Commodore Steve Jermy
speaker
516 appearances
1 recordings
1 series
first heard Jul 2026
last heard 20 Jul
Commodore Steve Jermy’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 1 in all, peaking in Jul 2026 with 1.
Appearances
There was a bit of an oil glut at the time, so those have been largely drawn down as far as I can see.
The strategic petroleum reserves as well have largely been drawn down.
I think Cushing is now, the American strategic petroleum reserve, I think is pretty low.
The figure I have in my mind, you may know this better than me, is about 20%.
That's right.
Again, when you start to get to the dregs,
You've got to think carefully about it.
Even when the oil moves through pipelines, so from Cushing up to New England, it's traveling between three and eight miles an hour.
So that, of course, takes time.
And of course, the oil in the pipeline, you need to have oil in the pipeline for the pipeline to work.
So the oil in the pipeline isn't working.
It's not working inventory.
And last but by no means least is China.
And what I don't think any of us understood was how China would respond to this.
And I don't think we completely understand.
But China reduced its demand by about 5 million barrels per day, which is a significant reduction.
It's also home to the largest strategic petroleum reserve in the world.
I think the figure I've got is 1.3 billion barrels per day.
So it's a very significant reserve.
I also suspect, I don't know, I suspect one of the ways that China was thinking about this was not just about self-interest, but I suspect the Chinese were thinking that as an exporting nation, they were thinking long and hard about the impact that the straightforward most closure would have on the rest of the Far East, because there are other nations in the Far East which are much more vulnerable.
Showing 361–380 of 516 · page 19 of 26
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