32 Burst results for "Ten Million Barrels"

"ten million barrels" Discussed on #hottakeoftheday

#hottakeoftheday

03:19 min | 1 year ago

"ten million barrels" Discussed on #hottakeoftheday

"There are significantly more contractual. Ligation sometimes agree to several months in advance so it is not that easy essentially to control. How much Allen is expert out of the same applies to a pipeline experts to mexico which are also increasing. It is it is setting up for a really interesting winter. And then against the backdrop and so we'll talk vs now and vivid oil which is so in order for us to electrify the grid at least in the united states. And i would say that the winds i always say All energy is good energy and so as a personal policy decision. I would not have shutdown indian point before it's it's true and i would have extended that as long as possible because building. New nuclear facilities is very hard. They provide a tremendous amount of baseload power when wind and solar will always be intermittent until we have the battery capacity. Which the there's arguments that even if you had all the batteries in the world that that you could have run texas for five extra hours before you lost our which the reality is the cold. The cold was down for four days so five hours over four days practically does nothing therefore natural gas is the swing but if we moved to more. Evt's presumably electricity. Demand will go up in the country. Us electricity demand has been flat. Really since twenty twenty two thousand so last year's so what. What do you see in terms of electricity demand growth because vs e vs as you transition ten million barrels a day of oil houston cars to ten million barrels equivalents in electricity. And then how do we power that grid win without the use of natural gas as the baseload or the swing load to offset wind and solar when it's when it's variable. Yeah nah just just answer. Your main question i while i think we. We have a total electricity demand on the yes growing backlog. Smith lead ten to fifteen percent in long-term So from the level where we are now which has had to have been molest or flat since two thousand so in a realistic energy transition scenarios with gradual You know replacements of petrol cars. If you've he's that's the number you should expect in the next fifteen twenty years but it will be gradual process and it has to be supported by brady much You know integrates infrastructure planning supported by the governments Because again a nor is probably a good example or the success story. We've adoption of these The eighty percent of ourselves in marie Battery ev as of debate and we saw very fast growth. Since i think two thousand eleven thousand bucks almost every water the share of these was increasing But of course that was driven largely by a coordination of soup cds.

Evt Allen mexico Us texas cold houston Smith brady
"ten million barrels" Discussed on Mornings With Gail - 1310 KFKA

Mornings With Gail - 1310 KFKA

02:11 min | 1 year ago

"ten million barrels" Discussed on Mornings With Gail - 1310 KFKA

"Well it it's standoff. Interesting choice of words Let me explain. What's going on here to the best of my ability in april of last year opec and its allies who together are known as opec plus or cartel all forgot choice. Awards there yeah. Yeah opec plus reduced its oil production by ten million barrels a day to support prices as demand dropped through the floor. A man demand dropped because of the worldwide pandemic well with demand rising now this year. Prices have risen. Well well over fifty percent. I believe the latest number. I've seen as fifty seven percent and now in recent days in an effort to curb that spike in oil prices. The opec plus group began discussions just last week to raise production by four hundred thousand barrels a month from august through december that would raise production by two million barrels. Those talks fell apart over the weekend. The opec secretary general set only only. The date of the next meeting will be decided. In due course kind of the equivalent of exactly exactly and oil prices continued to rise west texas intermediate this morning at seventy four dollars. Seventy five cents. A barrel brent crude at seven the world benchmark brent crude at seventy six dollars and a penny of barrel oil prices have risen to a six-year high as gail said earlier and with that energy stocks including shares of like occidental pete and conaco phillips they are higher as well

opec keith Jared loveland colorado west texas
Oil Prices Extend Gains After OPEC+ Talks Fail

Mornings With Gail - 1310 KFKA

02:11 min | 1 year ago

Oil Prices Extend Gains After OPEC+ Talks Fail

"Well it it's standoff. Interesting choice of words Let me explain. What's going on here to the best of my ability in april of last year opec and its allies who together are known as opec plus or cartel all forgot choice. Awards there yeah. Yeah opec plus reduced its oil production by ten million barrels a day to support prices as demand dropped through the floor. A man demand dropped because of the worldwide pandemic well with demand rising now this year. Prices have risen. Well well over fifty percent. I believe the latest number. I've seen as fifty seven percent and now in recent days in an effort to curb that spike in oil prices. The opec plus group began discussions just last week to raise production by four hundred thousand barrels a month from august through december that would raise production by two million barrels. Those talks fell apart over the weekend. The opec secretary general set only only. The date of the next meeting will be decided. In due course kind of the equivalent of exactly exactly and oil prices continued to rise west texas intermediate this morning at seventy four dollars. Seventy five cents. A barrel brent crude at seven the world benchmark brent crude at seventy six dollars and a penny of barrel oil prices have risen to a six-year high as gail said earlier and with that energy stocks including shares of like occidental pete and conaco phillips they are higher as

