35 Burst results for "Million Barrels"
Saudi Arabia Set to Raise Oil Output Amid Recovery in Prices
"Those frigid temperatures much of the. Us have helped push oil prices to levels not seen since the start of the pandemic we report exclusively that saudi arabia plans to increase its oil production output by april. The plan would reverse the kingdom's decision last month to cut oil production by a million barrels a day and it's another sign of confidence that oil prices will continue to
Saudis Take Charge of Oil Market With Surprise Output Cut
"Cutting its oil production by million barrels per day as the state of the global economy remains tenuous most other members of opec will keep their production stable. More from npr's camilla domino. Some oil producing states are eager to boost their oil output as they hope vaccines will eventually restore oil demand but saudi arabia. The leader of opec is worried about pumping too much oil too soon. So the saudis announced a surprise cut which will reduce saudi revenue but prop up oil prices overall. Here's saudi energy minister prince abdulaziz bin. Someone tweak other cartel members will hold production steady while opec ally. Russia will increase output slightly. Us producers who do not participate in opec cuts will benefit from the saudis pushing prices up already. Us crude prices hit fifty dollars for the first time. Since february camilo domino's npr news wall street. The dow is up
U.N. Gets OK to Aid Crippled Yemen Tanker
"Yemen. Permission has been given for the un to access and expect a rusting supertanker. That was abandoned off the coast five years ago with more than one million barrels of oil on board the development follows agreement in writing by who militants who have been fighting yemeni government forces since two thousand fifteen to let the inspection of the ship happen although no date has been set announcing the news on monday. Un spokesperson for the secretary-general stefan jerick told journalists. That the hootie leaders had sent a letter indicating their approval for the un expert mission to the tanker. The vessel named safer is afloat near the key port of data which the who tease control earlier. This month you appointed independent rights expert on toxics. Marcus or alana insisted that everything should be done to assess the dilapidated tanker in order to avert the threat of an oil spill and an environmental disaster
"million barrels" Discussed on Bloomberg Radio New York
"Before the Senate Commerce Committee, we will have more of that coming up. But right now we want to get to the markets Get to some news will do that. Bloomberg business Flash of Greg Jared Crick. Handsome news happen. Over the past few minutes, Paul Crude inventories have risen 4.32 million barrels, according to the A. Meanwhile the SNP has taken a leg down is down more than 3%. Now this surgeon covered 19 hospitalizations, especially in the Midwest. Energy shares. As I just said her sinking is all prices continue to plummet. Tech stocks are also among the worst performers. You have the hearing on in the background there. Bowing to slump is it announced plans for more job cuts. Microsoft slipped as investors focused on a forecast that fell short of analyst highest projections, looking past to decisively upbeat profit and sales report. Let's take a look at what markets are doing right now. S and P 500 down 2.9% down 97 just a bit better than it was five minutes ago. DowJones Industrial average is down 2.9% down 800. The NASDAQ is down to 49% down 332. There's theme there. 10 years up to 30 seconds. The yield is 300.75%, West Texas Intermediate crude on those inventories is down 5.4% of 37 42 of Barrel Comex gold is down 2.1% in 18, 71, 80 and outs. Valerie and stands at 14 €2060 dollars 17 36 in the British round a dollar 29 93 We have some other news for you. It's the end of October. But the housing market's acting like June, spurred by historically low mortgage rates, buyers are racing to snap up homes defined seasonal norms, even as the pandemic surges. The average.
Oil industry shuts platforms, rigs, refineries before storm
"Oil processing plants that convert nearly 2.9 million barrels per day of oil in the fuel and to come for about 15% of US processing were shutting down Chevron and Motiva. Halted to oil refineries in the area so far today and that storm will be watched not only for the oil industry but as has happened before. With the hurricane storms in the Gulf of Mexico when they hit land. They very often do it and followed the Mississippi River path. Up north to the Midwest corn, soybean producing industries and sections. And when that happens, who knows what will happen to the crop that two weeks ago was devastated by the dough ratio? That brought heavy damage to buildings and corn and soybean fields and other crops here in the Midwest, So
Closing prices for crude oil
"Little bit of a pullback in crude oil at the moment, trading down about a third of a percent at $42.48 a barrel for W T I crewed accrued had rallied earlier as storms approaching the U. S. Gulf Coast Slow down crude output In the Gulf of Mexico. Let's get more from Bloomberg's. We need a young crude oil rises and gasoline rallies to a five month high as energy companies suspend offshore operations and Refiners shutter Gulf Coast plants around 82% of oil production in the Gulf of Mexico was halted by around midday Monday, with refinery closures potentially shutting in more than one million barrels a day of capacity. Fall in U. S China relations and signs that the Trump administration may fast tracked. Vaccines and treatments for the Corona virus also boosted crude oil
"million barrels" Discussed on Oil and Gas This Week Podcast
"Much denser but it's much easier to transport. You can move cargo retainers, trucks, rails, pipelines, but the problem is most LG plants or enormous amount of flair glass that we generate is number one radic, right? So you have. These three wells in this part of the Permian in one hundred miles away of these seventeen wells and twenty seven miles you have these thirteen wells producing flare gas. How do you get that gas to will plant insufficient quantities? Make it economically viable in this article, solution is very small L G plants which I didn't even know existed but evidently, the northeast part of the US small small-scale energy plants have been around for a while and what they do is they help provide extra gaster in the frigid winters when there's an extra demand for heat. So you could take that same technology or which is called microscope plants bring them out to the places where there's flaring. That flare gas compressor to liquid then you can actually bring it to the market. Cool thing is now the operators right now that are flaring. There's a cost of that flair that Coughlin's much less than trying to move that natural gas into the system. So that's why they flare. Well, if this is done well, if the research that I'm looking at right now is is legit in the facts are the facts it looks like these microscope G. Plant can actually do. It for around the same cost of actually flaring the gas the benefit would be you don't flair and he gets pushed back in the system in these microalgae plants now can make a profit off that that prophet will drive them to hire more energy plants that just kind of a win win all the way around the one thing that they're having to to struggle with right now is. Customers Natural Gas's extreme still extremely sheep here in the US although it's been going up, which is awesome and so we have to get long term contracts and small-scale energy plants from power plants municipality so that they can then feel safe financially to build a small-scale energy plants to convert the flare gas into a product. But I just it's just an easy awesome idea I'd I hope? This thing takes off it looks like it looks like there. Several companies, EDGE ELLEN G is operating the Marcellus in the Balkan and it looks like there are ready have some customers and they're doing micro scale G, and now they're looking at the Permian. So right now they're looking for customer. So if anybody's listening that is electrical generation provider or anybody out there that would by ellen in. The area of the country from Texas to New Mexico a reach out to these people and see if you can you pick up smell G. for much cheaper than from the bigger players actually help environment. The same time I would love is somebody does this and the Permian I'd love to travel video crew in see this from beginning to I duNno video aquifer we like it too much. For the yeah. After about fifty minutes and no Wifi be ready to come home. Yeah. No kidding and for those that don't