Australia’s importers of petrol and diesel should consider forging long-term supply deals with exporting countries reflecting growing risks that consumers will be hit by price shocks as OPEC and its allies start to wield more control over the market for oil products.

That’s the advice from Mukesh Sahdev, head of oil trading and downstream research at consultancy Rystad Energy, who says OPEC, Russia and perhaps China look set to increasingly “manage” the supply of refined fuels as part of their strategy to keep crude oil prices high.