00:00And Cornelia, China, we can't forget the amount of all of this because it's the largest buyer of Iranian crude
00:06oil as the conflict continues.
00:08How could this impact China's energy supply, import costs and broader economic stability?
00:15Because I think this is a concern right now across many regions around the world.
00:21Absolutely. And China, you know, if you look at China's imports, it got about 10 to 13 percent, depending on
00:29the month, depending on the way you calculate it, of its imports in crude oil from Iran.
00:36So, you know, you can work around that.
00:37The other ones, they get a lot of Russian crude, which is also impeded by the Western sanctions.
00:45Now, one thing we have to say about China for about a year, they have been beefing up their internal
00:51and especially underground storage of oil.
00:54So when oil markets were very weak, the one thing that kept them up was Chinese buying in order to
01:01put it into storage.
01:02So in the immediate future, they will be fine.
01:05But, you know, at some stage, the immediate future is over.
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