know E. R. Video Offers Ethan Liqueur, which is mark son so. All right. So let's get into some drama. Not Us. US seizes one point one, million barrels of Iranian gasoline bound for. Venezuela DOJ. We told you. We told you don't do it. We told you if you did it, we would sees it. They did it. We seized it. So US government sees four lottery gasoline carriers with the one dot twelve, million barrels boundary Venezuela. You know we have sanctions they've been there for a while we've got your bits and pieces of the navy out there protecting everything, and then on the fourteenth of August, the US District Judge issued a sees order and they confiscated cargoes from four tankers. The only mentioned as bell actually will they'll the bearing the Pandy in the Luna So. After we seize the fuel Iran's navy boarded and under. A ship that was unrelated to the event. An attempt to try to recover the sees gasoline tough. We seized it. It's gone. You know this is just the US trying to make sure that the sanctions actually do what we put them for, and that means tightening down on illegal shipments like this legal shipment of gasoline. And it's not just. It's not the dollar amount though the the dollar is the main driver this, but it's also. Trying to send a message actually try we have sent a message to both Iran and Venezuela, but anybody doing business those two countries don't violate the sanctions. Right if you don't like to sanctions, you're fine if you've ought to sanctions stuff like this is going to happen. Now, of course, we all know what's going on in Venezuela basically the economy has collapsed the government can't feed its people there's not diapers and medical supplies. They're all production has plummeted during this black swan event where they can't get money for their oil, and then you know a lot of people think that the global market now, the thing about the Venezuelan although it's very valuable to the US, very complex. And it's very physically close to us. So you know if we can work through this if the sanctions do what they're supposed to do, which is help us get a better government in place to the people of Venezuela can feed themselves and. Buy Diapers of their their kids and you know if we get back to normal and we can help them get their infrastructure built back up. If we can help them get their production backup. One of the biggest buyers for their for their oil is here in the US but you know even though they subsidize gasoline for their population, they can't even even though they have the crude oil, they can't produce enough gasoline for their own population. So they're having to buy it nobody or very few countries WANNA risk the sanctions in this case, Iran risk the sanction that got caught. Says speaking of that. Next next article is Iranians rated tanker off of U, A, e searching for one million barrels of petroleum seized by yes. Because they were quote unquote looking for their gas. Yeah. So first thing is if you look at a map why they thought their gasoline was diverted that portal world I have no idea. Now it's not like the Department of Justice in the US Navy, call me routinely for my advice but I guarantee you when they planned this, they knew their exit routes, they probably had two or three in. The once we made that seizure of the gasoline probably within twenty four hours, it was divvied up and it was gone and so this case Iran is trying to find their gasoline. They say we stole, we stand the Gulf of them and go they board it. Some other tankers tankers were owned by Libyan and living in Greek. Tankers and then you know once they found out, he could find their gasoline. The quite honestly didn't know what the they wanted to do..
"million barrels" Discussed on Oil and Gas This Week Podcast
"The pulse of the industry. You're listening to the oil and gas this week podcast brought to you by Ibn. This is the show for busy oil pros who want quickly keep their finger on the pulse of the industry. Thanks for joining us for episode two one four. Page that's going on mark something different. What do you mean your buddies over Exxon Mobil not not like. Yeah. Not like real life but like them. Yeah. So Exxon Mobil peeps. It looks like over forty jobs are looking for in China in upstream kind of curious which up to remember a buddy gauge McCoy from the midland. Happy Hour. Oh. Yeah. Yeah. Yeah. Gauge at my ginger. Shout gay she sent me this. It looks like Exxon Mobil's doing some serious higher in China number one. Awesome that ExxonMobil's hiring number two. What's going on? Yeah that's the. Everybody knows reach out to let me know I'm not looking for the the skinny what's going on I'm just curious like. What's going on? I? Do think it's cool. They're hiring just wanted to point that out that. Even. This crazy middle of twenty twenty still covid nineteen they're still companies hiring. In this case, a very big company not hiring here in Texas. As, much as they were, but still companies a hard, which is a good thing. Yeah. Light at the end of the tunnel speaking of lights at the end of the tunnel what's going on with the news this week Oh man there's all kinds of stuff going on. So first article is Berkshire. Hathaway, sells its oxy state. Probably ended there by. A tell what when, when Warren Buffett makes a decision. He's almost always right now the funny thing about him and his fund is that when they make decisions a lot of times for me and I'm not a big investor, it makes no sense and then something happened a year later eighteen ligo. Dornan, how do they know that was coming but you know Berkshire decided no longer to state and Occidental it complete all the paperwork they had at least ten billion dollars investment preferred shares when they're accidental was trying to take over enter Darko. Occidental's. Have tumbled over six percent year's like everybody else's the really kind of rumours. Thing is is Chevron Beck in after berkshire-hathaway an antidote Darko Occidental everybody kind of crashes Chevron step back give they want for even less money than they originally bid, and if so are they gonNA use that? Was it one billion dollars in penalties that Occidental had to pay Chevron when Chevron walked away from the deal? How cool would it be if? Chevron either through accident or on purpose kind of figured out stuff was coming inside to. Back off and just wait and see what happens. It's GONNA be interesting. Yeah Chevron picked up was all of nobles assets yes. Yup, and they're really that's really a play in the Permian you know you look at Occidental's assets they're heavy there too. So would not be not be beyond reason to think that may happen but anyway loses Berkshire backed out there out of the game looks like they're doing a little bit of work to try to increase their shareholder value a little bit especially also paying a dividend so. Warren Buffett doesn't make mistakes. Did this her reason he came in the world has changed dramatically now stepping out which leaves the door open for somebody else to come in I hear he's got an he's looking into gold. He's always been involved in minerals. He's. Everything. Not Surprising. All right. So the next one is Shell is recruiting science graduates to build blockchain use cases for oil and gas. Hey, college students if you want to do something really cool with a really cool company I mean, can you imagine anything more fun than actually doing blockchain work for like Shell I? This is awesome and yeah, it was interesting about blockchain. Big, shoutout to Andrew Bruce over at data Gumbo they were the one of the first companies saw commercialized blockchain technology and only gases basically smart contracts and it's an incredibly simple piece of technology that takes something extremely complicated like joint venture contracts and makes it transparent impossible to forge fake stuff and be dishonest and makes it easy to execute and so shells when the I knew had jumped into the smart contracts blockchain part, and then everybody else jumped in, and then this hiring thing that shows doing they're looking for people all over the world that want to get into blockchain. Especially, if they have some type of technology program or technology background education background and they're actually shells actually built a blockchain center of excellence, Cecilie in and so. The people are GonNa be doing this work or be thinking of new ways to help shells business using technology like blockchain's they're looking for people with Masters degrees. But if you have a bachelor's degree in and work experience in blockchain especially in August go apply as well because what they're really looking for people can help to make a difference using