Beau

The big takeaway was when he spoke about the oil crises of 1973 and 1979.

At that time, at each of the crises, the world lost about 5 million barrels per day.

As of today, we've lost 11 million barrels per day, so more than two major oil shocks put together.

The oil shock of the 70s was one of the main contributors to stagflation gripping the economy.

And beyond oil, he pointed to the natural gas supply.

After the Russian invasion of Ukraine, the gas markets, especially in Europe, we lost 75 billion cubic meters.

Now, as a result of this crisis, we lost about 140 billion cubic meters.

He went on to sum up the situation facing the world due to Trump's war.

Quote, Well, that sounds delightful, doesn't it?

I'm sure that will do wonders for inflation.

He went on to speak about securing energy in the future and talked about nuclear and renewables.

Yes, the same renewables Trump has been trying to shut down and stop production of.

Shock.

That's the future.

Back to the oil crisis.

He didn't rule out the possibility of additional releases from the World Strategic Reserves, saying, If it is necessary, of course we will do it.

But we will look at the conditions.

We will analyze, assess the market, discuss with our member countries.

He pointed out that strategic reserve releases aren't a solution and really only comfort the markets, but don't correct the issues facing the economy.

He's right about it not confronting the issue hitting the economy, but it really doesn't seem to comfort markets much.