Opec West Texas Gail Conaco Phillips Pete
"ten million barrels" Discussed on Bourbon Pursuit

Bourbon Pursuit

08:13 min | 1 year ago

"ten million barrels" Discussed on Bourbon Pursuit

"And i end on it. You know there should probably work over highlight. All the k wise in the document will put i in in to replace gone down. That road Put a good point about texas bourbon. I bet they'll be another war. They haven't officially designated that one yet. have they. you're pushing hard to get. That ruled made though but yeah. I think that that's one that deserves it as well You know that they're pumping out there. There's a lot of good distilleries in texas and A lot of people are starting to figure out that tricky climate. So that's that's an exciting one to watch for sure all right so let's kind of move onto the last subject for the evening in. That's talking about ten million barrels now aging and kentucky. So this was a great article that came out last week by steve combs talking about how in october e. kentucky distillers association released a record number whiskey barrels filled which was two point. One million and the total barrels were in aging. Were nine point. Eight six million so we will just go ahead and kind of skip and that was back in the two thousand nineteen skip a year. We we know probably over ten million now and so with the. Us whiskey bus that were happening in the nineteen fifties and nineteen seventies. There was concern that there was so much liquid on hand that it would create a glut. So question for you all is. Would we sense a glut in the upcoming years knowing that a we've got this many people pumping up this much whiskey and kentucky. We just got talking about kraft and how many craft distilleries are pumping out. Pretty much every distillery is doing twenty four seven three sixty five. They are pumping out as much as possible. They they can. So what does the next will say. What's your what's your magic eight ball like look like for Will say twenty thirty two right now. Eight ball's actually looking pretty good from a distillery standpoint because i think the international market is just huge sell and it's going to continue to grow now the american market. Might you know our flavor. Profiles navy rum becomes. I don't think we're going back to back anytime soon. But sage in saint. Jim becomes a super hot next thing right all of a sudden. You're seeing gen and flavor gin. Cotton candy jen in the market everyone's going gaga for. But i think if that's the case because international market so booming hungry for american whiskey. I think they're going to be able to quickly turn just pivot where they sell it to and then we're just to go back to importing any any good whiskey back into the states like we used in the past so optimistic. Don't get me wrong. There's going to be a lot of whisk. If american preferences change but i think it's not going to be as bad as the seventies when they're just you know dumping just letting go to waste. There's marcus for outside the us. I think you'd also mentioned tariffs mean. We all know that that's going to be a big inhibitor to this. Hopefully that's gonna get resolved here on the next few months but you know even with the international market. I know there's been a lot of people that have talked about and Who actually put it here in the chadli j. I mean if china and india take a liking to bourbon then we even even even days production standards. There will never be enough to satisfy global demand. So that is that is one big if if that happens There was another part of the population. Now on the us versus sixteen seventies hill. The populations guy what fifty percent more sixty percent more you know in the us. I don't know thinking. I mean granted. There's more options but you know in rare bird made a great point morality laws. You know. it's not so you know drinking's more acceptable you know now than ever. I mean now the the big thing to whereas younger generations are you know not drinking as much. And they're kind of leaning towards cannabis or other things But i i don't know i've when i'm in kentucky i'm like gosh here's a lot of bourbon and made and then when i traveled anywhere else. You know the thirst for it. The knowledge for it is just people are so hungry in. They're just getting into it and it's like and this is in major cities that have a talking about dallas or austin or down in florida. I mean huge population centers. You know mass amount of people and people flocking there. And you're dislike kid cog. We're just starting to begin. Still think you're yeah. I think that is a very good point where we even the population. But what. I always point to is the majority of people who are coming to bourbon seal box based on the analytics are it's like sixty five. Ish percent are under the age of forty. And so i just. I don't think all of those people are going to wake up tomorrow. Just decide like up. Note now onto tequila vodka. I think they'll still have that. So i think you have at least one more generation coming up that will still be into bourbon. Whiskey drinking bottles in trying new brands. Then you know it may fade out. But i think we're still at like at least another ten to fifteen years of growth before we see something that starts to plain out or down or anything like that so i think ten million barrels are still is still short. You don't interesting too. Is that like with bourbon. I've noticed is that like with other spirits like with beer spirits or other wind like people have their like go to brand that they go to you know and that it seems like with bourbon. They have like many brands ago. So they're always buying multiple varieties of brands and trying different things you know whereas other spirits are kind of focused in on like you know one thing but i don't know i always find that interesting. I thinking of going back to rivers point. Sally morality laws or reviews laws views but the other thing is i think people are more open to drinking spirits straight and trying new things now wages with whiskey but with everything. I think that really plays into the fact that you know. I'll buy an expensive bottle. Show must be relevant. If you're drinking murmuring coach from isis shallan burden to mix with coke. But if you more open and drinking spirits maybe from from kilo world or like drinking vodka churches another spirit to try and drink straighten. I think that actually has really strengthened over the last ten years in particular but for the last in a long time since last august. And i think it's gonna continue to be that way which which bodes well for bourbon and on that point the cocktail cultures taken off so much and it's driven by bullet of all brands and they continue just sell obscene amounts of birth in. I think that'll help. Keep it strong. I mean i. I was wrong. Dead wrong dead wrong. Five six years ago when i thought we had already popped by now so i'm done predicting i suspect that china and india will open up But i'm done predicting. And if if we have a glut here than that means i get some well aged bourbon on the cheap In it means we'll start thinking out leonard. Kenny and al plenty to sell you to exactly on the chiefs and people will start looking at for roses when they did their expansion and you want their their bourbon from before the expansion. Same with wild turkey. You don't want the new you want the old still in people start going down that direction so there will be an unending supply of things for us to look for talk about Get weird over. So it's all be good enough. You think there's a ten millions in there's going to be a glut. Will heaven hills building ten more. Fifty thousand Barrel warehouses woodford dublin. Their capacity brown forms double in this. You know it's like They must know something. You know exactly. I'll just that got asha to and brandy. She made a good point bernie bowls you know. I'm still to blown away by how many women are getting into it as well. My my wife. She can't stand bourbon and but all her friends every time they come over there like. Can you make me no fashion. Can you do you know manhattan. And it's they are loving it you know. They're becoming consumers. And.

