Questions whether ceasefire would change the fundamental oil market situation.
Host
Jeff Currie
Conflict has disrupted global supply chains beyond just oil - affecting gas, fertilizers, metals, petrochemicals, shipping logistics, and insurance.
Jeff Currie
400M barrel SPR release is insufficient - maximum sustainable flow rate is 2M bpd, taking 200 days to release, offsetting only a minuscule portion of ~18M bpd disruption.
Asks if SPR release is just a PR campaign.
Host
Jeff Currie
Key issue is preventing hoarding, which in 1970s added ~2M bpd demand pressure.
Notes that 'hoarding' appears repeatedly in Currie's research and asks if China's behavior will be followed by others.
Host
Jeff Currie
Hoarding is already happening in Japan, Korea, and at consumer level with people keeping gas tanks fuller than usual.