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Oil Price

Australia’s crude oil imports on record high

Australia imported a record 519 Kb/d of crude oil in the 12 months from March 2010 to February 2011, 50 Kbd/d or 11% higher than in the last boom period of 2007/2008. This is clearly unsustainable as crude oil exports from those countries which supply this crude to Australia have actually declined by 2,100 kb/d [...]