35 Burst results for "Opec."
Biden Is Blaming Everyone but Himself for His Gas Crisis
"According to upstream online dot com, in a letter sent in June to a list of companies including ExxonMobil Chevron Shell, Phillips 66 Marathon Petroleum of BP, Biden chastised the companies. He said at a time of war, historically high refinery profit margins being passed directly onto American families are not acceptable. But Chevron called for policies that underpin continued investment in oil and gas rather than the obstructive approach that Joe Biden has been using thus far. The oil companies then sent a written statement out, they said, we want to underscore the U.S. refineries are running at high utilization rates. Refinery capacity expansion is a long-term proposition given permitting engineering design capital cost estimates and equipment procurement. So the idea that they can just ramp up production is not true. But Joe Biden has to find somebody to blame for his own bad policy. And so, of course, he spent the last several months up to a year blaming everybody but himself. In October of 2021, remember, as of October of 2021, you were already looking at gas prices that were hovering just under three bucks and 50 cents per gallon. And so it already risen by well over a dollar under Joe Biden. At that point, Joe Biden said the gas prices would come down. They did not. Do you have a timeline for gas prices of when do you think they may start coming down? My guess is you'll start to see gas prices come down as we get by going into the winter. I mean, excuse me, in the next year, 2022. Oh, midwinter to the next. Oh. Has that been happening right now? Then Joe Biden blamed OPEC for the high gas prices. This is November of 2021. If you take a look at gas prices and you take a look at oil prices. That is a consequence of thus far. The refusal of Russia or the OPEC nations to pump more oil. Oh, by the way, there's November. That was well before the Ukraine war is blaming OPEC.
"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.
OPEC+ reportedly reaches agreement to increase daily output by 100,000 barrels
"OPEC plus is to boost oil output by a slower pace than in previous months The move by the oil cartel and its allies comes at a time of high gasoline prices and unstable energy supplies exacerbated by the war Russia's wedged on Ukraine OPEC led by Saudi Arabia and its allies led by Russia say they'll increase output to 100,000 barrels of day next month after raising it by nearly 650,000 barrels a day in July and August The group has been considering what affects staggering inflation and
Rep. Loudermilk: We Didn't Talk About OPEC Until Biden Came In
"And one of the things I appreciate you pointing out here is not just ending the Keystone pipeline pulling the plug on that, but you've got these Democrats that are going after offshore drilling in the Gulf of Mexico. I mean, this is a very dangerous game to Democrats are playing. They are and they've actually included some provisions in the appropriations bills that will be brought up. This week. And so there's an old adage that when you're in a hole, quit digging, but they just keep digging. It's like, oh, we're going to fix this by reducing more American oil production. Toxins have been in Congress, we became energy independent, and it was actually during the Obama administration. Republicans in Congress ended a 40 year ban on exportation of U.S. oil. I was surprised to find out that we were the largest producer of oil in the world. We had the capacity to do that. Even greater than OPEC, so we passed a bill that forced Obama to sign it that ended the ban on exporting U.S. oil. Literally within weeks, we became the world's largest exporter of oil, which meant that OPEC no longer controlled the international price of oil. Everyone quit hearing about OPEC until Biden came into office and what does he do? He shuts down our domestic production. And now he's going over to OPEC countries to ask them to help us with their fuel prices. It makes no sense what these folks are doing. And then they just double down to try to make it worse.
Biden's Big Gas Problem
"We're all feeling the pinch and in some cases the squeeze on gas prices, gas prices that are reflection of a larger current of inflation. That is self inflicted almost wound on America that has been done by the Biden administration. This is not the same, by the way, as the stagflation and the gas crisis of the 1970s, Jimmy Carter was partly responsible for that as policies were inept, but there was an external driver, and that was OPEC. Now Biden would say in this case, well, there is an external driver. It's Ukraine, but the difference, of course, is that the United States has plenty of ability to meet its own gas needs. I just filled up the car, I forget $85. And I didn't start with it being on rock bottom empty, that you just were. Now 5 20 in Texas, and this means it's going to be 6, $7 in other places. Now, Biden is talking about, well, here's Biden. My message is simple. Do the companies running gas stations bring down the price you are charging at the pump. Do it now. Do it today. So this is what we get from this unhinged character. He doesn't well, I won't say he doesn't realize he does realize, but he nevertheless says these absurd things that ignore markets ignore supply and demand, ignore the effect of his own policies, ignore the fact that if you rescinded his own executive orders, things would immediately get better. Look, first of all, the gas companies don't run the gas stations. Most of these gas stations are mom and pop own, their franchises typically the owners of these gas stations make two to three cents a gallon and they don't set the price.
