amrita: the problem is that we built a million barrels across the year. inventory is try to -- tied up. narrowed, not has all this oil can come to the market. withen flirted backwardation earlier this week. it is being unwound. we have to work through all of that inventory before we can move sustainably higher. we are at $40 for rent. i still think that the equilibrium price at the moment is lower, between 30-40. the weakening of the dollar does help. that's a big reason why we are in the 40 area. would take us five dollars lower than here. annmarie: i want to pick up on that. people talk about supply and demand getting back to normal. we have over a billion barrels in inventory. when do you see that part of the market starting to ease up? balances? our annmarie: on the inventories. when do you see that starting to ease? amrita: that should start to ease now. we are starting to draw from inventories right now. by the end of this year, we should have drawn down what we built. supplies are now falling faster than demand. i would be very cautious about using

amrita: i think you're exactly right.he global demand, at least in our view, is still very much the key driver. we did fall to record low levels in terms of demand, now we are recovering. and that just means that you do need higher supplies. now, i still stand by the problem we have in the market in oil, the data is opaque. the data is very lagged. we still don't know how much we fell by. if we don't know how much we fell by, but the market assumed we would hit tank. i remember talking to you guys about that. but we never did, because maybe demanded -- demand didn't fall by much, and because of negative prices, supplies fell tremendously, and that's what caused us to overshoot to the downside. in some respect, we have overshot. but we need some of the supply back, because now refineries are bringing back production and demand is rising. i still think we've gone too far, because the demand is fragile. supplies from the u.s. are going to start to come back. it's not like a slam dunk that, of course, prices should be rising