As of today, the crude oil price in Australia is approximately A$120–128 per barrel — Brent price (USD) divided by the AUD/USD exchange rate. Australia imports roughly 90% of its liquid fuel needs, making it highly sensitive to both Brent price movements and any weakness in the Australian Dollar.
Live Crude Oil Price in Australia Today — Brent Rate in AUD
Crude oil price in Australia today in AUD — Brent barrel price updated every 5 minutes, converted to Australian dollars at live AUD/USD rate
Despite having domestic oil and gas production — primarily from the North West Shelf, Cooper Basin, and Timor Sea — Australia imports approximately 90% of its liquid fuel requirements, making it one of the most fuel-import-dependent developed economies in the world. The crude oil price in Australia in AUD is derived from the Brent benchmark (USD) converted at the live AUD/USD exchange rate. Key Australian oil producers include Woodside Energy, Santos, Beach Energy, and Viva Energy.
Australia's Oil and Gas Industry — Woodside, Santos, and Domestic Production
Australian crude oil production overview — North West Shelf, Cooper Basin, and key energy companies
Australia produced approximately 300,000–350,000 barrels of crude oil per day in 2024, primarily from offshore Western Australia and the Bass Strait. However, domestic crude production has been declining since its 2000 peak of ~800,000 b/d. Australia refines imported crude at its remaining refineries (Ampol's Lytton in Queensland, Viva Energy's Geelong in Victoria) and imports refined products from Singapore, South Korea, and Japan.
Why Crude Oil Prices Change Daily in Australia
Why is crude oil price changing in Australia today — 4 key drivers for a 90% fuel-import-dependent economy
The Australian Dollar is a commodity currency — it tends to rise when iron ore and coal prices rise and fall when global growth fears increase. A weaker AUD makes crude oil imports significantly more expensive in Australian dollar terms, amplifying fuel price rises. In 2022, both high Brent prices AND a weak AUD pushed Australian petrol above A$2.20/litre.
Australia uses Brent crude as its primary pricing benchmark. Every OPEC+ production decision — made by Saudi Arabia, Russia, UAE, and Iraq — directly impacts Australian petrol prices within 2–4 weeks. Australia has no influence on OPEC+ decisions and must simply absorb global price changes, making it one of the most exposed developed economies to oil price volatility.
Australia imports most of its refined petrol and diesel from Singapore. Australian fuel prices are heavily influenced by MOPS (Mean of Platts Singapore) — the Asian refined products pricing benchmark. When Singapore refinery margins are high, Australian import costs rise even if Brent stays flat. This is why Australian pump prices sometimes move independently of crude oil prices.
Australia faces a unique tension: it is a major LNG and coal exporter but a net crude oil and refined products importer. Australia's federal government has been pursuing EV adoption and renewable energy, but the country's vast geographic distances and transport dependency make it one of the most challenging countries to decarbonise. This structural fuel dependency keeps Australia exposed to oil price spikes.
How Crude Oil Price Affects Petrol Prices in Australia
Petrol price Australia vs crude oil — how Brent flows through to Australian pump prices in Sydney, Melbourne, Brisbane
Every $10/barrel rise in Brent = approximately +3–4 cents per litre at Australian petrol stations (after AUD/USD conversion)
Australia Crude Oil Price Forecast
Australia oil price forecast — Brent outlook and what it means for Australian petrol prices and energy security
- OPEC+ maintaining supply discipline through 2025–26
- Weak AUD amplifying any Brent price rise in local terms
- Middle East geopolitical risk premium on Brent
- Australia's structural 90% import dependency
- Strong AUD (driven by high iron ore/commodity prices) lowering import cost
- Weak global demand from China slowdown
- US shale supply capping global Brent upside
- Australian EV and fuel efficiency gains reducing demand
⚠️ Forecasts are inherently uncertain. Not financial advice. Consult a qualified financial adviser before making energy market decisions.
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Crude oil price today in Australia — everything you need to know
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This Brent Crude price tracker for Australia is maintained by Current Affair (currentaffair.today). Prices are updated every 5 minutes using data from metals.live (primary, ~15 min delayed), Alpha Vantage commodity API (secondary, end-of-day), and Yahoo Finance futures (tertiary fallback). Prices shown are indicative only and approximately 15 minutes behind live market prices.