Singapore, Australia to step up efforts to safeguard oil, LNG trade

Mr Wong and Mr Albanese said they were committed to working together to strengthen energy supply chain resilience.

This includes efforts to deepen regional cooperation, accelerate renewable energy transition, address unjustified import and export restrictions and maintain open trade flows, said the two prime ministers after a phone call on Monday.

“In this context, we reaffirm our commitment to strengthen energy security, to support the flow of essential goods, including petroleum oils, such as diesel, and LNG between our two countries,” they said.

Australia is one of the world’s top LNG producers, alongside Qatar, the US and Russia.

LNG is traded globally, and supply disruptions can quickly ripple across regions as buyers compete for limited cargoes.

This matters for Singapore, where 95 per cent of its electricity is generated using imported natural gas, comprising LNG and pipeline gas from neighbouring countries.