35 Burst results for "Opec"
The Trish Regan Show
The U.S. Energy Department Wants to Make Our Military 'Green'
"When the chips are down, Americans rally. So I can tell you today, like if we suddenly lost oil and there was no source of oil in the world whatsoever, I guarantee you, Americans would make the switch to green energy like that. Yes, I think it's worth planning for, but you can not turn off energy as we know it, and expect that people are going to be okay with that. I mean, you're going to have massive economic hardship. We've already seen it. Certainly with inflation, you've got energy prices creeping up again. Eric Trump is going to weigh in on this because the economy is a big part of what he talks about. It's a big part of what I talk about. But before we do that, I want you to see right here, our energy secretary, being asked, maybe about a year and a half ago by a friend of mine, I used to work with Bloomberg at about what her plan was for energy independence in America watch. What is the grand home plan to increase oil production in America? Oh my God. That is hilarious. Wood that I had the magic wand on this, as you know, of course, oil is a global market. It is controlled by a cartel that cartel is called OPEC and they debated a decision yesterday that they were not going to increase beyond what they were already planning. So, you know, the interesting thing is the Department of Energy has an energy information agency. And that agency does the forecasting of what oil and gas prices are going to be. It tells you everything you need to know. In other words folks, there is no plan. The only plan they can come up with is, okay, maybe let's try this green thing for our military, which let's be honest. You can do a little experimental stuff. That's fine. But let's make sure that our military is equipped with all of the things that our military should need, right? This is very important. We need to make sure that our military has the best access to everything.
The Dinesh D'Souza Podcast
How the Saudis Are Teaching Joe Biden a Lesson
"Want to talk about something else that just came about. And that is a major decision on the part of Saudi Arabia and OPEC, the oil producing cartel countries to cut back on oil production. Now why would they cut back when a cartel cuts back on production, they're trying to drive up the price. That's their point. In fact, sometimes when prices go low, the cartels will produce less and they are producing less by the laws of supply and demand, same demand, less supply, price goes up. So Saudi Arabia is cutting its production by 5 hundred thousand barrels per day. Pretty big number. And Russia has already reduced production by 500,000 barrels per day, and Russia has decided to extend that reduction. And then the other oil countries are also kind of kicking in. So for example, the United Arab Emirates is going down a 150,000 barrels a day Kuwait a 128,000 Gaza and Algeria Oman are also cutting back. And this should be understood. Now, if you listen to the vocabulary coming out of Saudi Arabia, it's very neutral. And now we are, we are moderating the supply and response to global demand. So it looks like this is a technocratic decision, but it is foolish to understand it that way. And the same is true with the Russian cutback Russia is using oil as a weapon. Now the west has sanctions against Russia, the west and the European countries are not buying the Russian oil, so Russia is selling the oil elsewhere. And it's selling the oil now as it turns out, not in U.S. dollars, but it's selling in Chinese and the Chinese currency, the yard, the yuan. And so Saudi Arabia, which by and large used to be very friendly to the United States, the United States could call up the Saudi prince and say, hey, we are having some trouble here. Could you increase all supply? And I remember going back to the Reagan and the bush years that the Saudis were quite obliging and being willing to do that, at least within reason. And now Biden has made an enemy of these people.
What OPEC's Oil Production Cuts Have to Do With De-Dollarization
"I always say that the breakdown is about big picture power shifts and one of the major categories of power shifts are the global power realignments happening right now. That includes China emerging as a world superpower and its various attempts to nudge the United States out of its leadership role, including trying to present an alternative to USD. Today's stories have elements of all of that, so let's dive in with a surprise oil cut that has the markets reeling. Member nations of OPEC announced surprise cuts to their oil production quotas last night on Sunday. The Saudi Arabia led group of oil producing nations announced cuts of 1.65 million barrels per day ahead of a scheduled meeting today. This caught traders off guard while markets were closed and has led to a pretty significant reaction. Both Saudi Arabia and Russia will reduce their production quota by half a million barrels per day, with the cuts going into effect for may through to the end of this year. Saudi Arabia state media called the cuts quote, a precautionary measure aimed at supporting the stability of the oil market. Russia's reduction was announced two weeks ago and was likely more to do with bottlenecked capacity related to now implemented oil price caps rather than market considerations. Adding to October's cut of 2 million barrels per day, global oil supply has now contracted by around 3% over the last 7 months. The White House commented that the cuts were ill advised under current market conditions, stating that the administration will work with producers and consumers with a focus on ensuring that energy markets support economic growth and lower prices for American consumers. Now, as recently as Friday, OPEC delegates had been indicating privately that there was no intention to cut production. Bloomberg's entire panel of 14 traders and analysts who were pulled last week had forecast no changes to quotas at this week's meeting. Last month, Saudi energy minister, prince abdulaziz bin Salman, said that the OPEC production target set in October were quote here to stay for the rest of the year period. Bin Salman is often delighted in catching speculators unprepared with unexpected supply changes.
OFAC updates its Specially Designated Nationals List
"2 a.m. Saturday, February 4th, 2023. Opaque updates its specially designated nationals list. On February 1st, 2023, the United States office of foreign assets control of updated its specially designated nationals SDN list, adding specific Ethereum and Bitcoin addresses along with several individuals and entities of which sits within the U.S. Department of the Treasury, administers, and enforces economic and trade sanctions based on U.S. foreign policy and the post OPEC updates its specially designated nationals list appeared first on cipher trace.
Bloomberg Radio New York
"opec" Discussed on Bloomberg Radio New York
"Have price controls. We're not going to have export restrictions I hope. Therefore, we won't have outages. But you're going to have folks in the Atlantic basin, Europe and the northeast bidding for cargoes. Depending on the weather and it's going to be a cost problem for everybody. Bob, as we get into the new year, how does the relationship between the key OPEC plus actors evolve Saudi Russia, and of course, the pressure that's coming from the United States for compliance with some of these price caps. Yeah, you know, among the OPEC plus leaders, I think things are hunky Dory now. And they will continue to be hunky Dory. Why? Well, if you're Saudi Arabia and UAE, you don't have to worry about Russia going along with cuts, like we had to worry about in March of 2020, Russia has tapped out and probably going to go down in voluntarily. Nor do you have to worry about shale oil, which has been the problem they had back in 2014 and 2013. So from some ways I think from an internal OPEC plus dynamic, things are common smooth. Now there are not so common smooth with the United States and the Biden administration, but here's the deal. I'm in Washington. Joy is breaking out. I mean, the president was tweeting today, gasoline prices in this country have fallen to below invasion levels in February. This takes the pressure off the Biden administration, the gasoline. Again, they're still worried about distillates. Are they still under pressure? They warned that there would be repercussions for the action of casting 2 million barrels. They released that press release in the press conference. Have the repercussions and actions that were so much signed at that night. Are they faded? I think they've faded mannis. I think it's off the agenda now. They have other things to worry about. They're getting ready for Republican Congress and hearing after hearing after hearing. And again, gasoline prices are down, pressure is off.