The Double Horror of Stagflation: Stagnant Growth and Inflation
"The country is going into a real economic morass, a bad situation. And what makes this bad situation so disgusting is it is almost entirely self inflicted. Now, the word that we're hearing, once again, we haven't heard it in almost three decades. Stagflation. And stagflation was a new word when it was coined in the 1970s. It was coined to describe a phenomenon that economists did not think they would see. By and large, people often thought that economic growth and inflation work in opposite directions. They don't really go together. So in other words, if you have economic growth, you could have some inflation that goes with it, but you're not likely to see inflation that goes along with economic stagnation. The very fact that prices are going up generally means wages are going to go up. And so you're going to see inflation, you're going to see economic growth, but you're not going to have a case where you essentially have bad news on both fronts. That stagflation stag here referring to stagnation or stagnancy. And then deflation part of it is, of course, inflation. But that's what we have now. And in the 1970s, it was driven by an energy crisis that was largely caused by OPEC by a cartel of foreign countries, essentially controlling and manipulating the prices of oil and gas. But now we don't have that. In fact, there have been huge discoveries of natural gas in America. And so it is our own refusal and by hour here I mean the decision by the Biden administration to block access to oil leases so we're not Tapping our own our own available resources. And as a result, we have not just an escalation of gas prices. We not only have a well almost 9% inflation, but we're now beginning to see the effects in the economy.
US Markets Head Back to Negative Territory
"Com. All right, let's get started on this market because you know what? I told you, I didn't buy the rally that we were seeing. I think it was a very short lived bounce. We got the market back in negative territory. No surprise really, given where we are on oil. I want to highlight that. First and foremost, because you know that I have predicted a $130 a barrel on crude oil, which could translate in some parts of the country to $9 a gallon on gasoline by the height of the summer driving season. Well, we hit one 20 and change today, up 3%. And this is despite the news that OPEC announced it's going to add more than $600,000 of 600,000 barrels a day of oil. The administration was pretty psyched about that one. I explained it all in yesterday's program, but let me tell you, the oil market sure as heck doesn't care. I don't think they really buy it. Maybe they don't really believe it, maybe they know that 600,000 barrels really isn't going to be enough. Maybe they're concerned because it's actually OPEC plus, which includes Russia, so that gets a little sticky, does it not give in the sanctions? Anyway, suffice it to say, we've got higher energy prices still, which is going to lead to more and more inflation. How do you deal with this? At a time when the fed is out there aggressively trying to confront it, I'll tell you that the big problem with this from the beginning is that they didn't recognize the cancer that inflation had started to become, right? They thought it was nothing. And yet it grew and it grew and it grew and we kept hearing from people in the administration and economists Talking Heads that were touting the Biden plan, we kept hearing that this was somehow just transitory. And I've been sitting here and let me just say, I don't have Janet Yellen's pedigrees and economists. Let's be very Frank about that. I'm not too shabby, but this is a woman who is steeped in economics and served as the head of the Federal Reserve. Now our treasury secretary, she missed it. I'm sorry. I don't know how these people could have missed
President Biden Travels to Saudi Arabia
"Other our headlines. President Biden is traveling to Saudi Arabia to get big hugs The Crown prince if this was Donald Trump, there would be condemnation following condemnation going back to the murder of the journalist, but it's accepted as a necessity because The Wall Street Journal. Saudi oil boost Yemen tru since stayed for Biden visit to kingdom. We need their 648,000 barrel a day increase in oil because we can't do it ourselves because President Biden shut down the capacity to do so. OPEC agrees to accelerate oil production. And Saudi Arabia's agreement is a crucial part of that to offset the embargo on Russia, which continues its war crimes and its illegal invasion of Ukraine. President
