Canberra: Chinese and Australian premiers on Tuesday discussed the 'importance of energy security' as the ongoing conflict in the Middle East continued to disrupt oil supply. 'We talked about the importance of energy security, and how we can work together for the benefit of our nations and our region,' Australian Prime Minister Anthony Albanese said about his phone call with his Chinese counterpart Li Qiang.

According to Anadolu Agency, Albanese emphasized the need for continued dialogue to uphold a stable and constructive relationship between the two nations. This discussion comes at a time when Australia has already released strategic oil reserves and encouraged citizens to use public transport to conserve energy. Tehran's control over the Strait of Hormuz has restricted passage to vessels from nations considered friendly, exacerbating the crisis.

Fatih Birol, head of the International Energy Agency, has highlighted that the current oil and gas crisis, due to the Strait's closure, is more severe than those experienced in 1973, 1979, and 2002 combined. Despite Australia procuring just 2% of its energy from the Middle East, it has halved its fuel tax and ordered emergency fuel reserves from the US for the first time in decades.

While China advocates for a ceasefire in the Middle East, its domestic energy supply remains stable. China maintains a strategic crude reserve of 1.3 billion barrels and relies on a diversified energy mix, including nuclear, solar, wind, and domestically mined coal. In 2024, Beijing sourced 35% of its energy from Gulf countries, amounting to $413 billion in imports.