AP News Radio
OPEC doesn't change its targets for oil production amid uncertainty over new Western price cap on Russian oil
"The OPEC oil cartel decides to keep its targets for shipping oil amidst uncertainty over western sanctions on Russia. The Saudi led organization of petroleum exporting countries meets ahead of an EU boycott of most Russian oil and a price cap of $60 per barrel on Russian exports, back in October, OPEC announced a 2 million barrels per day cut in oil production. That's still remains in effect and was met with much criticism, but while the U.S. and Europe went to punish Russia for the war in Ukraine, they also want to prevent a sudden loss of Russian crude that could send oil and gasoline prices back up. It's not yet clear how much Russian oil these sanction measures could take off the global market, Russia has been rerouting much of its former European shipments to India, China, and turkey, while also threatening to simply halt deliveries to countries that observe the limit altogether,
The Charlie Kirk Show
Jack Posobiec Describes the 'Saudi Shuffle'
"What's going on with Saudi Arabia? Outside of silly soccer stuff. Let's go on with the pump and dump. We call it the Saudi shuffle a massive pump and dump that took place yesterday. Single source reporting, similar to the international distribution James laporta, who was summarily fired from Associated Press. I don't know why they were dumpster diving into the bargain bin of The Daily Beast of higher reporters. I hope they never do that again. After they had to fire him for lying about the Poland missile strike that turns out actually was a cream missile, not a Russian missile. It was a stray missile, by the way zelensky still yet to apologize for that, or at least offer condolences. But in Saudi Arabia, there was a single sourced anonymous report to The Wall Street Journal yesterday that said that Saudi Arabia would be ramping up oil production. Now, remember, this has been a huge strategic goal for the Biden administration to ramp up OPEC's oil production because they've put the lock and chain on all American domestic production. And so for a second there, it looked as though the oil would be flooding the pumps would be going from Saudi Arabia and all because the Biden administration had given immunity to MBS himself The Crown prince essentially the ruler of Saudi Arabia in these lawsuits regarding the death of Khashoggi. This guy Khashoggi was in a very shady, very sinister character, wrote for The Washington Post, so already someone that we should definitely have an asterisk next to. But again, you tied to some very, very bad people in the Middle East. But here's what happened. The Saudis came out and completely denied the reports of the price of oil Charlie. For a couple hours there on the markets, the oil futures just spell. They were suddenly lying down. They said, oh, there's this huge deal because the Biden White House was taking incoming all day over this Khashoggi's widow comes out and is like, oh, how about you've killed him again? So she said, you've killed him again. Well, the dirty little secret is, it looks as though this entire thing was fake, and it was either cooked up by somebody on the street who had some nice puts maybe in the oil market and conducted a literal pump and dump with oil futures or or where they working potentially in conjunction with somebody in The White House. The Biden administration that was looking for a little bit of cover fire for the fact that they had given immunity to MBS and
AP News Radio
Officials: Saudis tell US that Iran may attack the kingdom - Yahoo News
"Saudi Arabia has told the U.S. that Iran is prepping for an attack on the kingdom I Norman hall U.S. officials have confirmed that Saudi Arabia has shared intelligence with American officials that suggest Iran could be preparing for an imminent attack on the kingdom The concern comes as the Biden administration is criticizing Tehran for its crackdown and widespread protests and condemning it for sending hundreds of drones to Russia for use in its war in Ukraine Meanwhile U.S. relations with Saudi Arabia have soured after the Saudis and other OPEC plus nations announced
AP News Radio
Saudi, UAE back OPEC cuts as US envoy warns of 'uncertainty'
"Saudi Arabia and the United Arab Emirates have backed OPEC cuts as a U.S. envoy warns of uncertainty Comments at the Abu Dhabi international petroleum exhibition and conference show the stark divide between the U.S. and gulf Arab countries It supports in the wider Middle East the UAE's energy minister says while OPEC and its allies are only a phone call away if the requirements are there to raise production there's no suggestion such a boost would be on its way any time soon American politicians meanwhile have reacted angrily to a decision likely to keep gasoline prices elevated OPEC and a loose confederation of other countries led by Russia agreed in early October to cut its production to 2 million barrels of oil a day beginning in November I'm Charles De Ledesma
The Trish Regan Show
Charles Thorngren on the Value of the U.S. Dollar
"U.S. dollar have any value? Yes. It's the same value as always had. What you perceived is worth. And that was established when we established a fed. It's interesting you bring up OPEC because we did talk a little bit about bretton Woods in the beginning. And much to nutritious point. At some point, you can't have just a fixed economy. You have to have, when you have a responsible government, it has to have the ability to flex and contract as needed to grow an economy. When you do it responsibly, it's a beautiful thing. When you do it irresponsibly, you have today. But we left the brenton Woods agreement because our currency wasn't doing very well. Our economy wasn't doing very well. And the world decided they wanted the goal that was backed by that dollar because we had the biggest reserve of gold. So we took the dollar off that reserve, so the rest of the world couldn't get our gold. But Nixon did a beautiful, brilliant thing. He said, you can only buy oil with dollars. And that gave us the strength of a country for the past 50 years. So now that we see that oil is being sold in other currencies, we do lose some strength. But not enough to make us not the reserve currency because everyone still has dollars. And they'll spend them out before we have no value. And at some point, things will get fixed here, whether it's ten, 15 years from now, whether it's a massive upset with the way we do things, America will still be America and we will have strength and we'll come back.
The Trish Regan Show
Biden's Energy Secretary STILL Doesn't Have a Plan
"Here is our secretary of energy talking to my friend Tom Keane on the network. I used to work for Bloomberg television and she's being asked, what exactly her energy plan is, and you need to hear her response. In Sturgis, Michigan, it is $2, 89 cents a gallon. I guess that's better than in California. What is the grand home plan to increase oil production in America? Oh my God. That is hilarious. Wood that I had the magic wand on this, as you know, of course, oil is a global market. It is controlled by a cartel that cartel is called OPEC and they made a decision yesterday that they were not going to increase beyond what they were already planning. So she laughs. The answer is to laugh when you're being asked, your energy secretary, what your energy plan is. And to say, well, I have no control over it because it's all OPEC. Wow, I mean, wow. Do they think we're that stupid? I'll tell you Tom keen's not. He's not stupid, and most of those Bloomberg viewers, Mike Bloomberg never liked it, but it was often referred to as the billionaire's network because a lot of billionaires would tune in. They wanted to know what markets were doing and it's pretty sophisticated place. Again, I worked there many years myself, actually my first job was actually a Bloomberg. I think I'm the only person in Bloomberg's history to have worked there twice, but later went back around, all their political coverage did the market close program there for two years, street smart with Trish Regan. And I can tell you people are hungry, people are hungry for an energy policy. This was actually something that was this Jennifer Granholm interview was actually done almost a year ago. So a year ago, they didn't have a policy. They still don't have a policy today. And instead, they're making this push away from fossil fuels at a time when our country really isn't ready for it.
AP News Radio
Biden to release 15M barrels from oil reserve, more possible
"President Biden is expected to release additional oil from the nation's strategic reserve to spur production and lower gasoline prices Top administration officials say President Biden will announce the release of another 15 million barrels from the strategic oil reserve as part of the response to the OPEC plus nations making production cuts White House press secretary karine Jean Pierre response to people who say Biden's action is an election ploy Should the president not do everything that he can to lower prices should he not continue to keep his promise to give American people a little bit of breathing room You know that's the promise that he's made Should he not do that The drawdown will complete the release of 180 million barrels authorized by Biden in March Officials say the president is expected to also open the door to undetermined additional releases this winner in an effort to keep prices down Tim McGuire Washington
The Charlie Kirk Show
Jack Posobiec Details Joe Biden's Quid Pro Quo With Saudi Arabia
"I want to ask you, you talked, you kind of tweeted this out here. Biden admitted publicly he was coercing Saudi Arabia to lower oil prices before midterms by threatening them with consequences and Republicans gave them gave him a pass. What do you mean by that? Well, so here's the thing, right? Charlie, the last time I was on this program, on your program. And you were one of the few people that brought this up and really gave it the attention it did. Obviously, on human events, we did as well on Bannon. We did as well on war room. But I noticed that with this issue, right? The fact that and by the way, we just saw last night as a matter of fact, this kind of prompted me on this that Biden has announced yet again another 15 million barrels from our strategic oil reserve are going to be released prior to midterms that he's literally stealing away. The reserve of the American people, he's stealing away all of this in countering and going into co quid pro quos with the Saudis with OPEC with everybody else. Meanwhile, by the way, OPEC is coming out saying it's not just the Saudis. It's all of us. We're all against you at this point. You're ridiculous. Your policies have allowed us to do this and we are going to use this leverage. They're stealing from the American people. They're entering in a quid pro quo. And yet I haven't seen the Republican leadership. I haven't seen Republican candidates. I haven't seen this gaining the traction that it really needs. And maybe it's because it's one of those things where they think, oh, you know, maybe the voters don't understand. Maybe they don't understand what the strategic oil reserve is. The other understand what the importance of this is. No, I think voters are actually smart, right? And it may be, you know, Russia had that great line about low information voters. And which is true. But he also pointed out voters aren't stupid. The American people are just busy, okay? So you have to educate. You have to use the megaphone. You have to get the story out there. And
The Charlie Kirk Show
Quid Pro Joe Threatens the Saudis With Jack Posobiec
"Gears here, Jack, I want to talk about OPEC and quid pro Joe. What is the story here? It's a little confusing to most people. Walk us through it with your foreign policy expertise. So the timeline on this is important, right? So over the summer, when gas prices were getting really bad, Joe Biden and his crack team at The White House decided to go over to something called the strategic oil reserve. There are these giant caverns down in Louisiana bio, they're underneath the Louisiana Bayou, these actually salt caverns, limestone, one of them used to be owned by Morton salt, really interesting story. And we, in the 1970s, our country started filling these up as a reserve in case OPEC ever conducted another embargo against the United States or ever looked to cut production. Pay attention to that because that's going to come up later. So Biden decided that he didn't like where his approval numbers were. So what did he do? He started releasing oil from the strategic oil reserve into the markets and prices dipped for a little bit, but now they're back on the upswing again. So last week, Biden calls for OPEC to increase their production. And of course, we remember it was. He goes over there. He has the fist bump with MBS, The Crown prince that's basically in charge of how do you right now. Saudi Arabia's government is basically run my game, like Game of Thrones. It's Game of Thrones rules over there. So the king is pretty much he's down, but he's not out yet completely, but MBS is the prince is really running the government. Yeah, the prince is running down. So if you've seen Game of Thrones, that's basically how they run Saudi Arabia. And so OPEC plus last week comes out and says, you know what? We're actually not going to increase production. We're going to decrease production. Joe, we're very sorry about that. We don't like the things that you've been doing. We've decided that we're going to push off. And Charlie, you had Steve Bannon on here yesterday for that incredible discussion about the collapse of the Anglo American financial system worldwide. This is part and parcel of that because of course everyone knows that system. And maybe we should do some more episodes explaining this for people. It's backed by the petrodollar. It's backed by the fact that all oil transactions petroleum LNG must be conducted around the world in U.S. currency, even if
The Charlie Kirk Show
What Is Really Happening Behind the Scenes With OPEC+?
