INTERVIEW: As the fuel crisis deepens, what could the future hold?

Energy supply disruptions caused by the war in Iran have slowed the global economy, pushing countries to applying energy-saving measures and explore alternative supply channels. Here in Australia, the government's halved fuel excise, some states are offering free public transport. Last week, International Energy Agency Executive Director Fatih Birol told the National Press Club in Sydney it made sense for people to work from home and avoid air travel. Asia is at the frontline of the fuel crisis, buying more than 80% of the crude that transits the Strait of Hormuz - and Australia's fuel supply largely comes from Asian refineries. So is the fuel crisis going to see governments bringing in COVID-style measures? Maybe not, but senior crude oil analyst at KPLER (kaypler) Data and Intelligence Naveen Das tells the Reuters news agency that just like during the COVID pandemic, the demand for oil will be, in his word, destroyed.

An oil tanker docked at an oil refinery in Yokohama, Japan Source: Getty / Bloomberg

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