China’s decision to cancel contracts to ship fuels to foreign buyers risks leaving an underprepared Australia badly exposed, as Energy Minister Chris Bowen conceded for the first time that war in the Middle East and the resulting global scramble for energy could lead to shortages within a month.
As the price of oil again climbed above $US100 a barrel, China told oil refiners to halt all fuel exports, casting doubt over at least two cargoes due to be shipped to Australia.