00:00And I want to ask you, Dr. Alshamri, I mean, supposing the price of a barrel of oil reaches 200
00:07U.S. dollars.
00:08And, you know, that's a scenario some are predicting for the long, drawn-out, prolonged conflict scenario.
00:15What would that mean for consumers and for industry?
00:19Well, here it's important to highlight which crude are we talking about.
00:23Because so far the impact on Brent and West Texas were much lower than other benchmarks, which includes Oman and
00:34Dubai, which both skyrocketed above $150.
00:39In fact, West Texas was the lowest affected because of the ample supplies in the U.S.
00:48But certainly at the current level, if prices, in fact, even reach $120 for Brent or WTI, I believe this
00:57is already a turning point for the global economy.
01:00Because certainly we could see slowing economies, especially in the Asian economies.
01:07In fact, it also will amplify the risks of stagflation.
01:14In fact, the CEO of BlackRock already stated that if we reach $150, the world is expected to go through
01:22a recession.
01:24So if we're talking $200, to me it means that perhaps it's an infliction point where there is already an
01:34ability for consumers to purchase these energy exports from the Gulf.
01:40It means we could see plants shutting down.
01:44It means we could see the aviation movement even reduced to a very high, large level.
01:50It means that people will have to work from home and reduce their travel and, in fact, even mobility trends.
01:59So I think it signifies that there's going to be a demand shock, a large decline in oil consumption, perhaps
02:10more than 10 million barrels a day.
02:12And what that means is the knock-on effect that could happen after that will not be easy.
02:21Because to just look at during the 2020 pandemic, it took the world three years to come back to normal
02:29for all demand to come back to the levels before the crisis level.
02:34So if we have another shock of this similarity in 2026, I think it's going to have huge ramifications on
02:43the energy industry as a whole.
02:45One thing here I could see happening is a faster transition to alternatives.
02:51Perhaps it's going to get many industrial economies to go back to coal and investments in the nuclear, because nuclear
03:00is the competitor of natural gas.
03:02We could also see renewables, in fact, coming back pretty much on a large extent on the table.
03:09And EVs.
03:10I think 2026 could be an interesting year to compare the sales of EVs compared to the years before.
03:20We've had a stronger mechanical, around a little bit.
03:21It's got higherutta of Which has been geographical.
03:21So as I thought that's going to be able to guide us with a small oil.
03:21Before we turn off the deals, we've had to create control.
03:21It's going to be very impressive.
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