"Paul from South Carolina Charlie, I'm confused about what OPEC is doing. How should I view this? Is this going to increase gas prices? Okay, let's play a piece of tape here from NBC's Brian Sullivan. It's cut one O 8. I think the media is missing what's really going on here, which is pure unadulterated foreign involvement in our elections, and it is against Joe Biden. I don't support this, but it's just what it is. There's many different dynamics happening right now. There are some things bubbling up in Iran. That the Central Intelligence Agency very well might be involved in. There's also the final stages of the certification of a new Iran deal, which would pave the way for Iran to get a nuclear weapon. There is one country that basically is the anchor country in OPEC, that very much does not want to see that happen. Another major member of OPEC really doesn't like the fact that there is no opposition to flow of arms and money flowing to Ukraine, of which I actually happen to support that we don't send any money to Ukraine. But just talking very strategically, Russia and Saudi Arabia right now for a third reason too, which is they don't want to see all fossil fuels destroyed, which ironically they would actually benefit if America never exported oil natural gas again, but they have too much more immediate geopolitical needs. Russia wants to see some interruption of arms and armaments, I should say and resources going to Ukraine and Saudi Arabia desperately wants to see a slowdown of the United States broken Iran deal with obviously the United States and Iran. Play cut one O 8. News OPEC cuts by 2 million barrels a day. You back out the fact that some countries aren't meeting their quotas. The real math that we got to is that we are actually cutting about 900,000 physical barrels per day, which by the way, while they're not directly tied, the strategic petroleum release is about 900,000 barrels per day. So it's kind of hard not to look at this decision and say there's got to be some political element to it. Wall Street Journal late last night with an exclusive saying that the U.S. is looking to ease sanctions on Venezuela so that Chevron so that but in part Chevron will then be able to keep drilling and producing oil in Venezuela. Yeah, so look there's a several dynamics to this. First of all, Joe Biden refuses to open up our incredible energy resources here. He doesn't want to set that precedent because that would actually make America very strong and it would thwart this green energy pagan revolution that is being led by Buttigieg and all these imbeciles in our
The Charlie Kirk Show
It Wouldn't Be a Commandment If It Was Easy
"So out of all the things that God could put in the ten commandments. Why would he put honor your mother and father? You know, you go through the book of proverbs. There's infinite amount of wisdom. That God has shared through his word. But in the ten commandments, the decalogue. Why honor your mother and father probably because there wasn't a lot of honoring going on before the ten commandments. It was likely a very big problem. A good rule for life that I'm learning and I've been taught by prager and so many other kind of moral thinkers. You wouldn't need a commandment if it was easy. You would not need the commandment if it came naturally. You'll have no other gods before me. You shall not make false idols. You shall not take the lord's name in vain. By the way, that does not mean you shouldn't say, oh my, and I actually don't say it for a different reason. It means you shall not carry the name of the lord in vain. Which means you shall not do evil in the name of the lord. It's a separate thing than not saying, oh my, even though I don't like saying that, that's a separate podcast for a different time. Remember the Sabbath day to keep it holy? Do my best with that? Then honor your mother and father, it really makes you think, why would God put that in there? Well, he tells you why for a nation, your nation will not survive if you don't honor your parents. Your nation will not flourish if you do not honor your parents. And again, honoring is different than loving. It's completely different. You shall not murder, you shall not commit adultery. And by the way, that does not mean you shall not kill that gets conflated with killing, for example, killing in self defense or killing in the theater of war, you shall not murder. You shall not take innocent life. Shall not commit adultery, you shall not steal, which again is a very interesting one. We could do a whole podcast on why would God include not stealing. Because God respected private property rights. Something that is not honored in the west right now. You shall not bear false witness against your neighbor. Shall not lie essentially, shall not covet, which I find to be a very interesting final one. Because the shall not covet is the only one that really is internal.
The Charlie Kirk Show
Why Should You Honor Your Parents?
"Take a step back. Why honor one's parents? What is this idea come from? Well, obviously it's one of the ten commandments. Now, it being the 5th commandment. You could view it as a commandment simply for how you should act, but I believe very clearly. That if you're not able to honor your parents, you're not able to honor God. If you're not able to honor your earthly father, you will not be able to honor your heavenly father. But what does it mean to honor? This is where it gets interesting. There's biblical commandments in the Old Testament to love your neighbor and to love the stranger. But there is no commandment that tells you you must love your parents. That commandment does not exist. How you behave towards your parents is actually a lot more important than how you feel towards your parents.
The Charlie Kirk Show
What Does Charlie Make of the Herschel Walker Controversy?
"Nathan from Georgia is Charlie I love the show. I look to you for clarity, moral clarity, especially on political issues. I'm a little torn. It seems like the Herschel Walker campaign against him is working as a Christian. I don't know how I feel about all of it. I'll probably end up voting for Herschel Walker. Can you help me understand? Yes, okay. So first of all, we had Newt Gingrich on the program about this topic. And there's a couple dimensions to this story that I want to unpack. The first of which is let's kind of go to what we know. There was an allegation this week of which the evidence is very shaky. That says that Herschel Walker paid for an abortion for an individual I think about a decade ago. The evidence they have allegedly is the woman has receipts that she did actually get an abortion and then afterwards Herschel Walker sent a get well card allegedly with cash in the get well card. If I'm clumsy on the facts, please correct me. That's the best that I understand that. And so that's very weak evidence, by the way. And Herschel Walker vehemently denies it. And it's a serious allegation. I'm not going to say it's not serious. We're pro life. I think that if someone pays for an abortion, it should be taken lightly in any way whatsoever, but he denies the allegation and they need a lot more credibility than that. And okay, it's a Daily Beast dot com, Herschel Walker paid for girlfriend's abortion, Georgia Senate. The Daily Beast broke the story. Okay. It's a serious allegation, but he completely denies it. Okay. And so as if we learned nothing from Russia gate and Brett Kavanaugh and all these different sorts of things that we shouldn't first look at the facts and the circumstances and also the all out smear campaign. And if Herschel Walker did this very serious thing, if he did, is there any room for redemption or forgiveness or for clarifying? No, of course not. So that's one part of the story. And the story would have basically evaporated or disappeared from that kind of serious allegation almost overnight and leave it to the Democrats to go and find this woman who asked not to be identified at a privacy concerns, and that she and walker conceived a child while they were dating in 2009, he urged her to get an abortion, the woman the one said she had the abortion and that she was reimbursed for it via Herschel Walker. She supported these claims of the $575 receipt. And it get well card from walker and a bank deposit receipt that included an image of assigned $700 personal check from walker.
ToddCast Podcast with Todd Starnes
Sen. Bill Hagerty: The Challenges of Talking to Democrat Senators
"Bill, when you talk to your fellow senators on the Democrat side of the aisle and I talk to a lot of Republican senators and House members, very few of them are actually talking to people across the aisle because there's really nothing they can offer that is worth a conversation. But do you hear from any of the senators from these blue states? I mean, Joe Manchin sold out his state for a promise that Schumer broke. I mean, you've got senators in Louisiana that are oil producing states. Do they do they even try to excuse what this administration is doing? You know, it's really challenging. I saw that today, Chuck Schumer came out and said, we're going to pursue notepad, which is allowing the organization of the OPEC states to Saudis the UAE to be sued in U.S. antitrust courts for price fixing. That's the solution to the fact that rather than pumping more oil and gas to make us more dependent on them. They decided to pump less. And he's going to be very tough. He's going to be bipartisan in terms of imposing that solution. But he doesn't mention the fact that it's his own administration that took us from energy independence less than two years ago to a position where we're now on our knees begging the Saudis a bit bigger than the UAE to put more oral and they're flipping their nose at us. And saying, you know what, we're actually going to cut back on it. We're going to drive prices even further through the roof. We're going to take your own strategic petroleum reserves from you and we're going to sell it back to you at a higher price.
