00:00A lot of people focus on the kind of disruption or the loss of exports out of Cormuz.
00:04Really at this point, you know, six, seven weeks into the crisis,
00:07the crisis is one of lost time and lost production.
00:10You have roughly 13 million barrels a day of production upstream
00:13between crude, condensate and natural gas liquids across the Gulf shut in, not producing.
00:18At this stage, that cumulative effect in the market has already breached above half a billion barrels,
00:24billion with a B.
00:26And at the end of the day, even if this ended tomorrow,
00:28those are barrels that were going to exist in global stockpiles going into this crisis,
00:32and now they don't.
00:33So at the end of the day, that's going to be a tighter market.
00:35It's going to be a firmer market coming out of this.
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