Ian Verrender

A billion barrels of oil, that's around double what the International Energy Agency released in terms of reserves in February and March.

And so that is going to start to have a serious impact on the global economy.

And what we're going to see is what is known as demand destruction.

That's the price to where oil rises.

and to the point where people who are using it decide it's too expensive for me to use.

As much as I was using, I'm going to cut back.

That then runs right through the global economy and economic growth starts to slow.

Look, I think Australia is in an extraordinarily fortunate position at the moment.

We are probably as insulated from global events as any country could possibly be.

And that is primarily because we have this LNG, this gas at our disposal that we're using as essentially as a bargaining chip, or in fact, even a weapon in some ways to bludgeon

supplier nations of liquid fuels to deliver to us, because if they don't deliver to us, they don't get our gas.

That's essentially the problem here.

I mean, we're already seeing, you know, through the global economy, we're seeing a whole lot of, I guess, byproducts from fuel that are starting to run short, you know, helium, sulfuric acid, which are both crucial elements in chip production.

They're both in extremely short supply.

Diesel is another product, which is what's known as a middle distillate, which is one of the things that is globally going to become very short supply.

And we're going to see that run right through Asia.

Jet fuel, we've already seen problems there.

And, you know, just last week, we saw, of course, Lufthansa announced that they were going to cut their...

their flights, thousands of flights.

Germany has essentially said that it is going to affect its economy.