"opec" Discussed on The Breakdown
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Now let's take a moment to step back and discuss the politics of this situation. And we're going to do so through Greg Carlson's thread. Carlsen is the Middle East correspondent of The Economist and rights. Quick threat on oil Biden and Saudi, because there are a few distinct issues that get muddled in the conversation. Is the latest OPEC plus production cut meant as a snub to America. Is it perceived as one? And what does this all mean for the Saudi American relationship? First, is it meant as a snub? The oil market is a mess right now. OPEC has little spare capacity, many producers fail to meet their quotas, sanctions on Russia are bifurcating the market, all sorts of wild cards about demand, and so on. The Saudis have a rational interest in keeping prices high. $1 trillion linear cities ain't gonna pay for themselves. They and the rest of OPEC plus also want prices to be stable, and they want the oil sector to look lucrative enough that firms invest in building new capacity. All of this and more factors into decisions about how much oil to pump, which today are complicated decisions. It's a particularly American conceit to think that oil ministers decide what to do with a $1 trillion industry to sway the outcome of the Pennsylvania Senate race. Second is this seen as a snub? Sure, three months after Biden bent the knee and Jetta, OPEC plus delivers a big cut. But The White House helped create these optics. The timing of the visit and some private messaging suggested Biden would secure quid pro quo on oil. People in Washington got in their heads that a presidential visit would open a gusher of crude. That was never realistic as anyone in the gulf would have told you before Biden arrived. If this seems like a snub that's partly because of a misunderstanding. Last, what does this mean for the relationship? That's the hard question. You can understand some of the anger in Washington. The Saudi American relationship has long been rooted in oil for security. And people feel like the Saudis aren't keeping up their end of the bargain. Equally though, the Saudis don't think America is fulfilling the security part. If the almost century old foundation of this relationship is wobbly, then what is this relationship about? Unless someone comes up with an answer, it will continue to deteriorate. Now, Kristin dewan, the senior resident scholar at gulf state's institute, quote tweeted that threat and said, this is a good thread, but it ignores the geopolitical element of the OPEC plus effective Russian alliance. Taking this decision in Europe on the eve of what we all know will be a very difficult winter, is taking a political position, and it is not one western partners would expect. Now, the American political dimension of this is a little outside the scope of the show, but two reflective takes that I think give you the bare bones. Tommy Vitor a former Obama staffer said, MBS leading the charge to cut oil production a month from the midterms should be viewed as a deliberate political act. The Saudis want Trump to be president so they get total impunity for their human rights abuses and staff like Kushner they can buy and sell. No more fist bumps. Alberto Miguel Fernández, a retired U.S. diplomat, retweeted and said, the Saudis don't like the party of the leader who's promised to make them a pariah, wants to make their main export useless and who seeks to deal with KSA's mortal enemy. You don't say. Anyway, the most important question is what comes next. White House officials have reportedly asked the energy department to model the impact of a ban on exports of gasoline diesel and other refined petroleum products. This indicates that the controversial ideas gaining at least some traction within the administration. The U.S. had previously banned crude oil exports for four decades until that ban was lifted in 2015 during the Obama administration. On Tuesday, the largest oil industry trade groups wrote to the Biden administration that they have quote significant concerns about a potential export ban and urged policymakers to take the option off the table. The U.S. has about 18 million barrels per day of refining capacity and exports around 3.5 million barrels a day of refined petroleum, mostly to Latin American destinations. Republicans are not keen on this plan. Republican representative Kathy McMorris Rogers of Washington said I am warning this administration to not use this as an excuse to ban American exports or further their radical energy transition, doubling down on failed policies will only further harm our energy sector and lead to more record high prices across our entire country. Another reaction to all of this was that lawmakers seized on the opportunity to revive a bill that has been proposed on and off for two decades. It's dubbed the no oil producing and exporting cartels act or nope. The bill would allow the U.S. government to sue members of OPEC for manipulating the energy market. And while a lawsuit might be unlikely to come about due to sovereign immunity, the goal would be that the law would dissuade OPEC from acting brazenly. There's also discussions around the world of price caps. The EU is currently taking the next steps to apply a price cap to Russian oil. The Czech Republic, which serves as the current rotating president of the EU, said that the economic union had reached quote political agreement on the 8th sanctions package against Russia. The package contains, quote, prohibition of maritime transport of Russian oil to third countries above the oil price cap and a ban on related services. The sanctions are in response to Russia's attempt to annex parts of eastern Ukraine under the pretense of a questionable referendum in late September. Russian deputy prime minister Alexander Novak has said that Russia may cut oil production to offset the effect of price caps, as well as refusing to supply countries that enforce the cap. Total energy CEO Patrick pollan said that price caps were a bad idea at the energy intelligence forum in London, saying quote, I think it's a bad idea because it's a way to give the leadership back to Vladimir Putin. The market is already doing the work through large discounts. So whatever happens next, it's clear that this adds a new complicating wrinkle in the U.S.'s fight against inflation and potentially eventually recession as well. Dan Pickering the CIO at Pickering energy partners wrote, food for thought, OPEC can cut more and longer than Biden administration can release from SPR. This OPEC meeting a wake-up call for U.S. politicians that energy inflation is going to be sticky. Clyde Russell, the Asia commodities correspondent at Reuters said, the decision by OPEC to cut its output quota by 2 million barrels per day raises both the risks of a sharper global economic downturn and the already high geopolitical temperature. So that is the story with oil right now. There are economic dimensions, inflation dimensions, political dimensions, and the one common thread is that nothing is as simple as it might have seemed in the past. For now I want to say thanks again to my sponsors next to dot IO, circle and FTX, and thanks to you guys for listening. Until tomorrow be safe and take care of each other. Peace. I want to tell you about coin desk's new event. The investing in digital enterprises and asset summit or ideas. The event facilitates capital flow and market growth by connecting the digital economy with traditional finance. Join coin desk October 18th and 19th in New York City for a 360° investment experience, where you can source invest and secure the next big deal in digital assets. Use code breakdown 20 for 20% off a general pass. You can register today at coin desk dot com slash ideas.
"opec" Discussed on The Breakdown
"By nexo IO, circle, and FTX, and produced and distributed by coindesk. What's going on guys? It is Thursday, October 6th, and today we are talking OPEC. Before we get into that, however, if you are enjoying the breakdown, please go subscribe to it, give it a rating, give it a review or if you want to dive deeper into the conversation. Come join us on the breakers Discord. You can find a link in the show notes or go to bit dot LY slash breakdown pod. Also a disclosure as always, in addition to them being a sponsor of the show, I also work with FTX. So, yesterday, Dmitry Kofi's the excellent host of hidden forces retweeted a Bloomberg Middle East breaking story. The headline read, OPEC plus panel proposes a cut of 2 million barrels a day to its output as they seek to halt the slide in oil prices. Dmitry commented, OPEC basically just raised rates. So today we're getting into what he meant by that comment, what happened with oil yesterday, and what it means for the economy and geopolitics. Let's start with the barest bones of background. OPEC was formed in 1960 by Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. The organization's goal is to coordinate oil production across nations to ensure that competition between oil producing nations doesn't undercut pricing power. Membership is fluctuated over the decades, including various Middle Eastern African and South American nations. Saudi Arabia serves as the leading member with Nigeria, the United Arab Emirates, and Iraq, being the other team members who have the means to vary production levels. In the early 2000s, agreement between the organization and those outside of it became more commonplace. In 2016, an accord was reached between 11 non OPEC countries, including Russia and Mexico and OPEC nations to mutually reduce production. The alliances referred to as OPEC plus and led to several years of coordination. In the opening months of 2020, however, a rift opened up between Russia and OPEC as the global economy began slowing ahead of lockdowns. This ultimately culminated in OPEC officials presenting Russia with an ultimatum to slash their production to the tune of 1.5% of global supply. Russia rejected this demand effectively ending the alliance temporarily. OPEC functions by setting production quota caps which member nations are not allowed to exceed, limiting supply. OPEC is often pointed to as a textbook example of a cartel, an organization that exists purely to collude in markets and prop up prices. Forbes put it succinctly in an article released yesterday. Their objective is to maximize the value of oil they have in the ground. That objective is directly contrary to the desires of most U.S. politicians and consumers, which is access to cheap gasoline. The cartel like behavior of OPEC has been seen by others as a necessity. For the resource producing nations that constitute the group. Many of the members have very few exports other than oil, making the price of oil and avoiding oversupply of the market and existential matter for the functioning of their economies. In the face of massive fiscal spending from Western countries since 2020 in COVID-19, some have made the case that resource producing countries have a right to ensure that they aren't trading limited resources to cheaply for easily printed western banknotes. Agree with this or not, it's been a common theme of recent speeches from Vladimir Putin and appears to be a theme that has struck a chord with other resource exporters like OPEC in Brazil. So let's get into what has been happening with oil this year. Prices have ranged wildly. In the wake of Russia's invasion of Ukraine, the price of oil surged, eventually peaking near 120 dollars a barrel. This of course added even more pressure to already surging inflation. Even before this oil prices had been a major concern in the United States. Since last November, the Biden administration has been intervening in oil markets by selling barrels out of the strategic petroleum reserve or SPR. In November, when oil prices approach $90 a barrel, the administration announced the release of 50 million barrels into the market over the following months to suppress a yearlong ramping of prices in an effort to keep the economic recovery on track. In late March, this program was extended as energy markets came under pressure in the wake of the invasion of Ukraine. The second round of releases was much larger, a 180 million barrels in total, and was in fact the largest SPR release in history. It was intended to quote serve as a bridge until the end of the year when domestic production ramps up, according to a White House press release. However, U.S. production is up only 1.2% in the four months since March and is not forecast to return to February 2020 levels until 2024. In September, the program was extended into November, but reports were that The White House was planning to announce the conclusion of the program in the coming weeks. Now The White House has reversed course, saying that the administration would release barrels quote as necessary. Now, when the Biden administration first contemplated SPR releases to curb high gas prices at the end of last year, the main critique was that the SPR was intended for emergency use rather than market intervention. Whatever your position on that as a result of the releases, the SPR now sits at its lowest level since July 1984. There are around 416 million barrels remaining in the reserve. Now given what happened this week with OPEC, one of the interesting curve balls was a proposal from The White House to treasury, which had been leaked to reporters this week. The proposal laid out that if OPEC had decided against a cut, the administration would announce a 200 million barrel purchase to refill the strategic petroleum reserve. Essentially, they would be making up the difference for any shortfall in global demand that materialized in the next few months. According to a senior official, the U.S. had made it clear that we would be willing to purchase OPEC oil to replenish the SPR. In other words, they aim to convey that the U.S. wouldn't leave them hanging dry. Their words, if OPEC countries invest in additional production, ensuring that the global price of oil doesn't collapse in the face of an economic downturn. So that brings us to this week. Earlier on Wednesday, U.S. officials had made calls to allied gulf state officials in an attempt to discourage production cuts. That, of course, is not what happened. Preliminary White House talking points reported by CNN called the cuts a total disaster and said they could be viewed as a quote unquote hostile act. The National Security Council went with a softer statement saying we've been clear that energy supply should meet demand to support economic growth and lower prices for consumers around the world. And we will continue to talk with our partners about that. However, U.S. officials speaking anonymously gave a glimpse into the mood within the administration. They said that The White House was, quote, having a spasm and panicking, and also that, quote, it's important everyone is aware just how high the stakes are. Treasury secretary Janet Yellen was reportedly asked to personally contact counterpart finance ministers to make the case that higher oil prices risk higher inflation and recession risk ultimately being counterproductive. The Biden administration was not happy about the announcement of the cuts. President Biden himself had visited Saudi Arabia in July to ask for increased production and came away with an extremely modest short term boost. In reaction to yesterday's cuts, the official administration announcement said, quote, it's clear that OPEC plus is aligning with Russia with today's announcement. Now for the administration, the stakes are quite clear. After intervening in oil markets throughout the year, U.S. gasoline prices fell for almost 100 days in a row from mid June. During that time, the president's approval rating also increased. Essentially moving inverse to gas prices at the pump. Now with just a month left until what will likely be a close run midterm elections, domestic gas prices have begun to creep up again over the last few weeks. Policymakers everywhere reacted strongly. The White House statement said the president is disappointed by the short sighted decision by OPEC plus to cut production quotas while the global economy is dealing with the continued negative impact of Putin's invasion of Ukraine. At a time when maintaining a global supply of energy is a paramount importance, this decision will have the most negative impact on lower and middle income countries that are already reeling from elevated energy prices. Bernie Sanders said OPEC's decision to cut back on production is a blatant attempt to increase gas prices at the pump that can not stand. We must end OPEX illegal price fixing cartel, eliminate military assistance to Saudi Arabia and move aggressively to renewable energy. Democrat senator Chris Murphy from Connecticut called into question the efficacy of the current alliance with OPEC. I thought the whole point of selling arms to the Gulf states despite their human rights abuses, nonsensical Yemen war, working against U.S. interests in Libya, Sudan, et cetera, was that when an international crisis came, the gulf could choose America over Russia and China. And indeed, there was lots of pointing to Russia here. Michael mcfaul, a Professor of political science at Stanford and former U.S. ambassador to Russia, said OPEC's decision today to cut oil supplies directly and immediately assist Putin's war effort. They were not compelled to do so. They chose to do so. Don't ever forget it. Olivia giuliana, the director of politics and government at Gen Z for change said OPEC and Russia slashing oil and gas production is a targeted attack against democracy. This is being coordinated with the intention of painting democratic leadership in a negative light. They will let people across the globe suffer
