Does not see tightness in the market currently but have to be aware of uncertainties.

Two uncertainties to highlight are Russia and China.

If China's economy rebounds this year as expected will see stronger demand that will pressure markets.

May see tighter markets in 2023, more than some others may think.

Russian oil exports seem to be more resilient than first thought.

Russia's oil exports declining as IEA forecast, will fall further in the first quarter and beyond.

There are questions about Russia's ability to export because of sanctions and its own challenges.