The main worry for Australia concerning fuel is the fact that we have only 21 days of it on hand. Given current circumstances and Chinese threats in the area, we could grind to a halt in 3 weeks. How about that?

A production ceiling and significantly ramped production do not occur simultaneously, and as it happens, just highlights what self-serving garbage pro-price-gouging articles like this one are?

The question should be. Can endless preposterous ponderous (Putin inspired?) pondering create one? And the goal of the oil trading (big frogs in little puddles and oil dependant Putin) oil barons?
Alan B.

ttbn: Your point is very well made mate.
Alan B.

I have recently seen suggestions that Saudi Arabian oil reserves are 63% depleted.
It is suggested that this is the reason for the planned flotation of
Aramco.
The shale oil production surge has given the world a ten year break
to do something about oil production. We have wasted that time as we
have not taken the opertunity to do something about it.
The shale production business has become a Ponzi scheme as it needs
continuous financial input with depleting fields being sold to new
companies entering the industry.
The Wall St financiers are getting twitchy.
If they pull out the US oil production will drop by about 40%.

That could put a major strain on world supply and where would we stand
with virtually no local production ?

As long as there is enough to keep my boat ticking over, why worry?