CoinDesk Podcast Network
"opec" Discussed on CoinDesk Podcast Network
"Now let's take a moment to step back and discuss the politics of this situation. And we're going to do so through Greg Carlson's thread. Carlsen is the Middle East correspondent of The Economist and rights. Quick threat on oil Biden and Saudi, because there are a few distinct issues that get muddled in the conversation. Is the latest OPEC plus production cut meant as a snub to America. Is it perceived as one? And what does this all mean for the Saudi American relationship? First, is it meant as a snub? The oil market is a mess right now. OPEC has little spare capacity, many producers fail to meet their quotas, sanctions on Russia are bifurcating the market, all sorts of wild cards about demand, and so on. The Saudis have a rational interest in keeping prices high. $1 trillion linear cities ain't gonna pay for themselves. They and the rest of OPEC plus also want prices to be stable, and they want the oil sector to look lucrative enough that firms invest in building new capacity. All of this and more factors into decisions about how much oil to pump, which today are complicated decisions. It's a particularly American conceit to think that oil ministers decide what to do with a $1 trillion industry to sway the outcome of the Pennsylvania Senate race. Second is this seen as a snub? Sure, three months after Biden bent the knee and Jetta, OPEC plus delivers a big cut. But The White House helped create these optics. The timing of the visit and some private messaging suggested Biden would secure quid pro quo on oil. People in Washington got in their heads that a presidential visit would open a gusher of crude. That was never realistic as anyone in the gulf would have told you before Biden arrived. If this seems like a snub that's partly because of a misunderstanding. Last, what does this mean for the relationship? That's the hard question. You can understand some of the anger in Washington. The Saudi American relationship has long been rooted in oil for security. And people feel like the Saudis aren't keeping up their end of the bargain. Equally though, the Saudis don't think America is fulfilling the security part. If the almost century old foundation of this relationship is wobbly, then what is this relationship about? Unless someone comes up with an answer, it will continue to deteriorate. Now, Kristin dewan, the senior resident scholar at gulf state's institute, quote tweeted that threat and said, this is a good thread, but it ignores the geopolitical element of the OPEC plus effective Russian alliance. Taking this decision in Europe on the eve of what we all know will be a very difficult winter, is taking a political position, and it is not one western partners would expect. Now, the American political dimension of this is a little outside the scope of the show, but two reflective takes that I think give you the bare bones. Tommy Vitor a former Obama staffer said, MBS leading the charge to cut oil production a month from the midterms should be viewed as a deliberate political act. The Saudis want Trump to be president so they get total impunity for their human rights abuses and staff like Kushner they can buy and sell. No more fist bumps. Alberto Miguel Fernández, a retired U.S. diplomat, retweeted and said, the Saudis don't like the party of the leader who's promised to make them a pariah, wants to make their main export useless and who seeks to deal with KSA's mortal enemy. You don't say. Anyway, the most important question is what comes next. White House officials have reportedly asked the energy department to model the impact of a ban on exports of gasoline diesel and other refined petroleum products. This indicates that the controversial ideas gaining at least some traction within the administration. The U.S. had previously banned crude oil exports for four decades until that ban was lifted in 2015 during the Obama administration. On Tuesday, the largest oil industry trade groups wrote to the Biden administration that they have quote significant concerns about a potential export ban and urged policymakers to take the option off the table. The U.S. has about 18 million barrels per day of refining capacity and exports around 3.5 million barrels a day of refined petroleum, mostly to Latin American destinations. Republicans are not keen on this plan. Republican representative Kathy McMorris Rogers of Washington said I am warning this administration to not use this as an excuse to ban American exports or further their radical energy transition, doubling down on failed policies will only further harm our energy sector and lead to more record high prices across our entire country. Another reaction to all of this was that lawmakers seized on the opportunity to revive a bill that has been proposed on and off for two decades. It's dubbed the no oil producing and exporting cartels act or nope. The bill would allow the U.S. government to sue members of OPEC for manipulating the energy market. And while a lawsuit might be unlikely to come about due to sovereign immunity, the goal would be that the law would dissuade OPEC from acting brazenly. There's also discussions around the world of price caps. The EU is currently taking the next steps to apply a price cap to Russian oil. The Czech Republic, which serves as the current rotating president of the EU, said that the economic union had reached quote political agreement on the 8th sanctions package against Russia.
"opec" Discussed on Squawk Pod
"Arabia plus ten Russian led allies, has announced a big cut to oil output. They're cutting by 2 million barrels a day. That's about 2% of the world's supply. Now, it seems drastic, it's a lot admittedly, but if we look closer at the numbers, we can see that many OPEC member countries haven't been hitting their output quotas. So 2 million on paper, but in practice, it comes out to only about 900,000 barrels cut per day. It's a curious number because 900,000 is about what the United States has been releasing from our strategic petroleum reserve in an effort to calm domestic energy prices. So you have to wonder whether this was a message from Saudi Arabia and Russia to the U.S., attempting to negate the work the United States has been doing to help itself. The output cut could also be a little bit of a disappointment for President Biden as I'm sure you'll read in the papers today. He's been lobbying the Saudis for an increase in production. That was sort of the whole point of Biden's trip to the kingdom back in July. Shifting away from the U.S. dynamic, this decision is a harsh one for Europe, which is already facing a tough winter. In retaliation for the war in Ukraine, the EU has imposed multiple rounds of energy sanctions on Russia, including a full on ban of most crude imports from Russia set for December, but a cut in output makes those plans more costly for Europe. As you'll hear. And finally, the last continent we're touching on today, South America. The White House is preparing to scale down sanctions on Venezuela, which means Chevron could resume pumping oil there. Our own Brian Sullivan is on the ground in Vienna to cover OPEC and all the rest. It's kind of hard not to look at this decision and say there's got to be some political element to it. Now, if you look at the papers this morning and CNBC dot com, Dan Jurgen sang basically, this was sort of a blow against The White House. The Wall Street Journal doing the same thing sort of snubs Biden, the Financial Times, you see their headline there sort of OPEC plus aligning with Russia. So this is being politicized that many of our viewers will arguably agree that this is a political in some part decision, but last night here late last night, about 8 39 p.m. Vienna time, I sat down with the Saudi energy minister, prince Abdul Aziz bin Salman, I tried to get into the politics of it, by the way, the full interview was up on CNBC dot com. They're like, we're not going to talk about politics. They view that building behind as Joe is kind of like a Switzerland if you will being neutral. Instead, when I asked about the reasons for the cut, he didn't entirely blame the Federal Reserve in central banks, but he kind of did. Listen. Of course, any central banker in Panthers would like to have the best of the two world. Attending to inflation and continue growth. But with this severity that you see, you run a big risk that you lose growth. What is happening now is coming and we see we showed it in this trajectory. And. Things that we presented that growth is coming down. And there is a potential with more aggressive. And great hikes that this growth will come even lower. Your other story, Wall Street Journal late last night with an exclusive saying that the U.S. is looking to ease sanctions on Venezuela so that Chevron not so that but in part Chevron will then be able to keep drilling and producing oil in Venezuela. I was in touch with Chevron last night. It was two in the morning here, 5 whatever p.m. there, they would not confirm the entire story to me, but I got the sense and I'm not confirming it, but I will say it was directionally correct. How about this? Chevron did not deny the story to me. Obviously they don't want to get into the politics of it. But Joe, that would be an easing of sanctions in Venezuela so that we could buy more produce more oil there to import to the United States, kind of maybe trading OPEC and Russian oil for Venezuelan oil, either way Reichstag energy out with a note moments ago saying Brent crude back to a hundred by Christmas, which would be 95 WTI, which would be about $4 gallon gas. A lot of headlines today. The plus in OPEC plus is Russia and its allies. So it's not even making it political to say that this is something that Russia wants. And that will help finance the war. If prices stay high, so I don't even know. If he just wants to pretend that that's not part of the equation, but you don't have to go to actually have a political tinge to just call what's happening. In reality, then there are friends and you got Russians here and you've got President Biden. It went over and asked, and we know who the Saudi sided with. It's really pretty staggering. And it hurts if we do have a I wouldn't say we have a friendship with Saudi Arabia, but it certainly hurts the relationships. This is what the journal went on to say that the Biden White House has tried every gimmick to lower gas prices, except the one that would really matter. Call off its political and regulatory campaign against American oil and gas production. But the administration won't do it because President Biden is too afraid that the climate left would abandon him that wants to do a ban fossil fuels, but that's very short sighted and there's got to be a bridge, Brian. We're going to see some really bad things happen in different parts of the world, including consumers in the U.S.. Yeah, by the way, the UK this morning national grid warning they may run out of heat and power this winter. Literally there's headlines in the UK right now that there may not be enough heat and power in the winter. I think what from covering energy for as long as I have the government, both parties, by the way, anybody needs to be a better job explaining to the American people this simple fact you can hate hydrocarbons and fossil fuels. You can love windmills and solar, but they do very different things. Yes, you can power electricity with a windmill that can power an electric car. I get that. But you can't use wind power to make plastics. The uses of the hydrocarbon are very different and we have this sort of idea, sometimes they hear like, oh, just kill oil and go to wind and solar. That's fine for cars and for electricity, but you still also have to make the aluminum for the solar panel and the plastic and the carbon fiber for the wind turbine, all of which require natural gas, not a political there's an electric car, by the way, hi. Not a political statement. That's just facts. And what do we call it? California's grid if it was 3% EVs that would overload the grid in California right now. So wind and solar are not ready to power the grid for electric cars yet. You got to build the grid first. That's right. You're exactly right, a Princeton University study last week said if you don't build out the grid and this is why this is why everybody was saying, oh, the death of the mansion permitting Bill inside the inflation reduction act was such a big win against fossil fuels, no it wasn't. It's going to kill that mountain valley pipeline probably, but it also would have helped speed up the permitting of the transmission and infrastructure lines to power wind and solar. Now those are going away. So if you're going to invest $10 billion, Joe into a giant solar plant in Arizona, but you're not sure you can get the permits to build your power lines to the homes would you spend the 10 billion? I mean, I don't think you need to be some political or economic genius to figure out the answer to that. There's a lot of complexities and nuances to this story that a lot of people simply don't realize. And by the way, President Biden, he's got a long history with OPEC. Just remember that. He wrote a letter to then president Clinton when he was a senator urging them to sue OPEC. He's been involved with the nope legislation going all the way back to the I think it was the early 80s. So there's a long history there. Maybe that's part of it. But you call it nuance. It doesn't seem that nuanced. It hits you over to head, what the realities of the situation are right now.
