00:00IEA countries have unanimously decided to launch the largest ever release of emergency
00:08oil stocks in our agency's history.
00:14IEA countries will be making 400 million barrels of oil available.
00:21I repeat, 400 million barrels of oil available to the market to offset the supply lost through
00:29the effective closure of the strength. The market's holding up well.
00:34I figured we'd be hit a little bit, but we were hit probably less than I thought,
00:40and we'll be back on track in a pretty short while.
00:43Prices are coming down very substantially. Oil will be coming down.
00:47That's just a matter of war that happens. You can almost predict it.
00:58Yeah, we're still waiting for oil to really come down as the president was putting it there.
01:03The U.S. also releasing 172 million barrels from its strategic petroleum reserves to put
01:08everything together for us out of Singapore. As you can see on your screens now, our oil
01:11trading reporter, Wrong Way, Neil, is here with us right now. So obviously oil prices are again
01:16melting up. Talk to us about the latest developments that are effectively creating these conditions right now.
01:25Well, of course, all eyes are on the release of strategic reserves that was just approved
01:30by the IAEA, as we have heard earlier. And as President Trump has said, he hopes that oil prices
01:36will go down. But unfortunately, at today's open, things didn't quite swing that way. Now, to break it
01:43down, to break down the numbers, although the U.S. has said that they will release about 170 million
01:49barrels of oil from their reserves. As Yvonne has mentioned earlier, all these will actually take
01:55time to flow into the market. There is kind of like a lead time for them to do so. They
02:01have to
02:01complete sales. And then there's the logistics as well. And also to put things into perspective,
02:07right now, U.S.'s strategic petroleum reserves currently stands about 400, over 400 million barrels.
02:13It's about 60 percent filled. But you can imagine that the amount that they plan to release is nearly
02:19half of what they already have. So I believe that a lot of people in the market, market watchers,
02:24are looking at this. They're not just digesting the headline number, but they're also taking a wider
02:30perspective on what this release actually means. And being strategic reserves, being strategic reserves,
02:36they ultimately have to be filled at a later date. So all that would also weigh on the traders' minds
02:42as well.
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