One million two thousand fifty percent Eight six million last august last week florida ten ten millions ten million barrels tomorrow nine point Five six years ago Eight ball texas austin Jim over ten million sixty percent dallas
"ten million barrels" Discussed on Bourbon Pursuit

Bourbon Pursuit

07:54 min | 1 year ago

"ten million barrels" Discussed on Bourbon Pursuit

"Distilling formerly known as oc tyler based out of owensboro kentucky pause briefly to celebrate the filling of three hundred thousand barrel of bourbon with each barrel holding roughly fifty three gallons. That's fifteen point nine million gallons of bourbon. Jacobscall green rivers master distiller and director of operations said it took nearly four and a half years to reach that three hundred thousand mark but now with production running at nine hundred thousand barrels per year those milestones will start coming a lot faster. New distillery has announced. It's opening eight. Two million dollar expansion that increase its whisky production by fifty percent. This will add nine hundred square feet to the distillery which will have three additional firm enters. The distillery will also be able to operate six days a week instead of just four in this will allow new rift to produce twelve thousand barrels per year up from its current eight thousand. Jim beam is going all in on becoming green and carbon-neutral making long-term commitments to sustainability. Across every facet of its value chain from seat to sip in a new program called proof positive. Beams looking at nature by putting investments and efficient technology and cleaner fuels and reducing water usage by fifty percent while also reducing greenhouse gas emissions by fifty percent. They're also planting more trees in those harvested from making barrels and using one hundred percent recyclable. Materials they're investing in consumer as well by putting five hundred million dollars towards promoting responsible decisions in marketing and providing nutrition information for one hundred percent of all of its products and more investments are going to the community by reaching fifty percent of women in leadership within its organization. Are you looking for a different kind of bourbon tour. When you're planning your next trip to kentucky maybe perhaps one led by colonel. Each taylor himself. While from may through october the frankfurt and franklin connie tourist and convention commission is offering bourbon history walking tours and historic downtown frankfort. You can join colonel. Each taylor for forty five to sixty minute. Guided walking tour in historic downtown frankfort historian kennedy portrays colonel. Taylor it'll be your guide to learn more about bourbon history in the area towards. We'll be offered on tuesdays and thursdays at one o'clock pm and tickets are only eleven dollars per person you can reserve years at visit frankfurt dot com a two hundred and fifty year. Old bottle of whisky is believed to be the oldest known whiskey in existence and set to be auctioned the front of the old england. whiskey bottle. Says it's from evans and ragland and lagrange georgia the back features type note to the glass that says this bourbon was probably made prior to eighteen sixty five skinner auctioneers say they used a needle to extract a small sample. The liquid be sent off of testing by experts and scientists from the university of georgia. Determine that the whiskey was likely bottled between seventeen sixty three and eighteen. O three the bourbon is set to be auctioned at the end of june and will fetch nearly twenty to forty thousand dollars and moving onto bourbon. Release news garrison. Brothers has released a new bourbon called la monetary that has been aged for four years and traditional bourbon than eight for another four years and imported french. The zone casks the eight year old is the oldest releases to date bottling at one hundred one proof and the price is set at three hundred dollars each for the roughly two thousand bottles and it will begin for sale at the distillery starting on may eighth now for today's episode. We hit on some great topics for this table. We discussed what does it mean to kentucky al. Now that dixon deadman is leaving the brand. And there's now a new designation for indiana rye whiskey and it's going to be legal. So what's that going to entail and now that there are ten million barrels of whiskey aging in kentucky. Will we see an oncoming glut of bourbon and a few years. Bourbon is known for their expertise in crafting unique blends taking lots of different whiskies from different regions. And bottling it at cask strength and now you can even buy them online just visit barrel. Urban dot com and click the buy now button with that enjoyed. Today's episode and now. Here's fred mimic with above the char. I'm red mimic. And this is above the char. This week's idea comes from wait me. That's right folks. I have an original idea here. I didn't fish this. One out of the many wonderful ideas that i get from folks for above the char- who often right me on fred frederick dot com or hit me up on the social. Media's i am very passionate about the