Marketplace with Kai Ryssdal
"opec" Discussed on Marketplace with Kai Ryssdal
"Pack for marketplace. <SpeakerChange> <Speech_Music_Female> <Advertisement> <Music> <Music> <Music> <Music> <Music> <Music> <Music> <Music> <Music> <Music> <Music> <Advertisement> <SpeakerChange> <Speech_Music_Male> <Speech_Music_Male> This <Speech_Music_Male> final note on the way out <Speech_Male> today about <Speech_Male> which two things, <Speech_Male> first of all, <Speech_Male> yes, I <Speech_Male> know I'm being <Speech_Male> played by this <Speech_Male> stupid publicity <Speech_Male> stunt, but <Speech_Male> number two, I <Speech_Male> can't not <Speech_Male> because this <Speech_Male> is the hill. <Speech_Male> I will <Speech_Male> die on. <Speech_Male> It has been 5 <Speech_Male> long and <Speech_Male> glorious years. <Speech_Male> Since supermarket <Speech_Male> shelves in this <Speech_Male> country have been sullied <Speech_Male> by pumpkin <Speech_Male> spice Oreo <Speech_Male> cookies. <Silence> But sanity <Speech_Male> comes to an end on <Speech_Male> August 15th <Speech_Male> when they come back for a <Speech_Male> limited run <Speech_Male> to golden Oreo <Speech_Male> cookies, the company <Speech_Male> says, <Speech_Male> with a quote <Speech_Male> festive <Speech_Male> pumpkin spice <Speech_Male> flavored cream <Speech_Male> in the <Speech_Male> middle, I <Speech_Male> can not <Speech_Male> even <Speech_Male> with y'all on this <Speech_Male> anymore. <Silence> <SpeakerChange> All right, off <Speech_Male> we go, but here's your moment <Speech_Male> of economic context. <Speech_Male> I want to circle back to <Speech_Male> Justin's story that <Speech_Male> 100,000 <Speech_Male> barrel a day bump from <Speech_Male> OPEC plus that the <Speech_Male> global oil market is <Speech_Male> going to get in September. <Speech_Male> Any <Speech_Male> guesses as <Speech_Male> to the size of the global <Speech_Male> market for oil <Speech_Male> every day? <Speech_Male> This is from the U.S. Department <Speech_Male> of Energy, daily <Speech_Male> global petroleum <Speech_Male> production this <Speech_Male> year, 100.33 million <Speech_Male> <Speech_Male> <Advertisement> barrels, <Speech_Music_Male> <Advertisement> 100.33. <Speech_Music_Male> <Advertisement> Daily global <Speech_Music_Male> <Advertisement> petroleum <Speech_Music_Male> <Advertisement> use <Speech_Music_Male> <Advertisement> 99.58 million <Speech_Music_Male> <Advertisement> <Speech_Music_Male> <Advertisement> barrels. <Speech_Music_Male> <Advertisement> <Speech_Music_Male> <Advertisement> 100,000 is kind of a <Speech_Music_Male> <Advertisement> drop in the barrel, <Speech_Music_Male> <Advertisement> pun intended, <Speech_Music_Male> <Advertisement> and they're in a <Speech_Music_Male> <Advertisement> whole lot of margin anyway, <Speech_Music_Male> <Advertisement> right? Our <Speech_Music_Male> <Advertisement> media production team <Speech_Music_Male> <Advertisement> is <SpeakerChange> Brian Allison, <Speech_Music_Male> <Advertisement> Jake cherry, drew Johnson, <Speech_Music_Male> <Advertisement> Dario chief Jeff <Speech_Music_Male> <Advertisement> Peters Charlton dwarf <Speech_Music_Male> <Advertisement> one prose Toronto <Speech_Music_Male> <Advertisement> and Becca weinman. <Speech_Music_Male> <Advertisement> I'm Kai risda, <Speech_Music_Male> we will <Speech_Music_Male> see you tomorrow. <SpeakerChange> <Music> <Music> <Music> This is 8 p.m.
Bloomberg Radio New York
"opec" Discussed on Bloomberg Radio New York
"From Bloomberg television Here's Danny burger Over join now by Louis Dixon senior analyst at rye said energy It wasn't that long ago that we're talking about perhaps triple digits when it comes to oil prices Now we're in a bear market driven by some of those virus fears How does that flip change the potential outcome of OPEC's decision In the last two weeks we have seen a tremendous and colossal shift in the market sentiment and that really has been too big sort of bearish surprises for OPEC And that's starting with the U.S. led SPR release And now with the variant and so while the negative market risk of at least 70 million barrels per day of the coordinated SPR release is sort of a known risk the big unknown risk here is the Omaha variant and how much it's actually going to shift consumption of oil products due to travel restrictions and lockdowns and this is still a big unknown And until we really get the hard data on the efficacy of the vaccines against the new variants and this is data that OPEC plus will not have in front of them today It's going to be very difficult to know how to head in the oil market in the coming weeks Here more conversations like this one on Bloomberg television streaming live on Bloomberg dot com and on the Bloomberg mobile app Or check your local cable listings If we get to next spring and inflation is still over 4% and we've ended our taper and that's where we are I think the fed I will not be on the committee at that time but I think fed would have to say seriously this has run too high for too long And we need to start using other tools Random whilst there the Federal.
Oil and Gas Startups Podcast
"opec" Discussed on Oil and Gas Startups Podcast
"Looking out we're gonna we're gonna them from crisis going out. Yeah yeah gotcha. Gotcha will do this. i wanna i wanna put you on the spot again. Give me one or two. Yes give me a give me one or two interesteing tales of opec either in the past or maybe what's going to happen next year opec intrigue maybe something. We haven't read in the newspapers somewhere. All right well let me just tell you. Bout around opec meeting. Let me just warn everybody. So you know the the media interest in opec is pretty intense in here. You go to these meetings. In the hotel i stay is where the where the saudi delegation stays. So you go down into the lobby. In their fifty to a hundred reporters are waiting to catch a citing the saudi oil minister and so but so much that you read in the media and that you hear on. Tv's false so just is not happening so usually when you go into an opec meeting this a lot of discussions be in advance before anybody even shows up in vienna and then there's more meetings and then by the time you walk into the opec meeting hall. It's pretty much done deal. Everybody you know. Nonsense logos it's down and and they get a deal done and so normally that's how things happen now in over the course of the last couple of years it's gotten very heated because there's been obviously you know. Iran has a different point of view and there was the difficulty between saudis and russia. But so just as an example of how bad the media is covering these meetings. I was with my daughter in vienna shoes visiting me and we were actually meeting the saudi oil minister in the morning before he went to the to the to the opaque meaning. And so we were just chatting with him and we left his sweet and we walked back down to our room and we And the tv was on in the room with cnbc on it and so he.
