Abraham Accords

And here's another reason why Iran needs to happen sooner rather than later. We've got the latest global energy outlook from a guy called Jeff Curry, he's former energy market expert from Goldman Sachs. So the oil markets he's claiming areing what they call minimum operating levels. This is in Asia, and once we deal with Asia, then we've got Europe, and once we deal with Europe, then we got the US. That line, by the way, that Trump often uses by our oil. That's all very fine and well, but they don't actually have that much oil. And the reserves are actually quite low, and he launched it with 60%. He said it was all tipped up, you know, top of the pile, no more room in the cave. That was all crap. Uh they had about 60%. So we're running out of oil because a lot of the oil that is the oil, there is oil out there, but it needs to be something done with it before you put it in a car. Anyway, Singapore's facing this diesel shortage as the price uh lifts, uh, shifted on from jet fuel to diesel now. Europe's about to hit the summer driving season, and the inventories are being drawn out of the US strategic petroleum reserve. That's currently being exported to Europe. Curry says that can't continue because America's going to have their own issues. Straight reopening, that will fix it, but it would still take, he claims at least a month to re-normalise the markets again. And all that time the inventories are continuing to drop, which keeps making Iran's position stronger. He says they've never had a better negotiating point in the last 47 years. So it's really the straight. The nuclear is secondary to the straight because the whole world's leaning on Trump too, well, apart from Israel, uh, to sort this out. And I don't know where Saudi Arabia, I mean Saudi Arabia was telling him to finish the war off completely. So how they feel about the Abraham Accords, I don't know. Anyway, related matter, Shane Jones. This gas thing yesterday. So you're guaranteeing 80%. Uh it's not like we didn't know this was coming. So is there an argument to say that most businesses should have been awake enough to know that gas was running out, therefore they need to solve the problem their self. Do they have the money to do so? Of the money that we are guaranteeing as taxpayers, how much is at risk? I mean, ideally none. Because people just borrow money, do it, and pay it off. Anyway, more details with Shane Jones after the news, which is next. Here on the Mike Hosking Breakfast.