U.S. Will Forgive Billions of Loans to Corinthian Colleges Student
"So you saw the news, I imagine on Corinthian colleges, all the loans are going to be forgiven. That is $6 billion or amount. It's so not a ton. But I have a feeling that this is just the beginning. In other words, this is all an attempt. How does a plant Peoria, how does the media treat this? How do people that get their loans forgiven treat this? And if it goes well, hey, what do you know? Maybe we'll actually do one big giant package. And forgive all the student debt out there. Before, of course, November. I mean, that would be obviously a huge mistake. It's a socialist style policy that wouldn't work. I would argue, what would really help, really, is if the government would get out. Of the education business, which they're so actively involved
Biden Turns to OPEC for Help
"Want to get to one of the things that's driving all this inflation. And that's oil prices, crude oil, ending the day up 2% and a $117 and change. What have I said? I've said a 130 by the height of the summer driving season. So I'm still on the lookout for that. I think it could be coming July 4th. And this is despite the news that we got today out of OPEC. You see the Biden administration has been working really, really, really hard. Trying to get Saudi Arabia who kind of like runs the show right over at OPEC. To pump more oil. Drill more oil. You don't get it out of the ground and onto the open market. In Saudi Arabia, in part because they aren't tremendous fans of this administration. Well, they've been pretty reluctant to do that. So there's been a lot of pleading and a lot of diplomats going back and forth. And we've sent people over and we're like, hey, you know, we really need this one. So come on, Saudi Arabia. Go for it. So now Saudi Arabia apparently has said, okay, we've been persuaded. They're willing now to up their oil production. So by what? 600 and some odd thousand barrels a day. They're going to put into the open market. So you'd say, all right, well, that's good, right? That's actually going to lower the price of oil. And yet here we are. With the price oil, up 2% on the day, this whole thing is announced. Antonio, the oil markets are on fire, and they're going to continue running higher because of some pretty basic stuff. We lack a commitment to energy that's drilled here in the United States.
OPEC Agrees to Increase Oil Production
"But we're told there's good news OPEC will increase production by 50% at least for a period of time But absolutely nothing to improve domestic production Nothing The foot is still on the throat of domestic oil energy production And so inflation will continue to rise prices will continue to rise The value Of your paycheck your pensions social security will continue to decrease Your savings that you work so hard for Will continue to be devalued Interest rates are going to go significantly higher That's what happens when you create inflation Government creates inflation Government created inflation
OPEC+ alliance boosts oil production as energy prices soar
"The OPEC oil cartel and allied oil producing countries have agreed to boost production amid fears high energy prices are slowing the global economy I'm Ben Thomas with a look at their decision The 23 member OPEC plus alliance which includes Russia and will raise production by 648,000 barrels per day in July and August The group has been adding a steady 432,000 barrels per day each month gradually restoring production cuts made during the depths of the pandemic recession The move should offer some relief for a global economy suffering from soaring energy prices and the resulting inflation Gasoline prices are at a record high in the U.S. with the triple-A reporting an average pump price of $4 71 cents per gallon until now OPEC had resisted pleas from The White House to boost oil supplies to make up for production lost due to sanctions against Russia over its invasion of Ukraine I'm
Mo Brooks: Our Inflation Crisis Was Caused by Self-Inflicted Wounds
