Big hit on Saudi oil facilities - now

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  2. 29.0k

    email it to Saudi

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    sandy don't let the facts get in the way of your argument , Australia is one of the few countries on earth that is oil self sufficient but unfortunately for us Australia is a nation of halfwits and traitors who give away every resource that we rightfully own , the Adani mine is one of hundreds of examples . We export our crude to Asia for refining to put Australians out of work , if a wider conflict does flare up expect that countless millions of imported Islamics Chinese and unemployed Australians will not care and will have no desire to lay down their lives fighting for a corrupt bunch of camel jockey trillion Aires . Let the fuckers fight it out and destroy each other Australia has nothing to gain taking sides in conflicts we don't understand and have nothing to do with .

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    Is Australia running out of fuel? PM orders supply review
    7 May 2018
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    Image copyrightGETTY IMAGES
    The Australian government has ordered a review of fuel security after experts warned the country only has weeks of petrol, diesel and aviation fuel supplies left in its reserves.

    The country's energy minister, Josh Frydenberg, said it was the "prudent and proper thing to do" but should not be interpreted as Australia having a fuel security problem.

    The International Energy Agency expects countries to have 90-days worth of fuel in reserve, but Australia has not met those levels since 2012.

    So how low are Australia's fuel reserves?
    In January this year, the latest data available, Australia held just under 50 days worth of fuel stocks. Five years ago, it had nearly double that amount.

    The Australian Petroleum Statistics 2018 cites Australia as having 23 days worth of petrol, 20 days aviation fuel and 17 days diesel oil in reserve to use in an emergency.

    The remainder would come from overseas credits - a system that would allow Australia to buy from overseas if things went badly wrong.

    Where do Australia's oil supplies come from?
    Australia is currently dependent on imports for more than 90% of its fuel needs.

    The crude oil comes from the Middle East and is processed at refineries in South Korea, China and Singapore.

    It is then shipped to Australia as diesel, aviation fuel and petrol.

    Mr Frydenberg says Australia's reliance on imported fuel has increased in the last 10 years because "three of Australia's seven domestic refineries have closed and our domestic oil production has declined by a third as existing fields become exhausted".

    Image copyrightGETTY IMAGES
    Image caption
    Australia depends on oil imports, including supplies from refineries in Singapore, China and South Korea
    How vulnerable is Australia to a global disruption?
    Australian strategist and retired air vice-marshal John Blackburn told The Australian newspaper that "we would have major problems within two weeks" if there were a major disruption to global oil supplies. That could cause major logistical problems for Australia as it sought to access supplies abroad, and there was, Mr Blackburn told the paper, "no plan B".

    Stephen Innes, Asia-Pacific Head of Trading for Oanda in Singapore said the situation was "very critical when you consider the possible supply disruptions the market is currently facing".

    He told the BBC that Australia "would be left scrambling as they're literally on an island... entirely dependent on maritime supply."

    Australia would not be able to "ramp up a pipeline" from elsewhere, he pointed out, saying that the logistics for obtaining alternative supplies would be enormous.

    Those problems would get worse if supply chains were to slow down or ships had to be re-routed - for example if there was an escalation in the Syria conflict.

    Paul Barnes, Head of Risk and Resilience at the Australian Strategic Policy Institute in Sydney said Australia would "quickly become dependent on arrangements with other economies to draw from their reserves".

    And more dramatically, Dr Malcolm Davis, a senior analyst on defence strategy and capability at the Australian Strategic Policy Institute warned of a "Mad Max world" if fuel ran out.

    He told that Australia was "one of the few countries in the world that does not take our energy security seriously".

    Image copyrightGETTY IMAGES
    So should Australians be worried?
    The government says there is no need for panic.

    "Australia's fuel supplies have proved to be remarkably reliable and resilient over the last four decades," the energy minister has stressed.

    James Prest from the Australian National University's Energy Change Institute in Canberra said there were multiple sources of supply, so an emergency was not imminent.

    But he is urging the government to go a step further, saying "a review is necessary but not a sufficient step".

    "Australia is the only IEA country which is a net oil importer and which relies solely on the commercial oil stockholding of industry to meet its 90 day obligation."

    But while the experts agree that Australia is unlikely to run out of fuel - so long as the Syria conflict does not dramatically worsen - perhaps the biggest worry for consumers is they end up paying more to fill the tanks of their cars and trucks.