color of bourbon. And i wanted to talk about that for a little bit when i first started scoring bourbon I usually give like five to ten points toward the color of bourbon. Because you see when we're bourbon goes into the barrel. It is clear as the water from your tap in. It's moving in and out of that. Would every single day extracting all that beautiful color and getting all those wonderful aromas and flavors. I just love to look at the color of bourbon weather. It's a light straw or a deep dark amber with some purple hues and is love looking at it just thinking of the story of the bourbon in the barrel as it was aging and then i kind of realized that the color of bourbon really is a moment of art to me. That is the moment that i am most finding myself aligned with whiskey as a whole being an artistic representation of the creator because every whisky has its own color. And just it's beautiful there. Also beautiful and i started to realize that it is not necessarily something that i could score on. It's something that you know. Ten years ago. I was scoring on but here i am in the last five years. I've come to look at whiskies color as art almost like an album cover. I look at an album cover and it should get me to listen to the music but let's be honest. There's some really kick ass album covers that lead to you know sheltered music and you just don't want to listen to it. It's not any good. The album designer did a much better job than the band did. That's happened a lot of times. And then there's some albums that are just piss poor and then you open it up and you listen to the music you know like holy shit. What in the world was this album designer doing and then the album cover kind of grows on you. You know what i mean. And that's kind of where i'm at now with bourbon. Is that to me the the art of the color beauty of it. Just observing it. All it is is wedding my palate in giving me an expectation of what is to come but i can't let that color of the bourbon have an influence on what i think of it. So i have completely cut out any of my scoring parameters of old Based on color and i focus on the aroma the taste and probably most importantly the finish will always be in my heart. Is that beautiful amber colour who has hues of purple or red or whatever it may be because the color. Bourbon is absolutely beautiful. And that's my story. And i'm sticking to it but that's gonna do it for this week's above the chart. Thank you so much for allowing me to have my own idea like the old days but if you have an idea for above the char hit me up. On frederick dot com. That's fred nick..

three hundred thousand five hundred million dollars Taylor five eight thousand four years fifty percent two thousand bottles nine hundred square feet fifteen point each barrel two hundred Today tuesdays this week thursdays fifty three gallons ten million barrels forty thousand dollars one hundred
Crude Oil Prices Rise On OPEC Plus Production Cuts, $30 Still Caps

The KFBK Morning News

00:36 sec | 2 years ago

Crude Oil Prices Rise On OPEC Plus Production Cuts, $30 Still Caps

"On today OPEC cutting oil production by just under ten million barrels a day all of the president has tweeted out he expects that number may double to twenty million barrels a day but and and of course they almost have to because we're just not using oil like we were for airplanes for cars and and there's no place to put it I mean there's only so much storage for oil and then you have a lot of difference of opinions in terms of when this economy begins to come back when we re open will there be rolling infections out there that slow us down over the next twelve to eighteen months all sorts of

Opec President Trump
"ten million barrels" Discussed on News Radio 920 AM

News Radio 920 AM

02:57 min | 2 years ago

"ten million barrels" Discussed on News Radio 920 AM

"To the peak and so I think that information is accurate this is been a very fast moving outbreak and so we really have to take this day by day com appearing on ABC's this week Easter storm sweep the south killing at least six in south Mississippi and damaging up to three hundred homes and other buildings in north Louisiana with the possibility of more severe weather ahead and oil prices are rising overseas after major oil producing countries agreed to slash output by close to ten million barrels a day to prop up dramatically lower prices America is listening now here's your storm team ten forecast Monday is a weather alert day in southern New England rain begins from west to east before sunrise with embedded thunderstorms through the afternoon wind gusts will increase from the thirty to forty mile an hour range in the morning to the fifty five to sixty five mile an hour range in the afternoon downed tree limbs and power lines are possible leading to power outages across the area a cold front ends the rain and wind Monday night with more sunshine on the way for Tuesday I don T. intend Barajas Anthony McCarthy on newsradio nine twenty and one of four seven FM from coast to coast on the internet this is coast to coast AM with Ian Punnett Irene sure about rockets little def Leppard rocket.