"And then when we printed all that money and spent it and we didn't have the supply chain to back it up of course the prices of the products went up Is any of this rocket science I mean this was taught to you when you went to school for economics correct Like this was very predictable By way of background I graduated with distinction and economics at duke university So I do have some education in economics And I have looked at economic issues for decades now of course you've got Jimmy Carter with the economic malaise associated with his administration and the inflation that we have today And I've been advising people that it's only a matter of time before these bad economic policies come back to bite us The difference between the economic malays and Jimmy Carter is much of that was inflicted from without with OPEC doing what they did and monopolizing all production and artificially jacking up prices What's happening now These are all self inflicted wounds When you have a $30 trillion debt you borrow $7 trillion of the last three years alone That's going to devalue the value of the U.S. dollar which in turn means you got to pay more dollars to buy whatever it is you're going to buy And then you add on to it the very bad response to COVID where we attacked our own economy we paid people not to work but what happens when you pay people not to work that interrupts the supply chain not as much as on the shell So you have to pay more in order to get it And it doesn't end with that there are other things I'll give you another example The Biden administration day one attacked energy production for energy that's going to be consumed in the United States of America That cuts down on the supply of energy particularly oil what's the net effect of that That drives that pricing So all of this is economics one O one so long as you don't go to the same university that AOC went to
Hello Jimmy Carter 2.0: Pelosi Wants to Regulate Gas Prices
"Turning to another person who needs two channel George Costanza, that would be Nancy Pelosi. Speaker of the House, saying, in her weekly address, that she intends to introduce legislation that would allow Biden to set gas prices. Are we going back to the 70s? I mean, Jimmy Carter, where are you? What we're going to ration? Gas? We're going to set prices. That's your answer to this energy crisis? It's worth just taking a little teeny moment and having a little econ one O one session with all of these lawmakers because they don't seem to understand that supply and demand are correlated. And the pricing and incentives are also correlated. So if prices are capped, do you think anybody wants to be in this industry? Do you think businesses are going to want to drill more, knowing that they can't make more? Depending on whatever the price should be in the open market for oil? No. Of course they don't. And so it means you're not going to have enough supply, which is going to keep prices consistently high. OPEC knows this. OPEC chooses not. To pump more oil because it wants to keep prices high. So we're going to say, okay, we're going to cap prices, which is actually going to disincentivize corporations from wine to be in this business. And we think that's going to be the answer.
Montage: Every Excuse Leftists Are Using About Rising Gas Prices
"I'm going to work like the devil to bring gas prices down I will do what needs to be done to reduce the price you pay at the pump Even if we drilled as much as we could The price of oil is still set globally This Keystone pipeline it would take years for that to have an impact on prices There's an impediment to production in the United States and it's called the bankers on Wall Street Oil prices and gas prices are famously something that is largely outside of the direct control of any political figure The price of oil is very much dependent upon the global supply And that's manipulated for price by countries that don't always have the same values that we have That is the consequence of thus far The refusal of Russia or the OPEC nations to pump more oil The gas prices of course are based upon a global oil market That oil market is controlled by a cartel That cartel is OPEC Certainly we all want to keep gasoline prices low But the threat of the crisis the climate crisis certainly can't wait any longer The significant reason why freshers are up Is because of COVID affecting the supply chain Inflation in prices and housing and in gas is because of deficit spending that's Trump's fault The invasion of Ukraine and the volatility of the oil market is no excuse for excessive price increases profit padding or any effort to exploit American consumers The current spike in gas prices largely the fault of Vladimir Putin Putin's tax that's really Putin's gas hike That's his gas hike Are you guys just going to start blaming Putin for everything Food price hikes at the pump Putin's price hike here at home Putin You should be blaming Putin if anybody for this and to not blame Putin first of all is denying reality and second frankly I think is un
