Paris: A bid by the Morrison government to avoid spending billions of dollars on a vast stockpile of emergency fuel has won crucial support from the world's peak energy agency ahead of a possible deal with United States President Donald Trump.

But a complementary plan to shore up dangerously low domestic storages – by rewriting an international treaty – is struggling to gain momentum, leaving Australia exposed to price hikes and rationing should war or disaster strike the Middle East or South China Sea.

The amount of fuel stored in Australia for an emergency is dramatically low compared to other nations. Credit:Sergei Karpukhin

The Sydney Morning Herald and The Age revealed in August that the Morrison government was negotiating with the Trump administration to buy millions of barrels of oil from America's tightly guarded fuel reserve under a new strategy to limit Australia's exposure to a major crisis.

Australia imports 90 per cent of its liquid fuels but has enough automotive petrol to last only 25 days and crude oil for 30 days – well below the 90 days it is obliged to store under an agreement with the International Energy Agency (IEA). Overall, Australia has just 54 days of net coverage.