technology in their business. Know, they're using blockchain right now to trade I. Think it's GonNa be a new thing, and then you know they're actually working with companies that we all know actually similar responses ours like Deloitte and IBM accenture Oracle, and KPMG. So if you're a graduate recent graduates, you have if you and your masters. Degree program right now and you touch blockchain type of technology. Go check out the show website go higher actually let's do a favor. Let's put a link in the show notes for the actual shell career websites. So people just go the show notes Click and go apply for these jobs and look at the other jobs shells. Hiring for you know even though all still blew forty five dollars a barrel right now global demand is still suppressed because his whole covert nineteen lockdown and even though Shell has right-sized or late some people they're still hiring. So you big companies like this have to keep the business running. So we'll put a link of the shooter's go check him up i. just think it's awesome to hire people who do blockchain work yet is. All right. So next one is CONACO PHILLIPS GETS US green light for Alaska oil project outdoor Dorn time. The only thing I don't like about this is is there's a tiny bit of political spin. In here, but this is Konica Phillips Willow Project. They're looking to drill five sites and build infrastructure pipelines and roads mean camps all that sort of stuff for this project. This is going to help Alaska with some declines in its other production. Looks like Alaska's all output has dropped four thousand barrels from its peak of two million barrels in one thousand, nine, hundred, eighty now onus. Yeah. I don't know how much of that though is demand right now right because the demand has been suppressed so much but the biggest producer in last right now by volume is CONACO Phillips they've been there for a very long time they understand. The difficulties, they understand the politics understand the finances they understand the timetables, right. So here's conaco Phillips holy and also doing some joint venture work to get these wells in to build infrastructure pipelines, bring those pipelines back to the last game pipeline. So they can move all that crude to markets that need it so good for Lasca good for conaco Phillips and Nice to see even in toward the end of this election year that the bureau of land management is still trying to do business as it should. There's a little bit of politics in B. M., but they're really trying to do the right thing they are the government. So. It's nice to see that they approved this. Let's hope there's no pushback which I'm sure there will be there's always push pushback high companies offer Super Cool Solution of flaring gas in the Permian. Such a Pun. CLEAL words. You know what's cool about this patient I'm glad you found this. I've never even thought about the solution and it's the from a conceptual point of youth an easy solution. Now, tactically, I'm not sure how easy it is to actually do this but basically what they will do, say take his flare gas and turn to Ellen. G. SO THEY WANNA chill down, you know you're looking at minus two, hundred, six degrees Fahrenheit at that point the natural gas becomes a liquid and when it's liquid known as the energy much denser but it's much easier to transport. You can move cargo retainers, trucks, rails, pipelines, but the problem is most LG plants or enormous amount of flair glass that we generate.
U.S. Seizes More Than 1 Million Barrels Of Iranian Petroleum From Tankers
"S has seized more than a 1,000,000 barrels of Iranian fuel aboard four tankers that we're heading to Venezuela. The Justice Department called it the largest ever seizure of fuel shipments from Iran and said it was because the tankers were in violation of sanctions.
U.S. Seizes More Than 1 Million Barrels Of Iranian Petroleum From Tankers
"The U. S. Has seized more than a 1,000,000 barrels of Iranian fuel aboard four tankers that we're heading to Venezuela. The Justice Department called it the largest ever seizure of fuel shipments from Iran and said it was because the tankers were in violation of sanctions. The move is part of the Trump administration's campaign of maximum pressure on Iran. NPR's Jackie Northam has been following the story and joins us now. Hi, Jackie. Hi, Sarah. So what can you tell us about what happened with these ships? Right where the seizure of these for Greek own ships happened earlier this week, and the Justice Department says the order to seize and confiscate the cargo was issued by a U. S District court and that the US along with the assistance of foreign Partners confiscated the cargo on board and this was done by a ship to ship transfer of the fuel. You know, it's a little uncertain what type of fuel there talking about. It could be bunker fuel, which is used for heavy machinery, and I like Or just plain old gasoline. Either way, it was bound for Venezuela, and now it's believed to be bound for the U. S. And the Justice Department says the proceeds from its sale will go toward the fund for victims of state sponsored terrorism. And where those four tankers now are. They also on their way to the U. S. Well, it's unclear right now. The four tankers turned off their location. Transponder is more than three months ago, so we don't know where they are. At the moment. If the U. S has the ships they could be brought back here to the U. S and sold at auction. They could have been handed back to the Greek shipowner. We don't know. I talked to a couple of analyst today, including shipping analysts, and this action is really just seen as part of a broader effort by the Trump administration to put pressure on Iran by going after shipping companies. That are carrying Iranian fuel or oil, or even the insurance companies that they use and threatening to sanction them. If they deal with the Iranians, you know. For the past few years, the administration has been heavily sanctioning Iranian in Venezuelan, for that matter, companies and individuals and this is just a different route to apply pressure on the regime. And what is Iran's saying about this? Well. Iran's ambassador to Venezuela rejected the US justification for this seizure and confiscation as fake news, and he called it another lie and psychological warfare by US propaganda machine and said that the tanker's have nothing to do with Iran. The fact is, Iran really needs the money from its oil sales. They've been hit very hard by the Trump administration's maximum pressure campaign, which will sanction any country dealing with Iran. So any sales that it makes have to be kept quiet. And you know, even though this is a seizure of just over a 1,000,000 barrels, it's a shot by the US directly towards Tehran. And we're hearing about the seizure. Just today. After the U. S. Announced it had brokered an agreement between Israel and the United Arab Emirates. They're going to establish full diplomatic relations. That new friendship is seen as being driven by their mutual dislike for Iran. So Iran maybe feeling more isolated. Now, Jackie is Iran expected to retaliate for the seizure of its ships. Battleground, has vowed to resist US attempts to isolated and could certainly see these events as a really challenge and feel it may need to stand up for itself using whatever is available for them to respond. You know it might try to seize vessels of its own if you be called just over a year ago, Iran seized a British oil tanker and it's 23 crew members in the Strait of Hormuz in retaliation for British forces detaining on Iranian tanker in Gibraltar also last year, is believed Iran was using Mine's to attack ships in the Persian Gulf and you know, the U. S says already In the last few days, Iranian forces boarded a ship trying to take the petroleum on board but wasn't successful.
U.S. Seizes Iranian Fuel Cargo for First Time
"The U. S. Says it seized a multimillion dollar shipment of fuel from Iran's Revolutionary Guard Corps to Venezuela. NPR's Ryan Lucas reports. The government says it's the largest ever confiscation of Iranian fuel shipments. The Justice Department says it has executed a seizure order from the US District Court in Washington, D. C. Confiscate the cargo from four foreign flagged oil tankers. The vessels were carrying a combined total of more than one million barrels of petroleum, all of which is now in U. S custody. The Justice Department says the shipment was sent by Iran's Revolutionary Guard Corps, which the U. S says is a terrorist organization and that the oil was bound for Venezuela. Department says forfeited funds that are connected to a state sponsor of terrorism can be directed to US victims.
