There is enough oil in the world today!

There is enough oil in the world today. There is no shortage of crude oil today. Even with one large economy facing some strain -- you know, it’s a very large, the second-largest economy. There is more oil coming into the market from Brazil, from Canada, from Guyana and from other countries. So, I think that, plus the global turbulence, and I’m not only talking about what happened in February 2022, but I’m also talking about what’s happening in the Middle East. The market is fracturing all the time, and the price is still only $70 or so.

Now, I’m not wanting to tempt fate. If there is a large-scale conflagration and things spiral out of control, all bets will be off and the market and the price could, you know, volatility and price could shoot up. I don’t see that happening because more oil is coming on the market. And I think, even if you look at what people are planning for the medium to long term, prices will remain within a specified range. I’m choosing my words very carefully because those who have that source of energy need to bring it on the market to earn, you know, revenue for their own development. And it doesn’t make much sense keeping it underground for a long period of time when the energy transition is taking place at a very fast rate.

You look at the Indian case, we have gone from 1.5% biofuel blending in 2014 to nearly 20% by October next year. Yes, we have had a target of just 20% blending with the target up to 2030. We brought it forward to 2025. But more important, green hydrogen, solar and wind -- all these are becoming economic if oil prices remain very high, my understanding is that with this plus global turbulence it accelerates the transition.