ABC Mississippi Louisiana America Barajas Anthony McCarthy newsradio Ian Punnett Irene New England don T.
"ten million barrels" Discussed on Newsradio 700 WLW

Newsradio 700 WLW

03:45 min | 2 years ago

"ten million barrels" Discussed on Newsradio 700 WLW

"Bright lights say they gonna send my right back on a Monday and I guess it was a bit of good news coming out of from OPEC actually finalizing an agreement yeah we've had this whole Russia and Saudi Arabia oil price war going on for several weeks now and we've seen the impacts on now oil prices and the deal is how they've agreed to cut nearly ten million barrels per day of personal of production it's it's the official number of nine point seven million barrels per day this is the largest output cut ever Sunday's emergency meeting the second in four days as oil producing nations scrambled to come up with some sort of an agreement to prop up the prices that have been plummeting this will also end the price war between Saudi Arabia and Russia that started back in the beginning of March all right the group known as OPEC plus initially proposed cutting production by ten million barrels per day that that would be like ten percent of global supply that was the proposal on Thursday but Mexico apparently up opposed to the amount that they were being asked to cut that held the deal up so they continue talks on Friday ministers from the group of twenty major economies bad and while all agreed that stabilizing the market has to be done they stop short of discussing any specific numbers so under the OPEC plus new agreement of Mexico will cut a hundred thousand barrels per day instead of the four hundred thousand that they were initially asked to take out either way the nine point seven million per day cut begins on may first it will extend through the end of June the cuts will then tapered a seven point seven million barrels per day from July through the end of the year five point eight million barrels per day from January of twenty twenty one through April of twenty twenty two now these numbers obviously would be kind of subject to change but yeah that's so big cut initially then incrementally they'll be bringing more production back online hopefully is the global economy gets back up and running all right so there's the official word oil prices sounds like the price per barrel is bouncing back a bit this Monday morning yeah I believe you would have thought you'd spot was a pretty big jump but there are apparently some analysts out there like Goldman Sachs the other saying they don't think there's another production being caught to do what needs to be done so we'll have to watch those numbers and see how things unfold through the day today you guys are really good one fifty nine coming out of my cold down there yeah yeah the board the liberal hi at double the tax on well now you know in fact.

OPEC Russia Saudi Arabia Mexico Goldman Sachs official
"ten million barrels" Discussed on WCBM 680 AM

WCBM 680 AM

01:59 min | 2 years ago

"ten million barrels" Discussed on WCBM 680 AM

"Until fox business continuing every every investor needs well those plunging prices at the gas pump may soon stabilize the oil price war between Saudi Arabia and Russia is over the world's biggest oil producers agreed to historic production cuts representing almost ten percent of global supply they finalized an unprecedented output reduction of nearly ten million barrels a day they hope to boost crashing prices amid the corona virus pandemic the aim is to reduce the glut of oil resulting from the steep drop in demand caused by the pandemic lockdowns president trump who helped broker the deal by getting Mexico on board says it will save hundreds of thousands of American jobs if the U. S. shale industry sales team press so fox news and in the food industry a corona virus outbreak in South Dakota could impact the country's meat supply chain boxes Jane Metzler has this story Virginia based Smithfield foods closing its pork processing plant in Sioux falls South Dakota indefinitely this after two hundred ninety three people who work there tested positive for the corona virus south Dakota's governor and the mayor of Sioux falls had been urging the company to suspend operations for fourteen days so its workers could self isolate and the plant disinfected Smithfield CEO Kenneth Sullivan says closing the Sioux falls facility and others in his industry could have severe repercussions for this country's meat supply chain chain Metzler fox news will New Zealand recorded its fifth death from the corona virus but only nineteen new cases Monday as the rate of fresh infections continues to show signs of diminishing the latest death a man in his eighties was the third connected with the nursing home where several residents and staff are infected director general of health Ashley Bloomfield said five hundred and forty six people in New Zealand have recovered from the viral illness as the number of people recovering outweighs the number of new infections.

