Alex Turnbull

Thank you very much.

It's great to be back on.

terrible, frankly.

The challenge right now for Asia is that most of their crude supply does come from the Middle East.

Or there are some countries which do have some domestic production, Malaysia, China, of course.

But broadly speaking, Asia is a massive crude importer and principally from

cheaper shipping distances and costs.

So Asia is very heavily exposed right now and more acutely thinking about what the impacts might be, how they might want to pre-answer than the United States, of course, which produces a lot of oil but still needs Middle Eastern grades for blending and refining.

Also Europe, which has access to its quite readily.

It does certainly for some grades.

So for Omani crude can still be loaded and it's being loaded.

Those are real prices.

Prompt Brent, uh,

of trades are real.

So you're often seeing, even for loadings from Yandu and Saudi Arabia, OSPs, which are those indications of price, are anywhere from $20 to $25 above whatever the prevailing rent contract is.

You're certainly seeing serious constraints on

really have a lot of refining capacity and where they just don't have large amounts of crude storage.

So places like the Philippines and Vietnam are already under some significant stress.

A lot of it is also driven

pay these prices.