Malcolm Moore

So they don't want to hold stuff that they don't need.

There's no profit in that.

So they're required by governments to hold a certain amount.

which is lucky because it's probably a little bit more than they would hold if it was up to them.

But they don't have a huge margin.

Now, the other type of reserve are the government reserves, the most famous of which is the U.S.

Strategic Petroleum Reserve.

And there's 1.2 billion barrels of that, of which we have used 400 million, or we will have used 400 million at some point over the summer.

So that's good.

But just very clearly, companies have got a lot, but a lot of it's being used.

Governments have less, but all of that is available.

Now, as the war continues, we're in the situation where we are using more than we have, right?

Demand has not really fallen.

In fact, it's summer, so demand is going to go up, right?

Have you done that?

Sounded strangely familiar, look in your eye, recalling a happy time.

Yeah, you cannot run them down to zero.

So for safety reasons, I think that the line is about 25%.

It needs to be 25% full.

The tanks need to be 25% full.