Ian Verrender

and shipping out through the port of Yandu in the Red Sea.

Now, normally they would be shipping about 10 barrels a day, so it is substantially lower than it would have been.

But this is a pipeline that was built, I think, in 2018 or at least upgraded in 2018.

But they've since upgraded it again to ensure that they can get as much oil out as possible.

So that's a factor that is limiting the damage rate.

to this conflict.

So we are seeing quite a bit of oil flowing through there.

And look, we've just been talking about domestic petrol prices as well.

I mean, it is quite astounding, really, that given the shortages and given everything that's happened, that Australian petrol prices have come down to the extent that they have from the initial shock that we saw.

And perhaps, I guess, it's a lack of that panic buying that we saw in the early days.

Great to be with you, Kerriton.

Morning, Carrington.

How are you?

Well, the policy that was announced yesterday is really – well, a bit of backtracking here.

Late last year, the government announced a gas reservation policy, and it was going to take quite some time to work through the details of it.

So the timing is a little bit odd.

I mean, we've got a federal budget out next week, and we've had, I guess, a really –

quite strident debate about gas taxing just in the past few weeks as well.

So it would appear to be a bit of a, I guess, heading off at the pass strategy by the government to try and bring in something that, you know, placates everybody in this argument.

The details of this scheme have yet to still be properly worked out and I don't think it's going to be put in place until midway through next year now.