Candace Owens Shares Her Perspective on the Russia-Ukraine Situation
"More Candace. Welcome back to the program. Thanks for having me. How you doing? I'm doing great. So walk us through your perspective on the Russian Ukrainian situation. How should we be thinking about this? It's a really wild perspective to have that people should not be discriminated against. And it's crazy to me that especially following the aggressive two year Black Lives Matter campaign. This is something that even needs to be said considering we just had the entire world marching hands pretending that discriminatory practices is what was plaguing western society. And yet this breaks out this war breaks out between Russia and Ukraine and everybody gets on board. Absent any facts, by the way. The entire western narrative is let's keep people extremely ignorant with propaganda. And just use emotional engineering when it comes to discussing the issues at hand. I mean, to see the press first and foremost reporting that Putin just woke up one day, right? And this is how stupid it's like telling a story to a toddler who woke up one day, didn't take his crazy pills and then decided to bomb Ukraine. Does that even sound like a serious foreign policy perspective in terms of what's going on in the eastern quarter? Of course not. But this is what they're asking Americans to believe. And unfortunately, ignorance is not a defensive strategy. So ignorance is the strategy that Adolf Hitler and his propagandist employed in World War II and they thought they were winning the war until the very end until they realized they weren't wearing the war. And so even if the truth makes you uncomfortable, it's important that it's discussed from a security perspective so that Americans have a realistic idea of how secure we are right now in terms of what's going on in the western corner and the answer in my opinion is not secure at all. We're not secure at all because it has never been the circumstance that America can't get OPEC to pick up the phone. You know, for America to be calling the leader of Venezuela and asking about oil, which by the way is nonsensical, giving the fact that you're saying Putin is a horrible person. If Putin's a horrible person, wouldn't you think that also the leader of Venezuela, they've been starving at citizens locking them in the country. Would also fit under that category. So it's been, it's just been a lot of nonsense and the left is being played with ignorance. And what we've been just trying to inject across the board is just a more sober analysis of what's happening, which of course includes a realistic discussion about
Average US gas price rises 22% in two weeks to record $4.43
"The average price for a gallon of regular grade gasoline nationwide has shot up to a record high I'm Ben Thomas with a closer look the new average prices for forty three that's a twenty two percent increase over the past two weeks a whopping seventy nine cents the fuel price analyst trilby Lundberg says diesel is up even more the dollar eighteen per gallon and that diesel hike will further feed inflation the diesel fuel impact on consumers are so extreme the publisher of the Lundberg survey notes oil prices were already going up but Russia's invasion of Ukraine in the sanctions that's prompted especially with the combination of the banned by the US on imports from Russia are driving this price surge because Russia is the second biggest exporter of oil after Saudi Arabia and it follows a sustained period of curtailed global output or some OPEC members unable to keep up with production targets and the decline in US production Mr whether gas prices pause a little ago yet higher Lundberg says the only unlikely thing is for them to grow up right now I'm Ben Thomas
Joe Biden Joyfully Says Gas Prices Will Go Up
"Want you to hear Joe Biden. I want you to study his answers. Study, you know, we always love to watch body language, right? We all do this. We watch body language. We listen to the inflection in somebody's voice, listen to Biden, asked about which direction gas prices are going to go and listen to how almost joyful he appears when he says they're going up. Gonna go up. And do much right now. Russia's possible. Now, here's a fact today it's Russia's fault, according to Biden. And his acolytes. Before that, OPEC was to blame before that, it was because of the virus. You see gas prices have been going up for a year. What changed a year ago? Well, our energy policy, and we all know it, everybody knows it. Everybody knows it.
