Saudi Aramco, Opec, Chevron discussed on Bloomberg Daybreak: Europe
Take. A look at the oil market now as well as a show, producer, whatever. There's a ceiling that we had for oil prices because shale production would kick in at that point. How the dynamics changed of the industry. Well, in some ways, the dynamics were the same as they've always been, and it's a it's a large global market and at the end of the day supply and demand or forward. Perceptions of supply and demand are really what sets price shale presents a new source of supply. And so I think that's introduced a new dynamic, and you certainly have seen OPEC now beginning to try to respond to the steady and growing production out of the United States with some production cuts. This can be. Also, then accentuated by the announcement of sanctions against certain countries. The problems we see in Venezuela. And so the fundamentals of the industry haven't changed. I think the dynamics of the supply and demand drivers are always in flux, and there a mix of economic development and geopolitical circumstances around the world. That was the Chevron CEOs speaking there quick reminder, of course, that we are keeping a close eye on what's happening in these markets. We spoke earlier about the moves in crude oil and much of that is related to what the Saudis have been doing. There are now looking at a four year low of nine point eight million barrels per day in March. That's according to the latest Bloomberg data OPEC's production as a whole is down for a fourth straight months of Saudis, very aggressively pushing forward with that. And then as you think about what's Chevron plans to do over the coming few years. You also consider that Saudi Aramco is taking its ambitious to the next level as well. There's interesting piece that breaks down the size and scope of the Saudi Aramco numbers that have come through in their latest disclosures to some of the ratings agencies, and one point that's being made is that ten thousand barrels a day of oil are being actually lost which isn't much by Saudi Aramco standards. We're talking about zero point one percent. Of total out. But but that is that is how large this company is now let's get your steps out of what we'll be talking about..