Australian oil trade deficit forecast to double to $27bn by 2015: Geoscience Australia projections assuming US$50 oil price
Using Geoscience Australia projections and assuming oil prices of US$50 a barrel, Australia will have a trade deficit in oil, condensate and other refinery feedstocks of as much as $12-$18 billion by 2015.
Add to this a growing net import bill for refined products, and the deficit for oil, condensate and refined products is projected to increase to $27 billion a year by 2015 — around twice the 2005-06 deficit of $12.8 billion.
Reference: “Energy State of the Nation”, presentation by Belinda Robinson, Chief Executive APPEA, Sydney 7 March 2007.
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Erisk Net, 28/4/2007