00:00That would be a huge release. We're looking at potentially the biggest release by IEA member
00:06countries ever in order to address this issue. It's going to be a short term solution because
00:15those stockpiles are, you know, oil in storage that they can release once and then once they've
00:22used it, they don't have it anymore. Of course, the stockpiles are quite large, so they could
00:27phase out some releases to see how the market reacts and how supply goes. What is the main
00:33issue, though, is really it depends on how long the Strait of Hormuz remains closed. We do still
00:39have oil on the water that was exported before the war started, before the Strait was closed,
00:46and so that's still going to refiners. What we need to do is plug those holes that the refiners
00:50and the customers are having in their supply now because tankers are stuck inside the Persian Gulf
00:57filled with oil or they're outside and can't get into load. So we're really needing to take care
01:03of that shortfall in the market, and that will give markets a little bit more time to react and to
01:09adjust. The reason that we're seeing prices falling back from over 100 earlier this week is because of
01:16that idea, traders, investors looking at the market, not seeing yet serious damage inside the Gulf and
01:26waiting to see when the Strait of Hormuz could be reopened and that oil can start flowing out of the
01:31Gulf again. So this buys more time, this IEA G7 decision to potentially release those stockpiles.
01:38And Anthony, happening right now, the IEA proposed oil stockpile has release of about 300 to 400
01:45million barrels. That's just breaking now on our terminal. I want to get your quick reaction to
01:48that. Yeah, I mean, that's a huge amount of oil. That's about three times the daily demand for oil in
01:57the market. Of course, the amount that's being reduced is much less than that. We've got about 20
02:02million barrels a day that usually goes out from the Strait of Hormuz. We're probably looking at about
02:09six to seven of exports coming out. So we've got roughly a 13 million barrel hole to fill.
02:16So, you know, we're looking at kind of about a month or so of supply that that IEA would cover.
02:21So that gives us a good bit of time that that IEA release would cover. That gives us a good
02:27amount
02:27of time for governments to try to get a solution to reopen the Strait of Hormuz and get some more
02:33of those tankers flowing.
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