Advertisement
As we know, China has banned refined fuel shipments, restricting the world’s supply. Overnight, Korea capped exports at 2020 levels, and Thailand banned them.
As well, Singapore refinery runs have begun to wane, with capacity utilisation down meaningfully from 20-50% as it runs out of oil.
These shortages have not even arrived in Australia yet, but will over the next week or so as tanker volumes fall away.
The full text of this article is available to MacroBusiness subscribers
Cancel at any time through our billing provider, Stripe
About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.