There’s growing alarm in Canberra over what’s expected to be Australia’s inevitable increased dependence on foreign petroleum amid a major influx of cheaper refined oil products from China. It comes as China’s crude oil refinery capacity is rapidly expanding and simultaneously Australia is about to see its last four refineries cut down by two , given the recent announced closures of an Exxon Mobil and separately a BP refinery. It’s yet another way that Beijing has the upper hand and leverage amid the ongoing trade war which has seen the two sides slap tariffs and even a few import bans on each other. A recent report out this week in the South China Morning Post runs through the numbers which suggests China is poised to dominate crude exports in the Asia-Pacific region, particularly to “vulnerable” Australia – leaving Aussie government leaders concerned over self-sufficiency and if the country can […]