Nicola Willis: Finance Minister on the ongoing global oil crisis, action in the Strait of Hormuz
Finance Minister Nicola Willis has emphasised there’s a range of scenarios for inflation amidst the global oil crisis – not just the worst-case scenario of 3.7% outlined yesterday.
“We don't know what's going to happen with factors that are outside of our control,” she told Mike Hosking.
“We don't know how long the Strait of Hormuz will stay closed. We don't know whether Asian refineries will be able to access alternative supplies of oil in sufficient quantities, and we don't know whether importers will be able to access alternative supplies of refined products…
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