Closing prices for crude oil, gold and other commodities
"Oil prices fell on Wednesday. The United States government data showed surprise rise in the country's crude inventories and tensions escalated between the US and China according to Reuters the international oil benchmark. Brent crude fell fifty five cents or one point two percent to forty three point seven seven dollars per barrel at ten to six S. US west heavy crudes trump to the six cents or thirteen percent to forty one point three dollars the. The Energy Information Administration on Wednesday, said US crude distillation ventures rose unexpectedly and field man slip in the most recent week as shop outbreak in virus cases has started to heat us. Consumption could inventories rose by four point nine million barrels in the week to July seventeen to five hundred thirty six point, six million barrels, compared with expectations, and the whitest spoke for two point one million fouls trump production rose eleven points one million barrels per day up one hundred thousand barrels per day.
Closing prices for crude oil, gold and other commodities
"Now on the gyrations of a commodity space, and it is a deceptive space. The Bloomberg Commodity Index is actually really good math. And it's about 18% gold and with gold to the moon. Clearly, that index has done better. But what about the rest of the space? Francisco Blunt is head of global commodities and derivatives and owns gold up to his eyeballs. He's like gold in there in the early bond movie, and he joins us this morning as well. Francisco blond Good gold on her way here. Is it dominating all of commodity analysis right now? Are the index is no good just because of gold. You make me laugh way. Look, it's way we're having old person's medals ripping here, but also, frankly, we've had a pretty good run on industrial metals. Then the one commodity has told Munch has been oil, which has been pretty stable around the 40 45 0 level for for a few for a few weeks now, But there's a lot of focus on precious metals. Also, little fork use on China's going to next in terms of the infrastructure. Then the big pool from from China from a resource is perspective, so I think you can. You know there's a reflation story going on. Um and obviously called this the biggest beneficiary because ofthe little micro factors that have having piling out to support you. I don't think it's the only story Good morning. Also think that industrial metals are picking up and oil is kind of waiting on the sidelines until a good we get a bigger uptake in economic the reality for oil crisis hold on a second there because there's a sweet spot between industrial metals and precious metals, and that is silver, which is on a tear. How much do you see that escalating at this point can give us some calls both on silver and gold in the upcoming months. Wait, maintain the 25 yard target on silver. I mean, obviously the one of the things that that summer is good for solar panels and what we're saying is that a lot of support and uphold this money going into the structure. Is going into. Well, some people label the energy transition and of energy transition means we're gonna be using a low bar sober for all of this. This uses the same thing applies to copper, by the way. So think about think about the energy consistent medals. What we call the minute the medals in future and technologies. Copper. Ah, him. Yeah, Kobold silver itself. So silver is getting is getting hot, partly because that's a combination in this also Also, some people put us support man's gold. It's just something a little easier to buy. But I mean, I don't buy that argument, but I think I think there's certainly that that accelerating trend on silver. I also think both blocking on palladium. Platinum has a long way to go here as well. So that way we should say that Tom has been outfitting his entire apartment and solar panels, so he's been attributing Tio theorize in Silver. There's a question of whether the industrial metals can continue to rally in tandem with weakening oil. The idea that you could have demand for building but not necessarily a commensurate demand for crude. Could you see that happening? It's happening some expense right because we said a lot of infrastructure packages coming through on like a good pedigree. China, I think are going to boost that kind of spending. Part of it is primarily mobility crisis, the more we moved The more covet spreads, and that's I think a fact that hopefully husband has been shown in different ways now. So my sense is that until we have a vaccine or a cure or combination of both, we're gonna have to keep limiting our mobility. And that's not great Oil way. Still think that the land will be 98 million barrels a day for next year on average. Again issue have been 103. So we're going to be maybe five or six million barrels a day away from billable demand that we should see next year. Full of things being equal. Francisco What is the instability to E? M here to commodity? Am How close are we to where your world folds over into the physical world of these AM nations? Um so I think if you look at you look at Russia, Russia recently iconic shape. Their budget's break even is in the mid forties for oil. So with quibbling having right back into a 43 $45 range, they are reasonable shape. All the emerging markets. Not so much remember, countries like Saudi Arabia have a much higher break. Even so, so they're going to struggle more and then all the countries which are heavily reliable things like iron more. Or cultural mornings like Brazil are in better shape because, you know, um Iron ore has been one of the one of the stellar commodities in the past in the past year, so I'll note really is really ripped here. So that's kind of benefiting now. Brazil as well. So so I think, for the most part It's oil nations, and it's those oil nations that have not adjusted their their budgets on DH Saudi Arabia come some quality of the fund but also many others in in Africa and Venezuela, because we will have you Two short of his friends visit Francisco Barnes. Thank you so
Time running out to prevent oil spill from 'ticking time bomb' tanker in Yemen, UN warns
"The United Nations warning of a looming environmental disaster in the Red Sea. Where stricken oil tankers been abandoned off Yemen's coast since the war began five years ago, the vessel loaded with more than a million barrels of crude oil four times as much oil has spilled from the Exxon Valdez off Alaska in one, thousand, nine, hundred, eighty, nine, you, humanitarian affairs and Emergency Relief Coordinator Mark Lowcock, said Wednesday. A spill would directly affect one point six million
Native American Activists Victorious After Judge Orders Pipeline Shut Down
"The, Dakota, access pipeline carries more than half a million barrels of crude oil each day, but by next month that volume is set to trickle down to zero three years after it opened a federal judge on Monday, ordered the pipeline to shut down for an additional environmental review. We have Marc train with us. He's been covering the story. He's the editor of Indian country today mark. Thanks for being here. Glad to be here. Can you just remind us of the context? I mean the communities that are impacted by this pipeline. which might you know also reminded us about all the protests over its construction. Sure Well I. Standing Rock and Cheyenne River tribes are there and they basically have at stake water supply, and in broader sense, the entire region, the water supply at stake, because ultimately if there's a problem with the pipeline, it's GonNa Affect the Missouri River System. I so after all this pressure, I mean these years of pressure. We now have this decision this week, How did the federal judge come to this ruling? The federal the ruling is extraordinary, because it lays out in pretty detailed terms that the harm that was done by not knowing the National Environmental Policy, act and saying making the case that the federal government has to live up to its own standards, which includes environmental impact and other stringent reviews. I mean it seems like this is a big victory for the Standing Rock Sioux tribe and other communities that we're fighting against this pipeline. How are they responding to this decision from this judge? It it's a huge victory and tribes. You see it that way There's still a long way to go with lots of appeals and lots of back and forth, but the thing is they now have on record United States court, saying that the federal government did not live up to its own obligations, and that changes the tenor of the debate and allows the tribes to have a moral standards they haven't had. Other than through the Court of public opinion. So I mean as you said I mean that. There's a long way to go here with probably a lot of appeals this'll be pending environmental review. That's GONNA. Take Place, but at this point you've got energy transfer the company that owns the pipeline. What are they saying in terms of what's next for them? But industry itself, not just a company, but North Dakota. Pipelines are saying there will be an appeal immediately, and they'll try to get a temporary restraining order to block this court in the appeals process, so they're going to basically move as quickly as possible to try to get this decision reversed. But again it's a long process, and this is just a setting the stage for a much broader conversation about environmental standards and being able to go around those environmental standards. For short term gain. You said this is allowing The tries take a moral stand. It sounds like they might see. More at stake here in this moment, and in this case than than just the pipeline. Absolutely. It's the idea that tribes have the ability. Through treaty in this case and practice to be able to say here are. Demands going into this and that demand happens to be clean water. Much hint is the editor of Indian country today covering this long debate over the pipeline. Thanks much. We appreciate it mark. To do it.
