Michael McCormack (Riverina, National Party, Minister for Small Business) Share this | Hansard source

I thank all members for their contribution to the debate on the Liquid Fuel Emergency Amendment Bill 2017. This bill will enable the Australian government to continue to work towards its goal of compliance with the International Energy Agency's requirement that Australia holds 90 days of oil stockholdings by authorising the Australian government to enter into oil stockholding contracts. The initial purchase of oil tickets equivalent to around three million barrels of the oil in the financial years 2018-19 and 2019-20 play an important role in Australia's return to compliance. In the event that the International Energy Agency calls on its members to assist in alleviating a major global oil supply disruption in a collective action, Australia will be able to utilise this ticketed stock. This bill will help to enhance global and regional oil security and allows for the continuing effective operation of Australia's liquid fuel market and its robust oil supply chains. The bill demonstrates the Australian government's ongoing commitment to complying with our International Energy Agency treaty obligations.

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