New Zealand Metzler fox CEO Smithfield Sioux falls president fox Ashley Bloomfield director general Kenneth Sullivan Smithfield foods Virginia Jane Metzler South Dakota Mexico
OPEC, Russia approve biggest-ever oil cut to support prices amid coronavirus pandemic

Townhall Review

00:34 sec | 2 years ago

OPEC, Russia approve biggest-ever oil cut to support prices amid coronavirus pandemic

"OPEC Russia and other oil producing nations of finalizing on president a production cut of nearly ten million barrels or tenth of global supply in hopes of boosting crashing prices amid the corona virus pandemic in a price war fuel price analyst trilby Lundberg says global demand for oil is dried up so much that OPEC's production cuts are likely to have little impact that eight ten million barrels per day decline in output from OPEC and its partners would be only about one third of what would be needed to supply and demand

Russia President Trump Opec Price Analyst Trilby Lundberg
As Demand For Oil Dries Up, OPEC And Allies Agree To Historic Cuts In Output

NPR's Business Story of the Day

01:57 min | 2 years ago

As Demand For Oil Dries Up, OPEC And Allies Agree To Historic Cuts In Output

"Been a news over the weekend. Many of the world's oil producers have agreed to cut production to prop up prices. Npr's Camilo Domino ski reports on their deal. The average price of a gallon of gasoline in the United States is well under two dollars but many people aren't filling up because they're not going anywhere that's the state of the oil market in a nutshell. Oil is super cheap. And there's not much global demand. What's that done to oil producers? Here's Muhammed Burkino. The Secretary General of OPEC on Thursday Industry. Mr Chairman is hemorrhaging. No-one has been able to stem the bleeding. In fact instead of stopping the bleeding Saudi Arabia and Russia were adding to it by waging a price war against each other. But now they've called a truce and OPEC is trying to put a bandage on those wounds. Actually it's OPEC. Plus the oil cartel has expanded from its core members to include allies like Russia and Mexico and when Mexico threatened to derail this deal. President trump stepped in. We are trying to get Mexico as the expression goes over the barrel the. Us is the world's largest oil producer and American oil and gas companies have been hit hard by low prices. President trump is often hostile towards OPEC. But this time he helped them out. The new deal is massive nearly ten million barrels of oil per day in cuts. That's the biggest deal in OPEC history but the drop in demand than twice that amount. Rozsa Dewan is an oil strategist. Ihs market but there's no cut that can match that degree of shrinkage in the market possible so despite the new deal oil prices are still low. In fact says the steel isn't about propping prices up. It's about avoiding the collapse of the oil industry. Camilo Domino NPR news.

Opec Camilo Domino President Trump NPR Mexico United States Russia Rozsa Dewan Muhammed Burkino Saudi Arabia Mr Chairman
OPEC and allies will hold an emergency virtual meeting Sunday night to finalize cut agreement

The Sunday Show

00:53 sec | 2 years ago

OPEC and allies will hold an emergency virtual meeting Sunday night to finalize cut agreement

"Leading oil producing countries will hold a virtual meeting today to continue negotiating a plan to reduce oil production NPR's Matthew Schwartz reports they aim to shore up prices as demand slumps oil producing nations are trying to finalize a deal to cut output by more than twenty percent about ten million barrels per day in an attempt to increase prices the cost of a barrel of oil has plummeted since the corona virus outbreak as billions of people around the world stay home the agreement to reduce oil production hit a snag earlier this week when Mexico balked at cutting its output in a statement OPEC said the deal is contingent on getting Mexico on board president trump said Friday the U. S. would help Mexico along by cutting American oil production by hundreds of thousands of barrels per

NPR Matthew Schwartz Mexico Opec Donald Trump President Trump
"ten million barrels" Discussed on WBSM 1420

WBSM 1420

07:07 min | 2 years ago

"ten million barrels" Discussed on WBSM 1420

"During a corona virus task force daily briefing Friday president trump discussed the late night conversation with the leaders of Saudi Arabia Russia and Mexico Thursday night to address the steadily decreasing crude oil price announcing a tentative pact to stabilize the market by cutting production of up to ten million barrels a day across the OPEC nations discussions last night with Mexico Saudi Arabia Russia and they dealing with OPEC nations we are trying to get Mexico as the expression goes over the barrel then Mexico is committing to do a hundred thousand fewer barrels Texaco initially balked at the agreement but Mr trump confirms a Mexican president eventually agreed saying the US would cut production by up to three hundred thousand barrels in order to fill Mexico's gap

president White House
Trump says US will cut oil production to secure global deal

Howie Carr

00:50 sec | 2 years ago

Trump says US will cut oil production to secure global deal

"During a corona virus task force daily briefing Friday president trump discussed the late night conversation with the leaders of Saudi Arabia Russia and Mexico Thursday night to address the steadily decreasing crude oil price announcing a tentative pact to stabilize the market by cutting production of up to ten million barrels a day across the OPEC nations discussions last night with Mexico Saudi Arabia Russia and they dealing with OPEC nations we are trying to get Mexico as the expression goes over the barrel then Mexico is committing to do a hundred thousand fewer barrels Texaco initially balked at the agreement but Mr trump confirms a Mexican president eventually agreed saying the US would cut production by up to three hundred thousand barrels in order to fill Mexico's gap