    And of course if aviation fuel gets more expensive that too could eventually be passed on to customers - though national airline Qantas, which controls nearly two-thirds of the domestic market, has hedged about 70% of its fuel expenses for the next financial year. That means it would take time for higher costs to filter through to passengers.

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    USA to build up its Tungsten Supplies ,for satellite Missiles and Drones.
    Over 750 billion dollars to be allocated in Military defence Spending.
    Also 400 billion to be given to Japan to build up its Military defence Capabilities.
    While Australia May offer low interest loans to its farmers. 👩‍🌾...
    And waste Billions on sub-standard subs and 2nd class fighter Planes.

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    there is plenty of oil under lake eyre in South Australia the north west shelf and bass strait , Australia's fuel security problems are the result of scandalous LNP policy, 85 percent of Australias crude needs is produced in Australia. i

    1 like
  7. 29.0k

    It may be time for helicopter moneyALAN KOHLER
    Follow @AlanKohler
    Under Mario Draghi, the European inflation rate has declined from 2pc to 1pc and growth has fared no better. Picture: Getty Images
    Under Mario Draghi, the European inflation rate has declined from 2pc to 1pc and growth has fared no better. Picture: Getty Images
    6:27AM SEPTEMBER 16, 2019
    There was a quite interesting bit of central bank action last Thursday, and no, I’m not talking about European Central Bank President Mario Draghi’s swan song 10 basis point rate cut – to minus 0.5 per cent - and the restart of quantitative easing.

    It was the Central Bank of Turkey’s decision, on the same day, to cut its benchmark rate by 325 basis points to 16.5 per cent.

    It was new governor Murat Uysal’s second board meeting. At the first, in July, the bank cut the benchmark by 425bp, from 24 per cent. His predecessor had been sacked by President Erdogan for not cutting interest rates, and five days before last week’s second cut in succession by the new bloke, the President uncannily predicted it.


    London reinvents itself
    But that’s not what was interesting – it was that both President Erdogan and Governor Uysal asserted that easing monetary policy would bring inflation down.

    That same day Mario Draghi began his press conference with the more conventional proposition that the proposed easing would get inflation up “robustly … to a level sufficiently close to, but below, 2 per cent”. Or at least that’s the plan, still.

    Needless to say, when it comes to the operation of monetary policy we are more inclined to pay attention to the outgoing head of Europe’s central bank than the incoming head of Turkey’s.

    Having said that, the ECB’s lamentable record of getting inflation up suggests that maybe it’s time to try the Turkish method of central banking.

    In July 2012, Draghi set off a three-year, 50 per cent global stockmarket rally when he said: “The ECB is ready to do whatever it takes to preserve the euro. And believe me, it will be enough.”

    In the seven years since, the ECB’s policy rate was zero for two years and negative for five, and much money was printed under the heading of quantitative easing, yet the European inflation rate has declined from 2 per cent to 1 per cent. Growth has fared no better.

    Will Thursday’s package of measures do the trick? Unlikely. What got the Euro up a bit during the Draghi press conference was that it became another “whatever it takes” moment, except that this time it’s, in effect, “as long as it takes”.

    But it’s all rather forlorn, as are the Reserve Bank of Australia’s efforts: after 14 rate cuts over eight years, the inflation rate here has declined from 3.3 to 1.6 per cent. GDP growth has fallen from 2.5 to 1.4 per cent.

    It’s time, you would think, for central banks to stop messing about with the diminishing returns of rate cuts, and buying bonds from banks so that long-term interest rates decline even more than the cash rate, and doing something more direct – such as printing money and handing it out.

    It’s called “helicopter money”, and is starting to gain traction in respectable circles, at least in Europe, but before getting into that, perhaps we should examine what’s wrong with 1 per cent real GDP growth and 1 per cent inflation.

    It’s not a recession and it’s not deflation but given the way central banks the world over a behaving, you would think it was.

    There are two problems with it, one practical, one theoretical.

    With global debt approaching US$250 trillion, more than three times global GDP, the only way this is going to be reduced without massive disruption and hardship is through inflation, and capitalism requires economic growth in order to work, because its foundation – investment – requires a return, and because the pie needs to grow if the inequality inherent in capitalism is not to cause social breakdown.

    So independent central banks, concerned with more than their narrow mandates, are stolidly trying to get both growth and inflation up. Unhappily what they’ve been doing hasn’t worked.

    The Draghi/Lowe/Powell method is to just keep doing it. It will be interesting in that context to see whether Draghi’s successor, Christine Lagarde, is inclined to just keep leaning on the same lever.

