Commodities
Australia's Oil Production Plummets by Over Half Amid Global Energy Turmoil
Australia's oil production has plummeted by more than half in just one year, casting doubt on government ambitions to boost self-sufficiency in the face of global energy turmoil.
The country produced a mere 2.9 million barrels of oil in the June quarter, down 54% from the same period in 2025, according to EnergyQuest research.
This decline has thrown into question plans by federal and state governments to increase domestic oil production amid the ongoing conflict in the Middle East.