Impact on oil prices due to attacks on oil processing plants in Saudi Arabia.

Press/Media: Expert Comment

Description

Interview with Lurion De Mello, Macquarie Business School. Genovese (6PR) says the recent attack on the world's largest crude oil processing plants is being labelled a wakeup call for government around the state of Australia's fuel reserve stocks. De Mello says if Saudi didn't announce the supplies to come back online as quickly as they did, petrol prices would go up a lot more. The petrol prices will not go up that much, but it depends on how much oil from Saudi Arabia gets to refineries in Singapore and South Korea where most of our refined fuel comes from. He says Saudi's have been promised Asian refiners will receive their October shipment, so if that happens the country has nothing much to be worried about.

Subject

Crude Oil Prices, Saudi Aramco, fuel prices, fuel supply security

Period21 Sep 2019

Media contributions

1

Media contributions

  • TitlePreparing for a Petrol Crisis
    Degree of recognitionRegional
    Media name/outlet6PR Perth Radio
    Media typeRadio
    Duration/Length/Size10:32
    CountryAustralia
    Date21/09/19
    DescriptionThe fallout from the air strikes at the Saudi Aramco refining facility was discussed in particular what it means for Australia and the cost of fuel. Australia imports most of its refine fuel from Asia where 40% of the feedstock is Saudi Arabian Oil. Given that Saudi Armaco promised to deliver the Oct shipment to Asian refineries Australia has nothing to worry about it terms of a fuel crisis.
    Producer/AuthorWeekend Breakfast with Michael Genovese and Carmen Braidwood
    URLhttps://www.6pr.com.au/podcast/preparing-for-a-petrol-crisis/
    PersonsLurion De Mello