00:00 Speaker A
Dan, I also want to ask you about these talks expected between Trump and Putin. Um, what is the oil market watching most closely in terms of how it could affect supply?
00:19 Dan
You know, I I’m afraid we’ve gone through this, uh, rigmarole with Trump and Putin and and and sanctions and and Russia too many times to take it, uh, very seriously. You know, I don’t expect much to come out of these peace talks. I don’t think much is going to come in the way of sanctions. I think, uh, Trump has more of a of a feeling of of of, uh, threatening Russia with sanctions as opposed to really applying them seriously. And and so for from an investor’s standpoint, we we’re we’re really kind of focusing on the fundamentals and trying to stay away from the political at least on that side. And the renewable space, it’s a lot more difficult with tariffs and, uh, the, uh, the trade negotiations with China, for example, that seem to muck up, you know, the, the runway for a lot of the solar stocks, for example. So, you know, there’s a lot of political action going on in the energy space that never used to be, you know, uh, something we used to take into account, but in terms of traditional fossil fuels, it’s it’s mostly still the fundamentals that we’re we’re working with.
02:33 Speaker A
Well, and and just quickly in in terms of the negotiations around all of that, you know, India has been buying Russian oil. That’s something that Trump doesn’t like. He put the the tariff on India partially as a result. But if India stopped buying that Russian oil, what what kind of effect would that have on the market? Would that stop up some of the supply out there?
03:06 Dan
It certainly would, but I it’s not something that I would expect. I mean, this kind of flow of Russian oil to the east, uh, to China and to, um, to India is not something that actually, uh, I think is going to stop or increase in terms of, you know, where the Russians get their marketplace, uh, sanctions or not. So, uh, this is not something I think that, uh, Trump can put enough pressure on to stop, uh, India. They have a tremendous appetite for oil. They have historically bought it at the cheapest places, and right now that’s the Russian supply and and, uh, in some ways the Iranian supply too, and and that’s what they’ll go no matter what Trump, uh, threatens them with, I believe.
