00:01Let's bring in Shane Oliver, who is Chief Economist at ANP.
00:06Shane, hi there.
00:06Thanks for joining us.
00:07What's your take on what happened to prices, oil prices overnight?
00:12Well, certainly good news.
00:14Don't forget we were told about a week and a half ago that the strait would reopen.
00:18That didn't happen.
00:19Now it looks like it is going to happen, but obviously it's still come with qualifications.
00:24But the bottom line is the oil prices has fallen another notch.
00:29And providing we do start to see a full reopening of the strait, then we will start to see oil
00:36start to flow globally again.
00:37And that will come in the nick of time, because don't forget the clock was ticking here.
00:42Yes, oil refineries across Asia had been still churning out the same amount of fuel, roughly.
00:48But if this crisis continued, then they would have to start cutting back and eventually that would impact Australia.
00:55So I think this is certainly very good news.
00:57It does, providing it continues and the strait does fully reopen, it does mean that the risk of global recession
01:04will quickly start to recede.
01:06I believe this means that the Virgin's
01:07You
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