Inference: 'Thunder out of China' Details Fauci's Support for Gain-of-Function Research
"Anthony Fauci's been the director of the U.S. National Institute of allergy and infectious disease That's nigh aid since 1984 Over the last few decades he has expressed his support for gain of function research on numerous occasions In a 2011 op-ed for The Washington Post co author with Francis Collins the director of the NIH between 1993 and 2019 they made the case for viruses engineer quote engineered and isolated biocontainment laboratories As a means to identify quote genetic pathways by which such a virus could better adapt to transmission among people The benefits were not elaborated in detail the authors simply noting that quote important information and insights can come from generating a potentially dangerous virus in the laboratory The OPEC concludes with a brief consideration of the risk involved Now the following year Fauci published a paper in total research on the highly pathogenic H 5 NI influence of virus the way forward Again making the case for gain of function research In his commentary Fauci acknowledges the question of whether quote knowledge obtained from these experiments can inadvertently affect public health in an adverse way even in nations multiple time zones away He then invites the reader to consider a hypothetical scenario concerning an important gain of function experiment involving a virus with serious pandemic potential Performed in a well regulated world class lab by experienced investigators The information gleaned from the study is then used by another scientist who doesn't have the same training of facilities and is not subject to the same regulations Here's what he writes In an unlikely but conceivable turn of events what if that scientist becomes infected with the virus which leads to an outbreak and ultimately triggers a pandemic Many ass reasonable
"opec." Discussed on The Doug Collins Podcast
"Couldn't export oil. And so those two things really helped create a foreign market for oil and help us to sell more oil here and be less dependent on foreign oil. So those drove American energy independence, I don't think without these things, we couldn't do sanctions on Russia. We couldn't do this. Ill fated, but Obama deal on Iran. We couldn't push back as much on these other countries. If we didn't, if we didn't have more of this energy independence, I think it's really been great for us. And it really helps us foreign policy wise and also just to have cheaper gasoline at the pump. Well, in that it brings this good 'cause I was there when we lifted that export ban and it was the Texas folks in particular, but also North Dakota. I mean, you know, Oklahoma, all these areas began to have this resurgence. Not only in the all, but also the gas side, the natural gas. Yeah. Why now it has become again with the Biden administration and to not be overtly political, but political in this sense this idea of the climate change issue and everything else. We're reversing the gains of the last few years. Absolutely. Look, this administration look, I think we're getting the government we deserve a little bit. But Biden said on day one, he's going to cancel the Keystone pipeline. He's going to ban fracking on federal lands. He stopped issuing permits for offshore drilling in the gulf. Well, you know what all these things do is they push up the price of gasoline at the pump and the price oil. So I think we're reaping what we sell here. We've also got an administration. He's releasing oil from the strategic petroleum reserve. When China's adding to theirs, you know, I don't know how that makes sense for anybody. And then the Biden administration, this really gets under the nerves of people in the energy industry. When Biden says, hey, look, the price of gasoline is too high. OPEC, will you drill more oil? Well, I mean, I literally want to throw my hat right now. You can't, if what we want is lower gasoline prices, and we want to drill more oil. Why wouldn't you want that done in western taxes, western North Dakota in western Pennsylvania where the American economy can benefit? Why on earth would you want it from OPEC? I mean, it boggles my mind. This is a question because you follow this from a public policy standpoint and you follow up close in your own industry. That one is for one who claims to be people for us, America, you know, we want jobs for Americans has become a it's become more of a tagline than it has a reality, but do you see this as being pushed in the Biden administration, Biden himself being of a different generation, but not, you know, basically his frame of reference would be OPEC. But the people in his administration, what are you sensing from the Department of Energy? I mean, I know what we see in Congress. Is it the ideologues inside this and the climate issue, or is it just a simple lack of just understanding of the industry and Nolan gas field? I think they actually understand the industry. I think it's the idol of ideologues in the idea of placating the progressives on this climate change stuff. And, you know, to me, and I do a lot on this congressman. I think that we've really got to be honest with people about, look, everybody wants clean water. Everybody wants clean air. That's not a question. Where the rubber hits the road to me is we've got to be honest with people about what it's going to cost to get there. And what it's going to do to energy costs for consumers, we've got to be honest with people about the guy buying a $100,000 Tesla, getting a $7500 tax credit versus the guy that's struggling to afford a $50,000 truck. What are we trying to achieve here and where are we trying to go and I think that that's that's the problem with this administration is they don't, they're not leveling with consumers on to get to carbon free to get to carbon neutral. This is what it's going to cost us. This is what we're going to have to do and to me that's where all this climate change stuff needs to go. Hey everybody, it's another amazing podcast today we had Dan talking about is in the middle of talking about energy talking about our inflation. He's talking about capital investment. He's talking about the uncertainty that's out there every day..
"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.
"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.
"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.