Oil and Gas Startups Podcast
"opec" Discussed on Oil and Gas Startups Podcast
"And they're like they're like my college football picks but the The the the buzzer starting to hear. Is we really are setting up for la nina Situation this winter which just means colder weather generally in the northern hemisphere which is where the people are and where industrial stuff is so. That's that's kind of the one thing. I think i see out there. That may be good Could trip us up. Yeah no that's exactly right. I mean the national weather forecast that has come out saying law. Lena probability has risen and that would be for colour winter and so so there's obviously a lot of switching that can be done from natural gas back to coal in some countries to oil in some countries you know all these different Generation units have different mechanisms to switch feedstock. But yes if you do see industrial activity fall off dramatically because there is not enough power to keep the lights on in the heat on and so they shudder in activity industrial activity that could cause big recession. We just saw that. The chinese numbers came out the other night Their gdp numbers were much lower than expected because of the blackouts that were there and there is a lot of high frequency data which is suggesting that the uk for example. Lots of different countries are dealing with that right now. So that's definitely a potential risk going to put you on the spot here. So what's kind of the oil forecast and go out kind of beyond at least this year. So so maybe even get us into twenty twenty three. What are what are you saying that oil prices are going to do so as opec always says we not forecast crisis. We forecast inventories but the inventory levels. Basically hundred percent correlated with price level. So that's when they're telling you that they're forecasting inventories they're really telling you that. Forecasting prices but so. I don't forecast so when when they ever say it's not about the money it's about the money. Yes yeah exactly. It's about inventories means it's about price. So i think we will see over one hundred dollars crude this year. But i think that will be the I think that that'll be the top of the cycle. So i think next year. We'll see prices come down again but like you're saying usually. The forward curve is a horrible predictor of price. But i do think that we're going to be at an elevated level of.
Oil and Gas Startups Podcast
"opec" Discussed on Oil and Gas Startups Podcast
"Saudi arabia who's the largest in the ended defacto leader of opec saw that it was no longer the largest oil producer. The us became the so producer. So people kept saying opaque doesn't really matter adding the ten others to opec plus russia and kazakhstan allow other smaller producers into mexico so altogether. They've increased their production numbers but the key is not really the production because they still account for Apted actually look at the numbers. I'll look at them really quickly here. Because i've totally forgotten but So opec itself is now producing just slightly under thirty million barrels in opec plus slightly over fifteen million barrels so altogether. Let's call it. Forty five million barrels out of a hundred million barrels total. The key is that the spare capacity in the rest of the world is basically non-existent in control all of spare capacity. So opec's goal is to stabilize the oil markets. They they don't say so in their mission. But it's always better if they stabilize the oil price at higher level that lower level and so they take off an ad supplied to the market when they feel the market needs it and they have the ability to do that because they have spare capacity whereas most other oil producers. Don't have any spare capacity. That's interesting that you bring it up. I was talking to somebody this morning. And the person was on and on about the trouble with the world When it comes to oil and oil supply was under investment by the united states etc. And i kind of said. Hey aren't you being really narcissistic here and saying it's all about me. The united states. Because i think all the shale revolution did is. We talked ourselves into for call at five to seven years that we truly were the marginal producer we were the low cost producer in the world and at the end of the day. We screwed it all up and we figured out. We generated a lot of oil but we weren't as cheap as we thought we were and so it all comes down to saudi arabia and the excess capacity that they have and so i actually think our public companies are being rational these days by metering out capital being careful with what they drill. Because i think we're back to the old world where we're price takers from opec and.
Oil and Gas Startups Podcast
"opec" Discussed on Oil and Gas Startups Podcast
"Hey everybody welcome to chuck. Yates needs a job. The podcasts we've got a real treat today i have kathleen kelly with me on the phone today on the podcast and this is really cool. I went to a party at paul sank. He's house over july fourth and i was introduced to kathleen and she was described to me as the opec whisper so kathleen. Welcome on the podcast. Thank you for having me very exciting. You should aspire to way more but okay. So how does someone get to become the the opec whisper particularly You know dubbed by paul. Sankey the opec whisper. Tell us how you got to tell us about your career. How'd you get where you are game assuming that you haircut almost everything paul sankey tells you to begin with. But that what he's referring actually actually. I don't haircut what he says because with the accent i don't understand half of so so he might not have said opec whisper he might have said you know rabbit whispers something like that fair enough fair enough so i But i think what he's referring to is that i spent a long time In vienna at opec meetings talking to a variety of different opec decision makers and advising them on different things that were happening in the oil market so my mother always says why would they want to hear from you. And the reason for that is because i spent my career as a hedge fund manager running portfolio in commodities and so i spent all this time looking at how investors decide to invest in the financial or of crude oil market and most open producers are experts on the physical side of crude oil market. And they don't really understand how the rest of the world is looking at oil and they also. The financial side of the oil market is much larger than physical side. So you know. It's all these people sitting at their desks around the world trading crude and having these larger impacts than than opec producers can understand or have understand historically and so i tried to bridge those two.
Oil and Gas Startups Podcast
"opec" Discussed on Oil and Gas Startups Podcast
"And that is you know that's is beyond him Hypocritic to say we have abandoned leasing in the us but were asking other people to increase it and so the white house is response to this and this does you know this was talkback lengthen Also talk about the peace on inflation. Because you know you. If you're interested you should take a listen to the you can find it on youtube. Listen to the whole thing but if you read it on their number of things. I will not get into but i i think these are just two of the many things that this This this woman has has very much inaccurate if not completely wrong and is actually lying to the public about okay. So we'll get back to the inflation piece but here's the first part on opec. So jen gets a question. You know the press. The press secretary gets the question and says gen a question on about opec. The white house is pressing opec to produce more oil. Have you gotten a response from saudi arabia about that requests. Well i i would say this is. This is just an outreach. That's just happening over the last couple of days but it's also ongoing in something that isn't new as of today or even as of yesterday we've had ongoing engagements. I know we talked about this. Just a couple of weeks ago when we were especially concerned or where they're where they're opec discussions with opec member countries happening even though we're not a member of opec so the steps were announced this morning which include as you referenced. Jeff national security advisor. Jake sullivan putting out a statement about white house. Officials are are continuing their engagement with relevant opec members on the importance of competitive markets and setting prices and doing moore's fourth recovery. It also includes a letter that was sent from the From our director brain dc on the To the ftc to consider dash encouraged them to consider using all the tools to monitor us gasoline markets. So they're clearly concerned about inflation reference back as they mentioned deflation right before we get into this and this is a component of this She goes on to say so. This is not meant to be for media response. Necessarily it's meant to be a long term engagement consistent long-term engagement as we work to address not just anti competitive behavior in the united states but in the global marketplace as well and also taking steps that we are prudent to keep prices for the american public. So she's not addressing directly that they called on opec to increase output and keep opening the tap so that prices will be low on for an abundant global market not addressing all that they've reduced production that are they're trying to actually reduce output into in in the us The question goes on to say. I have a broader question on the theme. How do you square added this white house square a push for opec or saudi arabia to increase production of oil which is a fossil fuel with your change agenda which.
Oil and Gas Startups Podcast
"opec" Discussed on Oil and Gas Startups Podcast
"National security advisor. Jake sullivan on the need for on the need for reliable stable global energy markets. And i'm going to read this out loud in case you haven't logged into. The white house looked at it but basically he says this is quote higher. Gasoline costs if left unchecked risk harming the ongoing global recovery. The price of crude oil has been higher than it was At the end of twenty nineteen before the onset of the pandemic well opec plus has recently agreed to production increases. These increases will not fully offset previous production cuts that opec impose during the prion democ until well into twenty twenty two at a critical moment in the global recovery. This is simply not enough. President biden made clear that he wants. Americans have access to affordable and reliable energy including at the pump. Although we are not a party to opec the united states will always speak to international partners regarding issues of significance that affect our national economic and security affairs in public and private. we're engaging with relevant opec members on the importance of competitive markets in setting prices competitive energy markets willinger reliable and stable energy splice and opec must do more Recovery so this is the. Us white house. The the biden administration calling on opec to increase output. Because they are seeing pressure in prices. Now i am. It is not a stretch to say that this is these. These price increases and inflation in the us in particular is what's driving this so it is not just oil prices. And we've talked about this in previous podcasts. I've talked about this law in presentations. In encountering talking with folks on phone and in in the industry this is one of the first times we've seen especially in my lifetime. I'm in the past twenty years that we've seen inflation high inflation so high food prices high High cost of living a high cost of wage increases in tandem with high oil prices. So we didn't have these levels of inflation necessarily all for all components. Won't we had seen really high oil prices before. And so i think these two things are really weighing and they know the administration knows that this is definitely going to impact on consumer sentiment. And it's definitely gonna impact actually help people feel about the ministration. How will the doing so that was a plea by our nationals secretary National security advisor. Jake sullivan on the need for reliable and stable. Global energy markets necessarily. There's a response in the press briefing which we'll get into because it was talked about opec was talked about quite a bit length so what was also interesting is albert government if you go on their website..
WSJ Opinion: Potomac Watch
"opec" Discussed on WSJ Opinion: Potomac Watch
"Because i think to face up to it would be to challenge some of their some of their key policies. Well bill brings up this statement about opec plus and it is. I thought it was really remarkable. It's from national security advisor. Jake sullivan on wednesday. In here is what he said. Higher gasoline costs if left unchecked risk harming the ongo be ongoing global recovery He went on to say while opec plus recently agreed to production increases. These increases will not fully offset previous production cuts at opec plus and so he saying it's not enough and kim. I would throw out that. Some of the members of opec plus include such responsible global citizens as russia. Yeah i mean this is remarkable by the way. Just just think about this. Here is the biden guy. Saying fossil fuels are essential to economic growth. Really okay well. This is what a lot of republicans have been pointing out to the biden administration. Sense a came in trying to combat which has been what has been one of the most aggressive anti energy and ministrations in the history of the country. You know just. Since taking office this administration has killed the keystone excel pipeline is cancelled oil. Leasing in alaska his suspended oil leases on federal lands It just recently increased the fuel. Mileage standards for cars It's been using the endangered species act as a way to tie up land and therefore to further reduce drilling on private lands especially in the west And so you know. We have the united states Which is prior to this. Pandemic had become the world's largest oil producer Thanks to a lot of innovation But under biden policies were essentially Making that harder to do And now turning practically begging for opec plus including all of you said like those responsible players like russia and iran to send to pump more there and send their fossil fuels to us so either you believe that climate is a global problem and everyone needs to do something different Or you understand. That energy is a vital part of the economy and you allow people to do it responsibly. everywhere But these these these two messages from biden from mr sullivan are completely at odds with one. Another and that's not unnoticed. That's not gone. Unnoticed by american allies including canada. Here was the the statement from the premier of alberta jason kenney he said the same us administration that retroactively cancelled canada's keystone pipeline is now pleading with opec and russia to produce an ship more crude oil unquote and and bill was also notable that this statement about came right after the big climate report from the united nations And i i mean..