Abandoned oil tanker off Yemen coast at risk of exploding
"News reports and abandoned oil tanker off the coast of Yemen that's loaded with a million barrels of crude oil may rupture. Lisa Slimane reports from Geneva. There's fear of massive environmental damage to the Red Sea. The oil tanker hasn't been maintained for more than five years. Seawater reportedly a seeped into the engine compartment, causing damage to the pipelines and increasing the risk of its sinking. Experts say it's not possible to repair the ship. The UN has been trying for years to unload the oil from the vessel and pull it to safety, but the war in Yemen and political gamesmanship have prevented this diplomats say the WHO th the rebels who control the Western red seaports where the ship is moored have resisted efforts to salvage it, they say the WHO thieves are holding the tanker as leverage against an attack by the internationally recognised Yemeni government for NPR news. I'm Lisa Shlein in
OPEC, allied nations agree to extend cut of nearly 10 million barrels of oil a day through end of July to boost prices
"Enjoy the low gas prices while you can because they could be going up soon OPEC Russia and allied nations have agreed to extend the production cut of almost ten million barrels of oil a day through the end of July their goal to boost energy prices that have taken a hit during the
OPEC, allied nations agree to extend cut of nearly 10 million barrels of oil a day through end of July to boost prices
"OPEC and allied nations have agreed to extend a production cut of nearly ten million barrels of oil a day through the end of July they're hoping to boost energy prices the ministers of the cartel and other nations like Russia held a virtual meeting today the decision aimed at cutting excess production which has been depressing
OPEC Chief Optimistic That the Worst of Oil Crisis is Over
"Up OPEC and its allies are rapidly cutting production and seeing signs that demand for crude is starting to recover OPEC secretary general Mohammad Barkindo told Bloomberg that he's hopeful the west of the old crisis is over but is he right we asked Coliseum standard chartered economist for me not tacky I'm Pakistan eleven of excess supply best oil markets hi speed in an eighth grade was indeed unprecedented we actually estimate that the average around twenty one point three million barrels per day and looking ahead we think that the oil supply drops will likely close by July so we're seeing positive signs that the Marlins would likely grow old and die reply from OPEC's stock would continue to fall especially with the addition and **** announced by Saudi the UAE the UAE and Kuwait are you certainly has accelerated this process but even when the snow on balance restored in July there are still several headwinds that are likely to be fractured week markets would still be faced by the head when the high inventor used hi OPEC's spare capacity and also the need to re incorporate non OPEC output output which has so far been temporary be sufficient so there is a risk that if prices value too far and too fast especially if we see WTI breaks thirteen dollars and a sustained minor this could cause the return of some U. S. wedding after a very short period of second and yet when we look at that car good morning to you when we look at the U. S. side of the scenario JP Morgan thought one and a half million barrels will come off the U. S. side by G. that's not actually taking effect the shop in effect is that and you've got conical continental in several taking seven hundred and fifty thousand files also is not the biggest tail risk is that shale reasserts itself more virulently perhaps in the market positions it's certainly part of the equation and it's certainly a risk especially if we need prices rise quite fast and you already have some reports that current prices are causing the return of some U. S. flags after only a very short period of second generation network considering but also the fact that we are dealing with an overhang and and the battery is under OPEC's spare capacity all of these three factors together might keep prices depressed for the rest of the
Chinese Oil Demand Is Almost Back to Pre-Virus Crisis Levels
"Oil demand in China returns to near pre coronavirus levels traders and executives said Chinese oil uses that thirteen million barrels a day just just shy of the levels of a year earlier output curbs continue in the US and elsewhere
Saudi wealth fund boosts U.S. holdings with stakes in Citi, Boeing, Facebook
"OPEC plus is responding to the oil markets collapse with urgency never seen before data show the program of production cutbacks this month as well on the way to trimming nine point seven million barrels of daily crude output that's about ten percent of global supplies and that's just in the first two weeks of the agreement yet worries at the heart of the hurried for Saudi Arabia's sovereign wealth fund which is central to the kingdom's economic overhaul the crisis has even forced it to find new ways to unlock liquidity we're hearing it's planning to borrow about ten billion dollars by pledging stakes in softbank group's technology investment vehicle as
"million barrels" Discussed on KNSS
"Aims to cut ten million barrels per day until July in an eight million barrels a day through the end of the year sunshine in Wichita today we will be in the low sixties this afternoon tonight we could see some scattered showers develop well after midnight our low forty eight and a shower or thunderstorm on Saturday it'll be windy and warmer with a high in the mid seventies widespread rain expected Saturday night in the Easter Sunday's high in the upper fifties I'm K. and SS meteorologist Dan Holliday currently in Wichita we the breeze out of the south it is mostly sunny and forty seven degrees with a news update from ninety eight seven and thirteen thirty K. N. S. S. I'm Ted Woodward whether you're at home or working on the front lines thank you for listening to K. and SS welcome back Rush Limbaugh the EIB network and the Limbaugh institute in studies on everything that counts can matter it's Friday all from sunny South Florida the line Friday allows you to talk about whatever you want to talk about we try to take more calls on Friday than usual so far we're behind in that objective and of course no modeling data the program started forty million people according the latest model projections we ran the model again and a half hours away four thirty eastern forty two million people service at home you can't question the models don't you know that many questions about it forty two million anyway great to have you I just was told that the the White House coronavirus task force briefing and moved back to one thirty it was supposed to start at one o'clock they normally run five to five thirty for a couple hours but because this is the Easter weekend they are going to run this thing earlier and I'm looking forward to it we're going to ship it we're going to join it in progress you're gonna carry and I.