"opec." Discussed on Oil and Gas Startups Podcast
"Popped up. Yeah so i mean we've seen opec fall apart already in the last Twenty months right last last in the first quarter of twenty twenty. We saw russia in saudi arabia fighting over policy in opec and really kind of leadership of opec and of opec pus. And so we've already seen what that can do to markets. I mean they can come and swamp the market and sent prices lower. That's they're the only ones that can really do that. Ramp up production very quickly so That's if you're if you're saying where is because i'm obviously still very bullish on oil prices right now so what what could cause them to go a lot lower. Certainly that could That's the supply side. There is a lotta s. p. are Strategic petroleum reserve barrels. That have been built up around the world over the last year and a half. We've seen what happens. When those are released in china just released some oil from their espy. Our last month for the first time ever and it has a short term impact. But then people will. They're going to have to replace it at some point because they just took oil out of there s pr so so it's a very short term impact in the oil market came back and made new highs quickly after that I don't turn to stay in the obviously. The supply side could get more supply demand side. We have a lot weaker demand. We could have some run on effective the pandemic with another variant that shuts down again. We can see demand drop off. significantly Was to the order of magnitude of eight million barrels day last year. So that's a lot of oil that can accumulate. But it's kind of tough. Because you know. I i've been trying to figure out if you really if view you're sitting here in the us and your us citizen you don't wanna be you know we were told that we're energy independent for the last six or seven years so you don't want to be in a world where you go back to having the potential of opec controlling all of the resources..
"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.
"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.
"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..
"opec." Discussed on WSJ Opinion: Potomac Watch
"I understand the argument that you can separate these two issues. The short term Crunch of this pandemic Economy and the long-term issue about fossil fuels. But even even if you try to do that I what i don't understand is why if you're admitting that they that we need more oil in the short term wouldn't we rather have that oil come out of texas or alaska where it's a you know adding to american jobs and be subject to american environmental standards and not a saudi arabian or russian environmental standards. Yes i'm not sure you can separate the issues As you say. I mean in theory you can but You know the opposition to these fossil fuels is almost religious in the sense of how evil they are and the deadlines that were imposing for. You know having half our fleet be electric cars or no fossil fuel use and so forth. I think a lot of them are pie in the sky. So i think that short-term could become long-term you know we have crunches down the road because of what we've what we've done you know look at a texas. You know the problems with energy. They had because they hadn't really backed up their their systems. I think i think if you take the totality of the biden administration's actions against Fossil fuels and the deadlines that they're imposing. I think we're going to have a lot more scenarios like this and in a lot of those scenarios we might not have an opec. That could even bail us out. So i agree. It makes no what you're saying is that it makes no rational sense. If you need the oil it would be better to have it. Come from here. But i think it's a political calculation that they want to say we're keeping the us pure and pristine not harmed by fossil fuel so let someone overseas do the dirty work For us and i would add in. They're not even keeping us clean from fossil fuels but also from nuclear energy. I mean if you take seriously the claims in the un climate report. I i don't know why the obvious solution isn't to get together as the federal level and see how we can streamline nuclear energy regulatory reviews Get some more nuclear power plants. Start construction on them and kim. I mean instead. We're doing some some stuff like arguing over Whether there should be an income limit on the the tax credits for green cars I mean it was interesting as part of this. Vote a rama. The senate had There was an amendment put forth that would block people making more than one hundred thousand dollars from getting e v tax credits and that went through but it would It was not all that it was a close run thing. I mean there were a few democrats who crossed the aisle to support it but others didn't and this is. This is what the climate green argument in. The united states is right. We're now talking about you know how high were going to subsidize wealthy people to buy very expensive green cars. Which by the way. We haven't even cracked a lot of the problems there in particular charging and batteries Not to mention the cost or even address. Some of these huge questions about the grid And what you need to actually get them all powered up at greg. Holden sustain all that given transference to spotty renewable energy production. So i mean i. It's kinda crazy. One of my favorite parts by the way of this entire debate when that amendment came up is that you found some of these democrats making surreal arguments in order to justify voting against this meaning to vote in favor of giving wealthy people more money for their e b things..
"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..
"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..
"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..
"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.
"opec." Discussed on World Oil's Daily Brief
"Hello and welcome to the world. Oil daily brief podcast. I'm cameron wallace and today is sunday november. The twenty ninth and as we start this final months of twenty twenty and move on to bigger and brighter things next year. There are some interesting challenges that some of the organizations that try to put some sort of control on the oil and gas industry are facing as we start to kind of move into the next phase of the pandemic and prepare for what impact vaccines might have and what i'm alluding to it. I guess you could call it a bit of a rift within opec.
