Australian Energy Minister Angus Taylor said on Wednesday, the government will set up a strategic fuel reserve.
Further comments
Made initial allocation of A$94 million for fuel reserve.
Exploring opportunities with industry to establish local oil storage.
Going to take advantage of historically low fuel prices across the world.
Initially fuel storage will be in the US.
Had signed agreement with the US to access their fuel reserves.
Market reaction
AUD/USD is off the highs but manages to sustain the recovery gains above 0.6300 while both crude benchmarks stalled the recovery mode and turned back into the red zone. WTI is down nearly 1% at 11.40, unperturbed by the above upbeat news.
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