Oil refinery capacity Australia 2009-2022
Crude oil – a versatile raw material
Oil refinery is needed to convert crude oil into useful fuels such as petrol, diesel, jet fuel, and LPG. Almost half of the crude oil processed in Australia was used for petrol. While Australia does produce crude oil itself, most of its crude oil is imported in order to fill its oil reserves. A stockpile of 90 days’ worth of net-oil imports was required in case of supply disruptions.
Australia’s refinery outlook
Australia’s ability to process crude oil has recently become a cause for concern. The closure of the Caltex Refinery in Brisbane has left the country with just three operating refineries. It was closed in part due to the declining demand for processed fuel products due to the coronavirus outbreak. For a country that is already dependent on imports to meet its fuel demand, the closure of its refineries may mean an even greater dependence on internationally processed fuel in the future.