"opec." Discussed on World Oil's Daily Brief
"Production by a further twenty four percent to three point, two eight million barrels a day. Accepting such could risk of backlash from Iraqi parliamentarians and political parties not want to bow to foreign pressure. The traditional shirkers, and plus promise many times before to do better, but some some analysts are skeptical that it'll be any different this time. There's also a risk that future OPEC plus curbs could be undermined by return of Libyan oil. The civil war there halted more than one million barrels a day production, helping pick plus rebels the market. But a ceasefire on Saturday, now opens the door for gradual recovery of supply. For now at least members of OPEC, plus can enjoy the price gains resulting from the deal. The oil mark is on its way to recovery, said Ann Lewis Hill an oil analyst of wood, Mackenzie supply shifted dramatically already. Global demand is recovering to with both May and June climbing from the lowest seen in April as the coronavirus, related shutdowns continue to ease. Now on the surface. This agreement might look like more of the same old plus strategy of cutting production. But a closer look shows subtle changes that point of Saudi Arabia Russia and their OPEC plus allies adopting a more sophisticated approach. That being trying to flip the shape of the oil price curve upside down. In many respects, the cartels borrowing from playbook of the world's top central banks or policymakers often focus on interplay between long and short term investment rates. The alliance's traditionally targeted a reduction in inventories, but now it's also actively focusing not just on stockpiles, but also on the shape of the oil curve, designing policy to influence short term prices relative to those further in the future. The idea within OPEC plus is trying to push near-term or spot prices higher than forward contracts structure known among traders as backwardation. In short OPEC wants oil today to be more sought after than oil for delivery months or years into the future encouraging refiners and traders to take root out of inventories. This marked a departure from previous aims to draw down inventory, more subtle way of communicating in. The shift first reported by Bloomberg on Friday could have important implications for US shale producers who benefit from higher longer dated prices as they used them to hedge their future production. While front month West Texas intermediate remains slightly below forty dollars a barrel. The price of twenty twenty one is trading higher and the price for twenty twenty two is almost forty to fifty a barrel. Brent price curve remains in tango. The term for market where long-term oil is more expensive than short. Although earlier this week, the front of the curve briefly flipped into backwardation. This price difference between contracts for delivery now and in six months remains in tango although it has narrowed significantly over the last two months. Controlling the shape of the curve is difficult, would require OPEC plus to make short-term adjustments to its output, reacting quickly to changes in.
"opec." Discussed on Bloomberg Radio New York
"Is OPEC me today they did one point seven so that the code of five in many ways the cuts one point seven in Saudi Arabia offered an additional four hundred at million barrels at if everybody complies you expect them to do more cuts in March when we're in where and when were Indiana and and much more well we have no I mean it's it's March is a long way away given where we are today and the and the level of of risk that we see in the market Saudi Arabia will certainly want to see better compliance we're getting there with a rock in the area but they're not there yet and you said to me they where they would that they had fully complied at the end of December in that state and in DC said that to me well I don't think that we see that in the publicly reported secondary source data so they're not fully combine champ but they're more complaints than they were when OPEC Matt so I think Saudi will want to see that and then what I think is out OPEC because I think we talked about last time I saw you is in a position where it needs to be more flexible than ever I am ready to respond potentially to ramp up with spare capacity put supplying the market if we do see disruptions there's another circumstance for between now and March or June they're going to pull some more supply off the market if we want to stay in this range do you think Saudis patience runs light with the under come flyers at some juncture it was apparent steak proposition really at the press conference wasn't and that's sort of a history of pack that you know Saudi is often willing to carry a bit of the burden but at some point they need to remind people and instill some discipline that they're not going to do all the work so the question is whether they would flood the market put support supply back I don't think we're there yet given where prices are and given the extent of non compliance which is not massive the thrust of your current pace is that the.