Key insights
- Australia and China are increasing energy security cooperation amid Iran conflict concerns. While this eases some global energy supply worries, the US market impact is slightly negative. Increased cooperation between Australia and China may reduce US influence in the region and potentially impact US LNG exports to Asia.
Investing.com -- Australian Prime Minister Anthony Albanese held a phone call with Chinese Premier Li Qiang on Tuesday to discuss energy security as the Iran war disrupts global energy markets.
The two leaders agreed to increase government-to-government communication to support regional energy security, according to a statement from Albanese’s office.
Albanese said Australia will cooperate with China "where we can, disagree where we must and engage in the national interest."
"Engagement and dialogue between Australia and China at the highest levels are central to a mature, stable and constructive relationship," the statement read.
The Australian leader said he plans to visit China in November for the APEC Leaders’ Meeting, where he will meet with Li.
China is Australia’s largest trading partner, with liquefied natural gas among the top Australian exports to China.
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