LOL. The Trump administration’s behavior is not indicative of anything other than Trump’s ego.
The Australian broadcaster has always been fairly critical of Trump. I’m not sure what the purpose of propaganda would be in this case.
Here’s the relevant part of the transcript:
Laura Tingle: Right. So to say I point to it, I point to the International Energy Agency, which put out a really interesting paper last week about all of this. And essentially it was pointing out that there was a bit of a glut in oil in the immediate period preceding the outbreak of war. Now, a lot of that was absorbed by China, which was really building up its reserves. And we knew when the war started, its reserves were much more substantial. But despite that, you were already seeing this sort of softening of the influence of OPEC and just this glut because the world was starting to move to more renewables and other forms of energy.
Sam Hawley: Yeah, so before the war began, oil supply had been running well ahead of demand and China had been buying a heap of it and putting it into storage. And it was a huge amount, right? Like 1.4 billion barrels it had put aside. But how did that help the rest of us?
Laura Tingle: Well, a couple of things that are worth noting. Not only did it have big reserves, but China had sort of quietly become the world’s biggest refiner of oil at the beginning of this year. So it actually has this really pivotal role in the supply of refined oil products. And one of the things that it did immediately, which you can do when you run a control economy, is it just slashed purchases of crude oil from the Gulf by 40 percent. And that’s 4.6 million barrels a day, which is really quite staggering. And so since it is such a dominant purchaser of oil from the Middle East, that really took a lot of the pressure off. So it’s been a really fascinating picture that’s gradually been revealed about that. That was one of the really key underlying reasons why things weren’t as bad as everybody else went round scrambling for oil wherever they could find it to replace this 20 percent cut in supply coming out of the Gulf in the first months of the war.
Actually it doesn’t say China’s oil reserve “is running out”.
More broadly, global reserves including China were as high as they have ever been in February, and yes those reserves have reduced during the crisis. However, in the interceding months other oil producers and refineries have increased production and some have commenced exporting. As in, the network is routing around the strait.
The podcast I shared references this report from the international energy agency:
In practice, the declines in demand have been much lower than the major losses of oil flows come through the Strait. Three other adjustments and responses have been crucial. First, there were large releases from stocks as oil prices incentivised market participants to draw down inventories at record rates, and the IEA’s largest ever release of emergency stocks brought additional barrels to market.
Oh man. Did you really just skim through to find the bit that supports what you said so you could paste that here with that snarky little turd?
Theres an entire report there, written by a respected independent agency, that says the situation is much more complex and nuanced than a binary “is the strait open” test.
If you’d like to continue labouring under that reductive misconception then have at it i guess.
It was on ABC news daily podcast. One of the most reputable journalism brands in Australia.
It is pure propaganda. If Hormuz did not matter then the US would have never accepted a ceasefire.
LOL. The Trump administration’s behavior is not indicative of anything other than Trump’s ego.
The Australian broadcaster has always been fairly critical of Trump. I’m not sure what the purpose of propaganda would be in this case.
Here’s the relevant part of the transcript:
The episode and transcript is here:
https://www.abc.net.au/listen/programs/abc-news-daily/laura-tingle-on-what-saved-the-global-economy/106862334
Your article is saying that China had large gas and oil reserves which lasted them a while during the war, but is now running out.
Actually it doesn’t say China’s oil reserve “is running out”.
More broadly, global reserves including China were as high as they have ever been in February, and yes those reserves have reduced during the crisis. However, in the interceding months other oil producers and refineries have increased production and some have commenced exporting. As in, the network is routing around the strait.
The podcast I shared references this report from the international energy agency:
https://www.iea.org/commentaries/how-global-oil-supplies-have-readjusted-to-help-fill-the-huge-gap-left-by-the-strait-of-hormuz-shock
Yes, prices will be best if the strait is open, but it being “closed” is not as catastrophic as once thought.
Can you like, not read?
Oh man. Did you really just skim through to find the bit that supports what you said so you could paste that here with that snarky little turd?
Theres an entire report there, written by a respected independent agency, that says the situation is much more complex and nuanced than a binary “is the strait open” test.
If you’d like to continue labouring under that reductive misconception then have at it i guess.
Sure thing buddy, just admit you are wrong instead of trying to dig even deeper.