Michal Meidan

But if we think back to Iraq, and I know it's different, this is the U.S.

's backyard and hemispheres and we're in Trump world and it's different.

But in 2003, after the U.S.-led invasion of Iraq, the Chinese, again, were extremely worried about their assets and about the upstream contracts.

Today, they're the biggest investors in the Iraqi upstream because they have, you know, risk tolerance and greater appetite for risk maybe than many Western countries.

They've got patience.

They're willing to work with different regimes.

And I think ultimately that is likely to still play out, notwithstanding the fact that everybody's very anxious right now.

I think that's a very reasonable expectation, right, that they'll continue stockpiling oil.

And also the prices are relatively low historically.

They have no shortage.

Sort of physical tank space is abundant.

So I think they will keep stockpiling.

We've sort of seen already initial indications for the 15th five-year plan about these sort of energy security and commodity security.

So focus on the domestic upstream where they can, where they can do oil, gas, coal, mining.

Overseas assets have become a bit more complicated but there was a move to do more mining deals and upstream ventures globally.

I think that part of it will be revised with caution.

Not to say that they will rethink it but just how they do it in a more secure area and maybe there will be a change of focus in terms of geography.

So more stockpiling, more upstream investments and I think fundamentally continue the electrification push.

and continue that move away from fossil fuels.

Unfortunately, also towards coal, right?