Think the oil shock is bad in the US? Look here

What you'll learn

• 1 (00:22) **Global Oil Crisis Deepens** - The episode opens by framing the global oil crisis seven weeks into a Middle East war, with the closure of the Strait of Hormuz disrupting 20% of global oil supply and sending prices above $100 a barrel.
• 2 (02:21) **New Zealand: Vulnerable at the End of the Supply Chain** - New Zealand is uniquely exposed because it relies entirely on imported refined fuel from South Korea and Singapore, which themselves source crude from the Middle East.
• 3 (04:33) **New Zealand’s Policy Dilemma: Resist Price Controls** - The government faces pressure to intervene with rationing or fuel tax cuts but has resisted, unlike Australia, which already cut fuel taxes.
• 4 (05:49) **Zimbabwe: Crushing Prices on a Low-Income Economy** - Zimbabwe, also entirely reliant on imports, has seen petrol prices rise 40% in less than a month to $2.23 per liter (roughly $8/gallon), among the highest in Africa.
• 5 (07:36) **Zimbabwe’s Partial Relief Measures** - The government has cut taxes on diesel to protect industry and is considering adding more ethanol to oil to lower pump prices.
• 6 (07:58) **China: Best Positioned and Deliberately Prepared** - China, one of the world’s biggest oil consumers and heavily dependent on imports, is by far the best situated country to handle the crisis, according to China Beige Book’s Shazad Khazi.
• 7 (09:18) **China’s Sanctions Advantage** - China continues to import Iranian oil despite the war, benefiting from U.S. sanctions that give it access to critical resources at well-below-market prices.

+ Full timestamped outline available in the app