Russia Mexico Saudi Arabia Texaco Mr Trump President Trump United States Opec
Saudi-Mexican clash halts record oil cut deal despite Trump pressure

Bloomberg Best

00:48 sec | 2 years ago

Saudi-Mexican clash halts record oil cut deal despite Trump pressure

"Room of global deal to cut oil production and save the market from a corona virus induced breakdown proved elusive today a diplomatic initiative led by Saudi Arabia suffered repeated setbacks after two days of talks the kingdom still is not resolved differences with Mexico that would allow its agreement for a record ten million barrels a day supply reduction to proceed president trump says he's trying to referee the dispute between the Saudis and Russia you know called president Putin and king Salman I think there's a very good call we're gonna see what happens but it was a very good girl yeah they'll probably announce something either today or tomorrow one way or the other could be good could be not so good earlier in the day meeting of energy ministers from the group of twenty ended with the statement that supported measures to stabilize the market they did not commit to any specific supply

Saudi Arabia Mexico Donald Trump Russia Salman President Trump President Putin
"ten million barrels" Discussed on WNYC 93.9 FM

WNYC 93.9 FM

03:44 min | 2 years ago

"ten million barrels" Discussed on WNYC 93.9 FM

"Include reducing supplied with ten million barrels per day in may and June which translates to roughly about ten percent of global supplies the coach will then be ease gradually until April twenty twenty two but the agreement hinges on Mexico joining in the cuts the focus has now shifted to the G. twenty energy minister of virtual meeting Saudi Arabia and Russia one point producers outside OPEC plus group to also contribute to the cops they will use the G. twenty meeting as an opportunity to convince the United States and Canada joined the deal Libya's UN backed government says it has suspended activity at one of Tripoli's main hospitals which has been repeatedly targeted to Mumbai opens the health authorities said the cadre hospital was hit again on Thursday the thugs on strike in a matter of days the government supporters have blamed the attacks on the forces of general Khalifa Haftar which a procedure in Tripoli for more than a year Yemen has reported its first coronavirus case emergency committee run by the internationally recognized government said the infected patient was in a stable condition of receiving care Alan Johnston reports the Yemeni government says the coronavirus case was discovered in the eastern region of Hadhramaut aid workers and many others following events in Yemen have been dreading this confirmation that the virus has arrived in the country it is desperately poorly placed to fight the disease more than five years of civil war have shattered Yemen's health care system it is nothing like the capacity that may be needed to confront this emergency world news from the BBC this is WNYC in New York for minutes after nine o'clock good morning I'm David first forty three degrees heading up to a higher fifty one today with cloudier skies this afternoon New York City is getting five more covert nineteen testing sites located mainly in communities of color I drive through a mobile facility will open this afternoon in Flatbush Brooklyn additional sites in the south Bronx and the academic race track and into Jamaica and Brownsville are expected to open next week governor Cuomo told ABC the state needs to learn why the corona virus affected blacks and Latinos disproportionately is it because they work in public sector jobs and they were essential workers and they didn't have the luxury Michael of staying home and they didn't have the luxury of going to stay at their second house or staying with a relative in their home in the suburbs residents who would like to be tested at these facilities must make an appointment by calling eight eight eight three six four three zero six five eight eight eight three six four three zero six five New York state is partnering with Google and other tech companies to streamline the unemployment system which is seeing a massive delays as an unprecedented number unprecedented number of people try to file claims the new process will enable new Yorkers to process claims fully online and will that reduce the number of cases being handled over the phone but Gothamist editor Christopher Robbins says advocates want the department of labor to loosen eligibility requirements which are causing more delays lawmakers are calling for the D. well just to release the money now and worry about investigating over payments later the state has extended all unemployment benefits by thirteen weeks and to sending an additional one time six hundred dollar payment forty three degrees now higher fifty one today it will be windy as well gusts up around forty miles per hour hello and welcome to news after the BBC world service for.

"ten million barrels" Discussed on KTOK

KTOK

01:54 min | 2 years ago

"ten million barrels" Discussed on KTOK

"The latest fox news poll says president trump's job approval rating has reached a new high of forty nine percent of those responding say they approve of the job he's doing and that may be reflected in presidential polling just two weeks ago former vice president Joe Biden had been nine points up in the twenty twenty election race over president trump but the latest fox poll says the two men are now tied at forty two percent each the president may be getting bolstered by the TV exposure from his daily White House coronavirus briefings while Biden's been forced to stay home and unable to hold in person events because of the covert nineteen outbreak another surprise out of the polling Congress is seeing a bump in its approval rating now up to thirty five percent four points higher than in March in Washington chill NATO fox news centers for disease control extending its no sail order on the cruise industry for another one hundred days or until they declare the corona virus outbreak is ended one's own something from the fab four today could be your chance especial live all Beatles auction takes place today at Julien's auctions dot com on the fiftieth anniversary of the fab four's historic break up the auction will present nearly two hundred and fifty Beatles items including some rare never before seen the highly all the baseball signed by all four the band from the Beatles last U. S. concert in San Francisco's candlestick park an original shooting script page withdrawing notes and ideas from Paul regarding making the music video for hello goodbye and so much more the auction begins at one PM eastern Michelle police now fox news a plan to prop up cratering world oil prices several of the oil producing countries say they're willing to cut production by ten million barrels per day through the end of June spokesman for OPEC says the deal still needs a sign on.