"million barrels" Discussed on Bloomberg Radio New York
"Light heavy differential, obviously hugely decimated by Venezuelans. Really come in so tightly what kind of training opportunities that provide for right now. Look, I guess it's an exciting time because of the heavies of become relatively scarce. We have access to a number heavies from our facilities around the world's. We're trading. But I think you have to look at what the refining system around the world can actually refine. We have all of this light material. That's coming and more is is is coming as these facilities opened up in the Gulf Coast, but the global refining kit isn't necessarily set up to take this incremental live. So this is why I say the the opportunities for us all to make it to the market of there. But we're worried about the quality. How do you make of that? In the meantime. You tried to volatility that I think the information that we have and the facilities that we have in the Gulf Coast are allowing us to be a large exporter US. Crude oil trafficker is normally in the top one or two spots for craving. Product exports ever, the US we aim to continue to grow with customer base. That's global. And obviously we try and execute those activities for prophet. So the US exporting when three million barrels of oil a day. What's your prediction? What do you see over the next year? The number of the good rule of thumb. The moment could be that. You could add a million barrels a day for the foreseeable future a year. Now, could I see this at five to six million barrels in in two or three? Absolutely. But it's gonna come back to the same conversation about infrastructure to get it to the world the US needs. Deepwater ports. Leads SPM's which are common around the world. We have a project amongst others to build them, but these facilities choice these facilities are required for the US to get this oil to the international markets if you need to load very large crude carriers. You can't do that. In the US in any meaningful way at the moment facilities and needed to be built Soviet talk about that for the offshore facility choice for versus a port. What's economic? What is easier to get done etcetera SPM's will single point moorings, which are effectively pipeline go out to deep water and come up to a buoy where you can load the the largest Greek carries, quite obviously the way for these are really very common facilities all over the world. There is one loop in in the US the US needs a number more of these facilities. These are by far the most efficient way of getting crude onto these carries and getting into the world. I think a number of them are gonna get Bill trafficker happens to be building one off Corpus Christi where we have existing facilities. But I think a number of other people will build them as well. And we welcome that because we think that the infrastructure is required. And I think it will happen. I think it'll happen in the coming twenty four to thirty six months that was traffic or a co head of oil trading. Ben luck coming up. I e executive director Foty zero this is Bloomberg. Imagine imagine being denied an apartment because of your religion or your race because you have children or disability. It's so wrong. Yes. But who has the power to stop this? Each of us has the power. The law is on your side. It's illegal for landlords to discriminate because of race color, religion, sex, national, origin, disability or familial status. If you suspect that you've experienced housing discrimination. Complaint.
"million barrels" Discussed on Marketplace Morning Report with David Brancaccio
"The founder of online retailing giant Alibaba transformed. The day into a shop with on back in two thousand and nine singles day set a new sales record on Sunday. In fact, one billion dollars was spent in the I eighty five seconds alone consumers rushed to bag ballgames on everything from smartphones to milk powder. But even though the thirty billion dollar total spend. Was a twenty-seven percent increase on nasty as total? It's still the slowest growth in the ten year history of singles day analysts say this reflects China's weak economic growth and increased competition from other online shopping sites the babies as far as Masud reporting when Brazil's new government led by president elect jabots, and our is inaugurated on January first it will face a number of economic challenges. Brazil is emerging from its worst ever recession while it had been one of the world's fastest growing economies. During the two thousands recently, it was badly hit by weakening demand from China for exports, like oil, and soy. So where does the new administration begin when it comes to improving Brazil's finances? I asked the country's outgoing finance minister at wander Guardia. The biggest problem we have in Brazil is the fiscal imbalance so inflation's under control interest rates is that the lowest level we have ever had. But we do have a big charge. Change the debt is very high as a percentage of GDP. So it's urgent that we continue with the reforms to improve the fiscal staff, so fiscal consolidation is the biggest challenge for the Brazilian economy today. The new economy minister is powered gadgets, haze. Well, known for being a disciple of Milton Friedman's free-market reforms do you expect to see a wide scale selloff privatization of public assets? Muka I think there are other priority will have to face. I I I think privatization is a very good thing to do. We we are privatized in companies in during this of the administration, but to privatize in large scale, you would face a lot of political resistance as we have other priorities like Paschall reform tax reform. I think they will postpone this discussion for later on from an international perspective, and even from the point of view of many voters in Brazil, the outgoing government has been marred by corruption scandals. That's a big problem for Brazil. Age, isn't it? I think the the corruption scandals were related to the Duma administration not to tame administration. We didn't have any scandal. We've dammed administration suffered at the election. Because of the problems is something that all the politicians in Brazil surfer during these elections. Corruption is a big problem. So we need more transparency we need the cutting courts working very close to the government to punish corruption. So this is a problem. Not owning Brazil body, many other countries, and we have to I realize that we have a problem, and then we have to try to solve this problem. So we need more control in the more transparence, and we have to avoid political interference in state owned companies these very important to prevent corruption going forward Brazil's. Outgoing finance minister Eduardo Guardia speaking to me there in London, I'm Vivian Nunez with the marketplace morning report from the baby state weld sevice..
"million barrels" Discussed on Marketplace Morning Report with David Brancaccio
"Planet m Michigan where big ideas and mobility are born. Saudi Arabia says global oil production needs to be caught by one million barrels a day live from London. This is the marketplace morning report from the BBC World Service. I'm Vivian newness. Good morning. Saudi Arabia says there will be a glut in oil next year, if global production isn't reduced by one million barrels a day the country says it will export half a million fewer barrels in December Spence a Welsh from the oil markets team. At IHS told me what had prompted the decision is. It's a real change from from where we have been very recently so five weeks ago, the people were talking about one hundred dollars per barrel. Coming back OPEC will worried about the market overheating. And they actually lifted restrictions that produces make as much as they could a now just five weeks later win totally the opposite view because we had seen with the introduction of sanctions on Iran harps from the US president that OPEC would increase supply prison. Trump was strongly hinting an asking OPEC to increase supply and OPEC tried to do that in truth that very few the OPEC producers have spec passively with the exception of Saudi Arabia. So they can't. To increase production enough to cancel the impact. Those Iranian sanctions. What about the non OPEC oil producers US shale or Russia US shell function is increasing rapidly on they're going to set a new historic record for oil production in the United States this year. Whereas Russia, they are working with OPEC to try and support the price. The Russian oil minister was present yesterday and Russia may will take part in some of the supply restrictions if they were to resume again next month. So where does this leave us for consumers filling up their tanks at the pump price changes notoriously take a long time to feed through to consumers, particularly where the market price is dropping is is quite likely that that will never be seen by consumers spent the Welsh, let's do the numbers the delay. He's at a seventeen month high on London's footsie one hundred was the only major in Europe in positive territory lifted by. A week apparent a sluggish economy across Europe and rising costs took their toll on bottom lines. But oil stocks are saying them Ryan steadily this morning. The world's biggest online shopping day has got even bigger. Shop is in China spent thirty point eight billion dollars on singles day over the past twenty four hours as the BBC's pharma suit reports singles day is thought to have started back in the nineteen ninety s when a group of Chinese university students used it to mock the singled him the date November eleventh who's recorded Lee chosen as eleven eleven resembles four solitary figures on the page, then Jack Ma.
