"20% of production for domestic consumption" - Australia, one of the largest gas exporters, aims to increase reserves
Australia will require major natural gas exporters in the country to allocate 20% of their production for domestic consumption, Energy Minister Chris Bowen announced. The move was made to protect Australia from "global price volatility" in a market affected by the war in the Middle East. In this context, the government aims to keep "a greater proportion of the gas we need on our soil", Bowen stressed.
Australia is one of the world's largest exporters of liquefied natural gas (LNG), whose prices have risen sharply due to the blockade of the Strait of Hormuz, through which about 20% of global production passes. According to the Asian Natural Gas and Energy Association, about 40% of the LNG Japan consumes comes from Australia, which also exports significant quantities of liquefied natural gas to China and South Korea. Bowen assured that "no existing contracts" would be affected by the new measure.
"We have consulted closely with our trading partners to ensure the whole world understands that Australia will always remain a reliable energy supplier," he stressed.
Meanwhile, Australian Prime Minister Anthony Albanese said his country would create a reserve of one billion liters of fuel to protect itself against any energy crisis that could be caused by war in the Middle East. Australia is one of the few members of the International Energy Agency (IEA) that does not have a national reserve.
Australia, also a major coal producer, is trying to become less dependent on fossil fuels by “investing in reliable and common sources of renewable energy.” Australia produced 5,566 petajoules of natural gas in the last financial year (2024/25), equivalent to more than 900,000 barrels of oil, according to the US-based Institute for Energy Economics and Financial Analysis (IEEFA), which conducts research and analysis on energy economics and finance issues.
"Targeted measures for rising energy prices" - IMF urges EU countries to protect families and businesses
European countries have failed to offer targeted measures to protect households and businesses suffering from high energy prices, the International Monetary......
"The EU will eradicate poverty within 25 years" - The European Commission has adopted the strategy
The European Commission has presented its first anti-poverty strategy, which aims to eradicate extreme poverty and social exclusion by 2050 through......
Global debt hits record $353 trillion - Investors flee US Treasury bonds
Investors are showing signs of diversifying away from U.S. Treasury bonds as global debt levels reached a record of nearly $353 trillion by the end of March,......
The Mountains Package 'closes' in May, Demo: We approved the priority areas in the municipalities of Delvinë, Konispol and Pogradec
In its meeting today, the government approved the priority development areas, part of the Mountain Package for the municipalities of Delvinë, Konispol and......
Compensation for former persecuted persons changes, Malaj: Within 4-5 years, we will completely close 6 thousand files
After today's Government meeting, Finance Minister Petrit Malaj announced the decision taken on payments to former political prisoners. According to him,......
The Central Bank of the Republic of Kosovo includes gold in its reserves portfolio for the first time
The Central Bank of the Republic of Kosovo (CBK) has marked a historic moment in the development of the official reserve assets of the Republic of Kosovo,......
Albanian-American Development Foundation, President Begaj meets with Granoff: Your projects are models of success
The President of the Republic, His Excellency Bajram Begaj, received today in a meeting the Chairman of the Board of the Albanian-American Development......
Self-Employment Program, call for 2026 announced, Minister Ibrahimaj: Apply, apply, apply!
The Minister of Economy and Innovation, Delina Ibrahimaj, presented the announcement of the call for 2026 of the Self-Employment Program, one of the main......
