Saudi Arabia, Houston, Russia discussed on World Oil's Daily Brief


Pso's than let secure a sustainable energy future together. Kurt thanks for being on the show. Thank you Cameron and It continues to be a very interesting week We certainly are living in what I would call as far as the industry is concerned historical times and pretty much that describes the situation With the corona virus as well you know we we've had quite an up and down market the last couple of days as we all know the market plunged to thirty one dollars and thirteen cents for Wti crude on Monday and then we somewhat inexplicably had a three dollars and twenty three percent gain yesterday back up to thirty four thirty six now as of Close to eleven. Am Houston Time Today. We're down a dollar. Nineteen at thirty three seventeen and I don't think that's all of it yet. So obviously we're going to give back a significant portion of the gain made yesterday and the stock market Which is tied to this whole oil price situation is behaving similarly the market every covered about seven hundred. Sixty seven points to twenty five thousand eighteen in some change Yesterday after that huge record-setting drop on Monday of over two thousand points and now has eleven. Am Houston time. We're down about one thousand thirty seven points. Back Down Under Twenty Four Thousand Twenty three thousand nine hundred eighty one and that's equivalent to about four point. Two percent drop For the day so obviously great fluctuation great turmoil Not Conducive to stabile activity in the business realm and particularly this industry so the Dow Jones has been doing what it's doing and attempting to recover meanwhile Russia and Saudi Arabia are taking some pretty dramatic actions in regards to their production plans. Will you know we talked a little bit about this Monday? And I think we'll go whole hog into it as we like to say here today. You really have to believe at this. Point that the The intentions of both Russia and Saudi Arabia are somewhat nefarious. You have to believe that This has less to do with the two of them. Disagreeing about where production should be an has more about the two of them realizing maybe from different angles that they have an opportunity to stick it to. Us production me. You need to kind of look at where we've come from and then you can appreciate the situation in terms of what's happened if you look at the price. Wti Back on February twenty four. Th was fifty one dollars and forty.

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