"million barrels" Discussed on WMAL 630AM
"Next three to four months and that was from june right the eia left it's average domestic output forecast for this year unchanged at ten point seven nine million barrels a day above the nineteen seventy record of nine point six million a day according to the agency shortterm energy outlook released on tuesday it's global crude production forecast for next year was raised to one hundred and two million barrels a day from the previous forecast of one hundred hundred and two point five four from its previous forecast of one hundred two point two one million the agencies worldwide demand growth estimate for two thousand nineteen was actually lowered so i've seen everything i've seen stories saying that oils going to crash in the next couple of years and will we see a hundred and forty dollars a barrel you mean the extremes one way or the other the extremes i and and because i we've asked for years especially back in two thousand eight summer two thousand eight hundred forty seven dollars a barrel we're asking the question okay well where where is that threshold that seemed to be one of the thresholds i mean that was the highest point ever where's that threshold now because i think it's lowered i think it the expectation what we're paying per gallon is you know in terms of that threshold what we're willing to pay per gallon gas is is lowered and and once that starts to change behavior you know once when it goes up it changes behavior it also changes the type of vehicles people by although you have now you know companies like like ford and others looking at you know the the cars and saying suv's and trucks that's where the money is where the prophet is why focus on anything else that's focused on us you vs and trucks let's focus on the larger vehicles that make us the prophet and i think that threshold i think for the consumer right now is much lower than it was and back then it was what four dollars a gallon i forget what the national average was for gasoline on the on the high end but i think it's lower now because we've we've been in this spot for for a while now i mean if you think about that that was ten years ago summer two thousand eight we're ten years ago this summer a hundred and forty seven dollars a barrel remember when i don't know how many conservatives screaming drill baby drill and then all of a sudden they did a survey at one hundred and forty seven dollars a barrel even the majority of democrats were saying yeah we need to drill more i it was the first time that people that identified themselves as liberals right yes that a majority of them said it was more important to lower the price of gasoline than the environment right and we said well of course it is because everybody every every everybody can be a puritan when it's doesn't affect them personally right and and the way it was it was posed withdrew was interesting certainly for the sake of the the the polling but it's a false premise i mean when you talk about today's emission standards for vehicles and everything else and and the way we go after energy and what we're doing right now and how that energy is used is very different so posing it as one or the other it implies almost that well if you're using oil you're just gonna kill the planet or just going to give up look we talked about it over the years bears repeating here when it comes to particular matter and things that we can measure and and that's been dealt with and still being dealt with to the degree really to a ridiculous level i believe those are things that we have dealt with going back to the bush forty one administration and and epa standards and everything else but when you look at the production of oil when you look at the expansion of wealth in the united states you look at the the convince what we have able to us in terms of energy and a society that that is based on that that energy and what it provides you don't even have to be in the oil industry the oil field or even an oil town to feel the positive effects of that kind of wealth or you know it was it was first off it was.
"million barrels" Discussed on WBT Charlotte News Talk
"Energy information administration sees us crude output averaging eleven point eight million barrels a day in two thousand nineteen and that's up from eleven point seven six million in june outlook for this year in two thousand nineteen the energy information administration forecast the united states will average nearly twelve million barrels of crude oil production per day if this forecast holds that would make the us the world's leading producer of crude isn't this great this is something to celebrate eurofree spent all the time complaining about our dependence this is another milestone on the path to independence that we definitely need to celebrate in fact our crude output's remain above the ten million barrel a day mark since february that's well saudi arabia told opec pumped about ten point five million barrels of crew today last month as the kingdom sought to cap rallying prices by ramping up their output i believe they were asked to do this there are still concerns over the worsening bottleneck in the biggest us shale region how this might affect domestic output in the second half of the year part of the problem again is transportation there's limited pipeline transportation the region so their concerns that production could actually slow and we will reach capacity in the next three to four months nevertheless this is definitely going in the right direction don't you think this is cause for celebration i certainly believe so i want to go to the mud because that's exactly where we are now in the interaction between the united states and nato i'm gonna say something just the outset and i know this is going to take some of you off but i'm gonna make a prediction here it's quite possible there may be some striking parallels between the leadership of president barack obama and president donald trump alienating our allies for very different reasons i think this is quite ironic because i i like many of you i was frustrated watching the united states in the form of barack obama go around on the apology tour then basically leading from behind powering up with rogue countries.
"million barrels" Discussed on KTRH
"If you don't ever get back to one hundred dollars a barrel there is no discount but the all the experts like goldman sachs and citibank expect the price of oil to get back two hundred dollars a barrel in the next year or two and the reason being is the amount of demand in the world has risen in the last five years from ninety million barrels a day two hundred million barrels a day as the major oilfields in saudi arabia in east texas and even parts of west texas have declined and their typical decline rates are eight to ten percent and so when you think if the world's producing flat out a hundred million barrels a day then in a short period of time is going to be flat out producing ninety million barrels a day but the world wants one hundred well did you see the dilemma so what you'll see then is the market forced the price up so that then people will didn't invest more money in oil and gas to get the tax break and drill more wells and relieved that production shortage yes human nature is such that we tend not to recognize opportunities in this case until oil is at one hundred dollars a barrel again that's when that's when the masses get in yet what we're talking about right now especially if you look at nick cunningham oil price dot com and what would you goldman sachs right goldman sachs most recent of the predictors the prognosticators is saying guys this is a bull run here yeah and neither one of those guys nick cunningham or goldman sachs are dummies mark talk about the individual investor the person tuned in today they're paying a lot of money eighty k or more every year to the ira for their taxes talk to us about the tax incentive for oil and gas investors and how powerful it is and how it allows us basically to take tax dollars dollars should we're sending to the irs take those dollars.
"million barrels" Discussed on WAFS Biz 1190
"Inventories going up this dramatic which was one point three million barrels i just know i just remember that was the forecast anyway two million barrels two million barrels so that's that's pretty significant we get gasoline stockpiles jumped a wee bit four point six million barrels and distilled products thankfully also rose to stockpile rose by two point two million barrels this again according to e a so pretty interesting when we see this by the way it looks like producers in america still moving full steam ahead and on the same data week which was last week recorded at ten point eight million barrel a day oil production that is up once again to a new record high at the beginning of the year i said i wouldn't be surprised if we see by the end of the year eleven million dollars in production eleven million barrels i'm sorry a day of production i said that kind of that's probably not going to happen but it sure looks like we might be on that trajectory now it's looking like we might get their next month pretty amazing eleven ten point eight million barrels a day not to mention recounts continue to be us production continues to increase whatever regular basis so this if nothing else is putting enough pressure on oils even in the midst of concerns about argentina's are i'm sorry i always say argentina venezuela supplies and and iran supplies so we'll see what opec says a lot of talk about what i already mentioned the european move from from european equities as they're not doing so well into us equities and we couldn't fact see that sooner rather than later here's an interesting report from the wall street journal this morning saying that ford pickup trucks alone just ford pickup trucks alone if you just take ford pickup trucks carve them out of anything else for does and look at that that if if that were a company if there were a company called ford pickup trucks and that's all they did was pick up drugs their profitability.
"million barrels" Discussed on WPRO 630AM
"That was a huge game changer the world should be our customer and in this regard it is a massive wealth expansion for the entire country it is something that that has so many positives and we've pointed out all the positives you know over the years but there are a number of them and again you don't have to put a a hard hat on and go out in the oilfields in work to be to benefit from that wealth expansion ed it happens on many many levels and and it'll be interesting to watch over the next few years where this goes the permian basin alone three million barrels per day as a forbes calls it staggering three million barrels per day jillian the premium base that's against it's amazing i have family members out there both at the executive level and and in the field and it's amazing to watch that growth right now an amazing to watch all the small businesses that benefit from that kind of growth by the way it's not always in growth mode sometimes they have a law slow period you know we've all seen that happen in west texas sad that crash before but still when you have that kind of production people working that wealth expansion it's great eight six six ninety.
