Australia Inks Deal With U.S. for Access to Strategic Petroleum Reserve

TOKYO (Bloomberg) --Australia said it will sign a deal with the U.S. this week giving it access to crude oil from to America’s Strategic Petroleum Reserve during an emergency.

Australian energy minister Angus Taylor will sign the pact during a trip to the U.S., according to a statement from his office. Taylor will meet his U.S. counterpart in Washington D.C. and oil and gas industry executives in Texas, the statement said.

Australia has fallen short of its requirement to hold a 90-day stockpile of oil, according to 2019 data from the International Energy Agency.