Rebecca Babin

…carries forward in a very measured way. And that the demand drop that came out of China as they cut refinery runs and transitioned away from some of their more fossil fuel intensive petrochemical activities, isn't going to rebound. And to me, that's just a little bit pessimistic. If you look at the headlines today, China has already said they're gonna roll back some of their product export bans. Immediately that is going to pull forward a little bit more crude demand. And I think that we're overestimating the downside just as we had overestimated the upside at the height of the conflict. - So where do you see prices ending the end of this year, Rebecca? - So I think we can look at the end of the year and I can kind of see Brent Ti, I can see 75 Ti, 80 Brent. And I just think that we're, again, we don't necessarily see this even distribution of flows resumed through to 85, what I think is price is 85% of flows resumed by the end of July is what's priced. I think that might get pushed out and we don't necessarily see, we are seeing this immediate reaction as ships have transited and Iranian sanctions have been waived. But if that gets pulled back, I don't think we see the acceleration of inventory builds that the market's anticipating. So I'm not drastically above the strip. I'm kind of looking 75, 80 Brent Ti.…From: this video · 2 claims mined from it

…kind of closer to that $70 level in TI, maybe 65. I tend to think having read the headlines again this morning that India says they're going to increase their strategic petroleum reserves. China has some rebuilding of stockpiles to do. India also wants to diversify away from Middle Eastern crude. I tend to think that's a scenario we're anticipating this massive surplus , but what it's going to be is a rebuild in the market might not reflect quite as loose as that number kind of headline number would say. So I'm not thinking that we see this dramatic 60s, 50s crude scenario next year, which I know some analysts are pointing to. I tend to think we hover around this kind of 70, 75 level. - What has the OFAC waivers done for this market? The fact of the matter is a running crude could flow freely at market price. - This has been a huge factor, not just the OFAC, but the fact that you can transact in dollars, I think has opened up a lot of Iranian crude to the market. Now, what I haven't seen is a tremendous amount of buying outside of China of Iranian crude, but what that does essentially is make Iranian crude available to places like India, which has significantly reduced their imports due to the sanctions and makes it a more competitive barrel…From: this video · 2 claims mined from it