Energy Market Outlook: Fed Versus OPEC Plus?

The Fed versus OPEC has really been a very challenging dynamic when you're formulating a view. The emerging market growth rate, particularly centered in China, really strained global supplies. But demand for many of these commodities aren't much different than where they were from 2019. So if the Fed is going to really move rates much higher, and that reduces capital availability further to upstream investment and investment in power sector and so forth, it could actually end up having a positive long-term impact. Now your question on China, what's remarkable about these commodity markets, and I made it reference to it before, was very much led by China.