    The other lever is labelled “helicopter money” and it’s not that different to the quantitative easing they have actually been doing, and RBA Governor Dr Lowe has started talking about (while adding that they’re not about to start doing it).

    QE involves printing money and buying government bonds from banks to give them cash. Why not just give the cash straight to the government? Presumably because central bankers don’t trust politicians, although why they would trust bankers more is a mystery.

    Anyway, fair enough, politicians are not to be trusted with printed money. They might get used to it, and take control of the printing presses by passing a law that ends central bank independence.

    In that case, is the current suggestion gaining increasing support, just give the money directly to the people – deposit cash into everyone’s bank accounts.

    As Moritz Kraemer, chief economic adviser of Acreditus, a risk consultancy headquartered in Dubai, wrote in a recent article, the central bank could “commit to making a monthly transfer to every euro-area citizen with a checking account, until inflation hits 2 per cent. It could apply a sliding scale, adjusted monthly, by paying €200 into every account if annual inflation stands at 1 per cent or below. This payment would be reduced by €20 for every 10 basis points beyond 1 per cent, reaching zero upon inflation hitting 2 per cent”.

    Now that’s what you’d call unconventional monetary policy, but at least it would work.

    Cutting interest rates certainly doesn’t.

    Alan Kohler is Editor in Chief of

    Alan Kohler is one of Australia’s most experienced commentators and journalists. Alan is the founder of Eureka Report, Australia’s most successful investment newsletter, and Business Spectator, a 24-hour free b... Read more

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    Hi Kerry

  8. 3.4k

    Is it time to start searching out " Tungsten " stocks ?
    I've noticed it being mentioned recently by a couple of companies.

    1 like
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    Interesting times for stakeholders:
    1. America opens the oil reserves and great opportunity to sell oil from tracking for a much higher price.
    2. Russia will have a much stronger position in the oil market.
    3. China is still the biggest buyer for Iranian oil. Attacking Iranian oil fields will be a challenge.
    4. Getting the Aramco facilities in Saudi up and running will take more than 90 which is the oil reserve they have.
    5. IPO of Aramco not possible in the near future.

    The Saudi Crown Prince is unpredictable but depending on Americans.

    Hope Mr. Trump and his falcons are acting wisely and not on America first.

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    Wonder if it was Israeli war planes that bombed Riyadh ?

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    Tungsten is the place to be , and the one to start first is SEI .

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    its been a dog THR has tungsten

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    THR, are about 5 years off production. If they ever produce....SEI is 1 to 2 months off production with an offtake partner for 100% Of product....and a partner who is the largest supplier of Base minerals in Europe.
    You need to do better research Sandy.
    SEI named by our Government as a strategic investment.

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    The question is why the high tech American air defence detection systems failed to protect the Saudi refinery and oil field ? Vlad is telling the Saudis they should have bought Russian missile defence systems . The only good outcome for the region and the world is a negotiated end to the war in Yemen the rebels there have been launching unsuccessful attacks on Saudi facilities for years it was inevitable that sooner or later they would find weaknesses and catch the Saudi defences off guard .

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    Yes that is true.
    The Houthi rebels have made numerous attempts at attacks on Saudi (in revenge for their indiscriminate bombings in Yemen).
    They even claimed responsibility for this successful attack.
    But Trump blames Iran.

    In truth this could have been done by anyone...the Houthi's, the Iranians, the Saudis themselves (in what some call a "false flag" attack), a cell of ISIS in Saudi, the CIA or other clandestine US agency, or yes, even the Israelis.
    From observation, it is usually the one that claims it.

    The real question is who would have the most to gain from this attack.

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    Iran will be a little bit harder than fighting a drug war against defenceless unarmed civilian dope smokers and terminal cancer patients. Trump and the uneducated rednecks that elected him mostly have no idea where Saudi Arabia is and most of them would not care that the worlds worst humanitarian disaster is unfolding in Yemen . The moral high ground we once maintained is gone our closest allies supply weapons have been used by the Saudis to target civilians . Everything about polluting fossil fuels is toxic , climate change and oil wars are two very compelling reasons to transition to clean green energy and transportation .

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    iran war would be like the Vietnam war ..for the usa

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    Iran have a motivated well armed and trained army a formidable air force navy and Russian missile defence systems , what the attack on the Saudi refinery does prove is that America is not the only country with weapons systems that have pin point accuracy . The Americans and the Saudi are making excuses that their high tech air defence systems were pointed the wrong way , the coalition of the few at this point in time is America and Saudi Arabia . .

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