to conventional crude oil.
The IEA Outlook says a growing share of output will come from natural gas liquids (over 18 million barrels per day in 2035) and unconventional sources (such as oil shale) at 10 million barrels per day.