The currently popular analysis methods focus too much on short-term margins, whether it's sales volume or price. I believe this has led to some misconceptions. If our original intention is long-term equity holding, if we focus on the efficiency gap and its duration, whether the oil price is 50 or 100 doesn't matter. The world consumes so much oil, and if their average cost is 30, as long as their efficiency can stay above that, profits will come eventually. This kind of value is relatively stable and can be measured and tracked. To think more extremely, there was negative oil price in March 2020, which obviously didn't mean the industry's value went to zero at that moment. $CNOOC(00883.HK)