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Cindy got begging Bowl Out?

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Australia has been caught napping with just 28 days of its emergency oil left – now it might be forced to strike a deal with Trump
  • Australia is at the biggest risk of an oil emergency shortage in years, with recent strikes in Saudi Arabia threatening the global supply, and Australia’s own reserves less than a third of their mandated level.
  • Accordingly, the Australian government has been trying to negotiate with the Trump administration for months to gain access to the US supply to relive pressure on it and reduce the possibility of running out.
  • That puts Scott Morrison in a tough negotiating position when he meets with the President at a state dinner in Washington this week. The US has previously signalled that it wants to place missiles in northern Australia and expects Australia to help secure the Strait of Hormuz amid Iran tensions.

The strike over the weekend on two major refineries in Saudi Arabia immediately wiped out 5% of the world’s oil production – and it’s Australia which could be most at risk.

That’s because Australia has long ignored its commitment to the International Energy Agency (IEA) to hold months worth of oil in reserve in case of disruption to its supply.

“As a Member of the IEA, Australia is obliged… to maintain oil reserves equal to 90 days of net imports of the previous year,” according to the IEA.

However, Australia maintains less than a third of that requirement — holding just 28 days worth of petrol and crude oil in reserve, according to the latest figuresfrom the Department of the Environment and Energy. Even if you adjust those figures against net imports, Australia has less than 60 days – or two thirds – of its mandate.

That’s partly because despite monitoring Australia’s compliance, there’s no enforcement or penalty for members that don’t meet that quota. In fact, for a country of its size and wealth, Australia has some of the smallest stockpiles. Compare that to Australia’s allies. New Zealand has 92 days of coverage, Japan has 185 days, Britain 280 days, and the US a world-beating 700 days.

Be interesting if she goes cap in hand to Trump and asks for some oil. Oh the shame. What will the woke greenies say?

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14 COMMENTS

  1. I’m confused, why would Jacinda Ardern beg for oil?

    According to the piece above New Zealand holds 92 days of coverage; which is 2 days more than mandated by the IEA as per the article as well.

    Australia has between 28 and 60 days of the mandated 90 days. They’ll have problems, but why would Jacinda go beg on their behalf?

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    • New Zealand does not, and never has held 92 days forward fuel coverage. The oil company cartel in NZ run the countries fuel stocks on the smell of an oily rag( excuse the pun). You would not believe how many times in the last 10 years NZ bound aircraft have had to tanker in jet fuel just so that they can depart again. For financial reasons the fuel cartel run their stocks low, especially around xmas time, the worst possible time, just so they can balance their books for end of financial year “accounting”.
      Government know, I wonder why they don’t act. Hmmm.

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      • Commercial inventories held by oil companies in New Zealand contribute to part of the IEA obligation. The Crown presently meets the remainder of the obligation by entering into “ticket contracts” with oil companies/traders in other IEA countries. Tickets are an option, in return for an annual fee, to purchase specified quantities of stock at market prices in the event of an IEA-declared oil supply emergency. Tickets are backed by government-to-government agreements that specify that the host government will not impede the release of stock in an emergency.5 Tickets are presently funded from general taxation.

        11 New Zealand’s stockholding obligation comes from its membership of the IEA. IEA members are required to contribute to global oil security by holding 90 days of net imports of oil stocks. OECD members formed the IEA in 1974 following the 1973/74 oil crises.

        12 New Zealand is too small to mitigate international oil supply disruptions on its own and the collective arrangement under the IEA is New Zealand’s best choice for coping with such disruptions. The stockholding mitigates the market power of large oil producing nations. Release of the global stockholding during disruptions also helps protect New Zealand from significant damage to its economy from extreme oil price spikes.

        So, not a direct holding but indirectly through other member countries. According to MBIE. I never even knew this existed until Editor posted the above.

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  2. Can’t understand this. Australia produces shitloads of its own oil. Where’s the problem?

    Crude Oil Production in Australia decreased to 329 BBL/D/1K in May from 353 BBL/D/1K in April of 2019. Crude Oil Production in Australia averaged 465.61 BBL/D/1K from 1994 until 2019, reaching an all time high of 781 BBL/D/1K in February of 2000 and a record low of 238 BBL/D/1K in May of 2018.

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