"million barrels" Discussed on WDRC
"Energy where is i guess that threshold and i can't tell you exactly but there is one so at some point they're going to ramp up production again because there is a demand for the one product that they provide to the world we provide i don't know how many products right they provide the opec member nations primarily have this one main product and so at some point they're going to when they hit that threshold they're going to ramp up production like they've always done the the difference with this is that in the past the opec member nations have threatened and or even promised to lower the supply to to slow the supply to the world and they didn't follow through with that now that they followed through i i suspect this is mainly testing the markets to see where maybe that threshold is or to see how much power maybe opec member nations still have but in the states it's less power thanks to you production but when when you see and and this is the energy department here now they they estimate that us oil production in march was ten point four million barrels a day that's up two hundred sixty barrels a day from just february now total us crude oil production averaged in two thousand seventeen nine point three so already were up and remember we end up to a quarter million barrels in just one month there i mean there's there's when you look at it they and they expect that you as a crude oil production will average ten point seven million barrels a day in two thousand eighteen so you look at that and that's a one point four million barrel an increase a in the united states alone i mean that that gets to a point in in five or six years if we can keep that up a bean completely and totally self sufficient in the oil market and the an and i guess my point is and by the way folks you're listening this you're listening to our pre show meeting we have an accident started the show yet we haven't finished our pre show meeting and this was the.
"million barrels" Discussed on KKOB 770 AM
"It in asia daily trading volumes of us oil futures contracts of more a more doubled in the past decade averaging more than one point two billion barrels million barrels a day not billion uh in in 2017 uh the us oil price benchmark west texas intermediate crude is now watch closely worldwide by foreign customers of us gasoline now that's one article from yesterday is from forbes would record oil production in the permian base and looks like it's numbertwo in the world by the way permanent base in in texas and night and new mexico him uh the number to oilfield now good kip compared to the big one in saudi arabian were second in the in the in the world and it's still growing and then we saw in the tax bill that opening up more of a alaska's oil the president also sane offshore we're going to open that more than and one wonders now about everything that we have for example in wyoming in an uh an and utah i can't remember the name of that field here at the moment it just well as it and up around a colorado while the route rather right and all the shale oil that the bush administration kind of opened up that possibility and then it was shut down almost immediately when obama went into office i think he shouted down officially in march of two thousand nine and so being able to take that shale oil that that you know it wasn't that long ago relatively speaking that that shale oil really wasn't available and and through uh tons of research over decades uh they found they found out that and they found that technology and the way to get that energy to the market quickly efficiently and this is what you know this is what this country was built on this kind of wealth expansion and you don't have to work the oil industry to feel the benefits knowing it and get the benefits and.
"million barrels" Discussed on Bloomberg Radio New York
"Old quality sitting in the joint monitory ministerial monitoring committee the next year sitherland says the question is why the old look his essay jc goldman sachs pointed this out saying the deputies now needs today no need to work to be to fulfill knock has to be so jittery as they have been nor in a way i agree you know um i mean the big question do we really need to you on the second half of next year up all you know if you look at the there's a wide differences between opinions on on the need for opec over the next year and on their stacy opec's if that you know the mark who actually need thirty three point four million barrels from our production next year wide the international energy agency if one point one or one million barrel lower at three three two point four million barrels then and one of the big differences expects basically the natural gas liquids production from from the opec where they going to be six hundred thousand barrels less than the international energy agency so you know i think one of the very good statements that um that were given by uh uh i'll probably worth that they're giving some v the beat the and clarity on the targets you know what the kind of target do we how well he said uh they want the oecd invent crease hundred fifty million barrel lower than current level that we have from the september uh numbers in the nofly energy agency report i think give him in my view that there's going to be reached at maybe already area in the december uh numbers when we get those in february on on for sure we're going to get there uh by uh mid plenty eighteen yeah i discuss it will sit around this idea of of of waiting until m that was more clarity on what the oil outlook would be for two thousand eighteen but have chosen not to dealers no i think care could now be one of the most important things for the meeting i think wasn't really to create the firm that respect the credibility for the whole cooperation between the opec and nonopec countries between saudi arabia and russia um i don't think they they really did that.
"million barrels" Discussed on KKAT
"Know when after president trump to release supplies the nation strategic petroleum reserves to easy impact on consumers but as they say here aaa said but with two hundred thirty million barrels of gasoline inventory on hand as of last friday were not running outta gas lean any time soon by any means no no running out no he's not going to happen uh it's en it's a matter of at that point again of getting it from you know eighty because we the the infrastructure the delivery infrastructure has been disrupted you know with the storm in that region so right uh and you have some of the you know for example and they talked about the visit the motive operation the refinery saudi arabian a one generates and they said you know they that was shut down but that was a controlled shut down there still at sixty percent production so yeah i actually i bono maybe they okay'd sixty percent on tuesday afternoon forty percent tuesday evening okay so i think they do i'm sorry i think i got their wrong because i do believe that than they did they did they said they are in a controlled shutdown right now so apparently they did shutdown okay wannacry correct that not an order controlled shutdown means well it does that mean to you decided to do the may have lower or something on that day at at the controls shut down the did that four or as a result of may be something else that they saw coming anticipating but it can be a number of items here right but as we said three of the refineries a who you know we'll be back up and rao or we'll be back up and running so you'll see that slow musicals through the the next few days but uh two hundred thirty million of a barrels of of gasoline when we're using uh you know uh when we can only produce uh eight million and usd nine a day but you got two hundred thirty million basically incapacity um well then you're not going to run out you may see a.
"million barrels" Discussed on Bloomberg Radio New York
"To the end of the first quarter of 2013 we still see an over supply in the first quarter and the you know to to to account for that opec and nonopec will have to do more obviously yesterday we didn't have any indication that they were going to do more so i think it's going to be a very difficult time for them at least when it comes to prices way trade we are seeing a significant dropping salvage ship vents to the us and we do know that the failure to drain that us storage tanks has been a major factor in driving oil prices down so how much will this help well the saudis i mean obviously the us is a very competitive markets so placing you're all in that market is not always so easy and that the saudis probably have any more and more impressive customers in other parts of the world particularly here in the asian market obviously the us market is has an abundance of i'll put wetter its conventional laws shale oil from latin america from west africa that it can poland so i mean i don't think that necessarily has an huge overall effect of it a can have regional imbalances but overall i i don't see a a saudis reducing shipments to the us as being in any way going to reverse that price trends if you were part of this group how would you deal with all of you is sharp could all take another million two million barrels out of this market it's very difficult again that goes back to you can be shockandawe taken million barrels out try and reduce it by another million barrels as we go into the into two thousand eighteen that will do that would go a long way towards bringing us closer to balance of course opec knows this and they also know that the us shot shelagh players stand ready to react to rebound in.