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

Press/Media: Expert Comment

Description

Interview on Channel 7 regarding the Arial attacks at Saudi Aramco's crude oil refining facility. Dr De Mello said that the worst case scenario would be Saudi Aramco might not be able to live up to its promise and ramp production back full capacity to within a week or two and we might have a supply issue in Australia. Not so much the crude oil coming here but the refined products coming from countries like South Korea, Japan and Singapore. This is where almost 40% of Saudi Oil is destined for refining. He also mentioned that Australia needs to increase its refining capacity to ensure future fuel security. The worst case scenario was that 98 petrol would hit $2 a litre. 

Subject

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

Period18 Sep 2019

Media contributions

1

Media contributions

  • TitlePetrol could rise to $2/L if US-Iran tensions escalate
    Degree of recognitionNational
    Media name/outletChannel 7
    Media typeTelevision
    Duration/Length/Size1:21
    CountryAustralia
    Date18/09/19
    DescriptionInterview on Channel 7 regarding the Arial attacks at Saudi Aramco's crude oil refining facility. Dr De Mello said that the worst case scenario would be Saudi Aramco might not be able to live up to its promise and ramp production back full capacity to within a week or two and we might have a supply issue in Australia. Not so much the crude oil coming here but the refined products coming from countries like South Korea, Japan and Singapore. This is where almost 40% of Saudi Oil is destined for refining. He also mentioned that Australia needs to increase its refining capacity to ensure future fuel security. The worst case scenario was that 98 petrol would hit $2 a litre.
    Producer/AuthorAlex Hart
    URLhttps://twitter.com/7NewsSydney/status/1174243638399971329
    PersonsLurion De Mello