Rachel Lavin

So you'll see some countries in Asia where they've told everybody to work from home.

They've introduced bank holidays.

I was in Australia in March and everybody was quite frankly freaking out because they only had a 30-day oil reserve.

So they were like, we're going to enter a pandemic-style lockdown.

I mean, people were freaking out because they didn't have the reserve.

We've got a 90-day reserve.

We're in line with the IEA.

We're relatively, like our consumption, which is another metric, our consumption has not changed.

Actually, since the war began, our consumption of oil slightly increased, particularly for diesel.

Yeah, it suggests a high degree of confidence.

There was a stable pattern of consumption, a slight increase since the war.

for motor diesel kerosene dropped off but that's a seasonal change so that's heating oil um i'm sure in september when people start to turn on their heating again on oil prices oil becomes more demand we might see you know a price challenge then again but uh for the moment the main metric nora looks at is consumption so as long as consumption is stable um

They are relatively calm.

Other countries are struggling a lot more, particularly in Asia.

So we're OK for the moment.

This is an initiative to decrease prices.

It all hinges now on what happens in the Middle East.

Don't hold your breath.

There's obviously many factors in these negotiations.

There's also a lot of bluster and a lot of false promises.