WSJ Opinion: Potomac Watch
"opec" Discussed on WSJ Opinion: Potomac Watch
"Opinion pages of the wall street journal. This is potomac watch. Welcome back kim. i mean what. What's your view of of. How biden is attacking this issue so far or what he should do in response to these inflation concerns. Well at least for now. He's trying to pretend it doesn't exist. I mean that's why we have the transitory comments that are out there. You also quite remarkably have the administration suggesting that some of the policies that are coming down the road including yet more spending Is somehow going to remedy this. Which is It's crazy talk because again if the issue here is a supply problem and you are flooding zone out there with yet. More transfer payments and money and thereby stimulating demand You're not gonna make the problem better. You're gonna make it worse You know. I think one of the other things too is all of this biden. Talk is sending a signal political signal to the fed that the this administration berry a firmly does not want them to raise interest rates Because they know that's gonna make it harder for them to sell their spending. Things are going to become more costly And you know you have fed chairman jerome powell who his term is going to expire. He'd probably like another run. The fed's not supposed to engage in politics They're supposed to make decisions on the merits but we all know that this creeps in And so let's see what happens in september when it's going to have its next meeting There are some signs that they may have to taper But the white house so far is closing. Its eyes to this or suggesting remedies. That aren't going to help whereas it's not doing anything that might make a difference including pulling back on the spending lever. The fed does not seem so far at least inclined to change. its course But bill about this as a wild idea if we're worried about the cost prices in the economy rising. Here's something president could do by himself. You could take tariffs he could take. Trump's tariffs off of for example steel aluminum coming in from american allies Those lower prices would filter through the economy as as manufacturers bought lower-priced metals And then sold their products at lower prices. I mean there's there's something to me. That seems like a an obvious solution. I'm not sure how huge of an impact that would be but it would be hard to argue with the number of open job openings. That exist out there that that would be harming manufacturers at all. I think yeah. I mean i think the the rest of his constituency in the democratic party Might not go along with that. I mean they haven't been that enthusiastic about free trade. But i think you're right there inefficiencies but that we could address in some of these ways to mitigate what's happening but instead what looks like we're doing crazy things like Curtailing fossil fuel production down the road while begging opec to pump more so that we could lower our prices here The i think part of it comes from the Unlike you they they don't want to admit the basics of the problem that it that it is a problem they kind of recognize it but they can't face up to it..
WSJ Opinion: Potomac Watch
"opec" Discussed on WSJ Opinion: Potomac Watch
"My wife had sent me to the supermarket and i got you know a few items that if you would ask me without. I didn't look at the price if you had asked me. I would say it's twenty twenty five bucks and it was closer to fifty bucks and so many people were repeating the same thing i mean. People are noticing. And i think that's why the the biden administration's claims that does not anything to worry about. I think that's going to be harder and harder to maintain. Because i think people are feeling it in their ordinary lives in the kind of things you point to kyle. I think suggests that we're going to have more of it. That is not remember so few people predicted that we would have what we're having now right. We were told it wasn't a problem and so forth. I think we're going to have more of it down the road. I don't see how we avoid it. The question then is whether it becomes a self fulfilling prophecy to some extent. I i mean. I look at the business pages and there was an interesting story. I think it was last month. About japan outlay mexican grill saying that. They raise their menu prices this year by around four percent and after that sales went up and he the the leaders of the company said they hadn't seen real pushback from customers They think they have real pricing power. That maybe they didn't before. And so the danger kim it seems to me is that if that becomes the new normal for people one percent here. Three percent there Then the result of that is if you think it's coming next month in the month after when your annual review comes around You're asking your boss for a raise. You're gonna demand at least what you think. Inflation is going to be And then the circle just goes around and around again. Yeah that's that's one possibility. And certainly that's a very interesting anecdote. And i think that one issue though is is that the way people react to inflation obviously Changes based on. What kind of product. You're looking to get especially those that are More of an option versus those that are a necessity so You know. I i don't eat it chipotle. Every day maybe it's just so good people are willing to pay for percent more for their burritos But but but it's also one of those goods that you could potentially forgo..
Wall Street Breakfast
"opec" Discussed on Wall Street Breakfast
"I'm your host. Steve brown our top stories today crisis for opec plus china crackdown and at record highs leading. Today's news saudi arabia and the united arab emirates headed into the boxing ring for another round on monday before opec plus called it quits on a production deal the unresolved spat between the longtime ally saw. Wti crude sore another two percent to near seventy seven dollars a barrel. Further squeezing an already tight oil market and raising concerns over inflation. Ed issues the current terms of baselines or the measure in which each country calculated production cuts. The uae feels its current level of three point two million bpd from april twenty twenty s to low and should be three point eight million bpd when the deal is extended into twenty twenty two but the saudis in russia have rejected any readjustments fearing that other opec members will issue similar demands. What's at stake. Abu dhabi attempting to force the group to accept its request or risk unraveling the alliance at the extremes of the equation. Crude prices could make an outsized move in either direction. Failure to reach a deal could mean crew could rise even higher but opec plus unity may also breakdown risking a free for all that could send prices crashing. That scenario played out last year when a disagreement between saudi arabia and russia prompted an oil price war months after the dispute was settled the uae stirred things up again by threatening to leave the cartel failing to come to a deal may provide some brief upside to the market with reports that output would remain unchanged explained analysts. At i n g however realistically it could also signalled the beginning of the end for the broader deal and so the risks that member start to increase output outlook. The tensions between abu dhabi in riyadh are going beyond oil. While the crown prince mohammad bin zayd and saudi crown prince mohammad bin salman once had very close relations to former husband flexing. Its own geopolitical. Aspirations via foreign policy moves towards countries like israel and yemen the saudis have also called for foreign companies to move the regional headquarters to riyadh many are now in dubai and following the opec standoff the kingdom move to restrict citizens travel to the uae in other news shares a global or off twenty five percent pre-market to eleven dollars and sixty cents as trading reopened after the july fourth holiday weekend. That's also seventeen percent below dis. Ipo price of fourteen dollars. Though many retail investors likely bought in a lot higher triggering. The plunge was a big data. Crackdown by beijing which ordered. Us listed chinese companies to be removed from app stores. Worldwide while existing users can still use the apps new subscribers have been halted while the chinese probes conducted. Dd said the uptake. Down in china may have an adverse impact on its revenue in china but his striving to rectify any problems improve. It's a risk prevention awareness at protect user's privacy and data security also often pre market action. Our truck hailing service full truck alliance co an online recruiting app kansan which are down sixteen percent and nine percent respectively both companies with public in the us. In june bigger picture fearful of their growing influence china is in the middle of a sweeping crackdown. On the nation's biggest tech firms. Last november beijing pulled the planned. Ipo of fintech giant ant group and in april. It hit alibaba with a record. Two point. Eight billion dollar fine over abusing its market. Dominance in may china's antitrust regulator also ordered dvd and nine other on demand transport companies to overhaul their practices ranging from price hikes to driver treatment current investigation china cyber unit is convincing a review of deedee and others to prevent data security risks safeguard national security at protect the public interest. The communist party back global times also wrote that appears to have the ability to conduct big data analysis of individual behaviors inhabits a feature that could require strict oversight by government that is highly concerned with social control. Dd is the most dominant ride hailing business. In china accounting for eighty eight percent of total trips in the fourth quarter of twenty twenty futures linked to the dow s and p. Five hundred and nasdaq are hanging close to the flat. Line following a big week for the major averages which notched fresh record highs in the wake of the us jobs report. Nonfarm payrolls for june showed a strong gain of eight hundred fifty thousand on friday but there appeared to be enough concerns to keep the fed from tapering. Its bond purchases for now while many expect the stock market gains to continue into the second half of twenty twenty. Others are more cautious. Analysts commentary the. Us economy is booming. But this is now unknown and asset markets reflected. What isn't so clear anymore. Is at what price this growth will accrue said michael wilson chief equity strategist at morgan stanley. Higher costs mean lower profits. Another reason why the overall equity market has been narrowing equity markets. Are likely to take a break this summer as things get up. Traders are also preparing for a more hawkish tilt at the federal reserve minutes from the fomc. Tomorrow could give some clues. On the direction of monetary policy as well as the tapering time-line besides the behind the scenes discussions many speculate additional remarks on qe and bottom mind could come jackson hole in august notable statistic over the past three months eighty five percent of all the quantitative easing worldwide had been conducted by the fed and the rising corona virus cases in israel where much of the population is inoculated with the pfizer vaccine suggests the jab may be effective in preventing mild illness from the delta variant. However it's still too early to precisely assess vaccine effectiveness according to ran bowser chairman of israel's national expert panel on kobe nineteen this is because exposure to the variant and the likelihood of being tested or not evenly distributed across the population while there are still over a low number of cases among fully vaccinated israelis.