Michelle Washington White House vice president fox OPEC trump Paul candlestick park San Francisco Beatles Julien Congress president Joe Biden
"ten million barrels" Discussed on Newsradio 600 KOGO

Newsradio 600 KOGO

01:51 min | 2 years ago

"ten million barrels" Discussed on Newsradio 600 KOGO

"And the bad numbers like Jack Callahan fox news the number of corona virus cases in the world passing a million six number of deaths in the U. S. spiking with more than nineteen hundred two days in a row with Dr Anthony Fauci of the corona virus task force says behind in those numbers are more encouraging ones at the same time as we're seeing the increase in deaths we're seeing rather dramatic decrease in the need for hospitalizations like I think yesterday was something like two hundred new hospitalizations and it's been as high as fourteen hundred at any given time so that is going in the right direction New York City says there were fewer than two hundred new hospitalizations the lowest numbers since the outbreak spiked there but the attempt to add money to help small businesses through the outbreak has stalled leader Mitch McConnell tried to push an additional two hundred and fifty billion dollars Thursday morning Democrats shot it down saying it wasn't enough speaker Nancy Pelosi is working on her own proposal to beef up the already passed cares act the president urged both sides to work together we need both then it should be for people that are working for the workers vice president pence said they want to open the country as soon as possible once the virus is contained he said they're looking at the possibility of opening on a county by county basis functions Lauren Blanchard and attempt to prop up tumbling oil prices according to Saudi Arabian state television several of the oil producing countries have agreed to trim their oil production by ten million barrels a day through June with smaller reductions afterwards a spokesman for OPEC says the deal depends on Mexico signing on to it Asian stock markets closing Friday mixed lower in Shanghai higher in Tokyo Wall Street Thursday with its best week in forty five years the Dow up nearly three thousand points for the week nasdaq added sixty two points Thursday the S. and P. five hundred up nearly forty New York markets will.

Mexico New York Saudi Arabian Lauren Blanchard vice president Tokyo Shanghai Jack Callahan OPEC pence president Nancy Pelosi Mitch McConnell New York City
"ten million barrels" Discussed on WZFG The Flag 1100AM

WZFG The Flag 1100AM

02:47 min | 2 years ago

"ten million barrels" Discussed on WZFG The Flag 1100AM

"Any OPEC news yet I didn't see any during the break OPEC is meeting right now remember they have made a promise to the president of a ten mile ten million barrel per day reduction during our conversation with regard to my for the Bangor North Wales on credit scores through all this what will our credit scores look like after we all finally catch up we might not be eligible for future borrowing if our credit takes a big hit are they working with those companies I know that part of the federal program was they would but we'll get you an answer on that to another question how about the eggs side didn't get to that one and obviously there is currently a program a fireman disaster side to bank a North Korea program to go to your lender and they will know about the programs that are available through the bank of North Dakota one of the reasons I wanted your Akon is because number one ask the governor should we do more with this year we'd give North Dakota like up since we're the only ones in the entire country with the state owned bank why not use it for the good of the people that own it he agreed with that so we had Eric Kahn and talked about a little bit more on how to do that I'm so this texture says how about the eggs side let me ask you this farmers ranchers there's a billion plus dollar general to the current asset to the bank a North got our **** in the billions diner to the double digits billions okay what would you how would you design a program that helps knowing what you know now about the situation what would you do tell me what would help and I think the same about folks in the oil industry a whole lot of companies small companies five other employees or less this service the big companies that's been that economic boom for North Dakota we got not only coronavirus you got OPEC playing games of Saudi Arabia and Russia fighting and so tell me I'll tell you this I will crawl on all fours I'm broken glass from here to Bismarck or anywhere else advocate on behalf of the businesses of this great state and I know there is every bit of as much knowledge inside the Arab world the energy.

OPEC president Bangor North Wales North Dakota Akon Eric Kahn Saudi Arabia Russia Bismarck North Korea
Stocks Just Had Their Best Week in Decades

Squawk Pod

03:23 min | 2 years ago

Stocks Just Had Their Best Week in Decades

"Stocks rose solidly again today on Wall Street. Is the Federal Reserve? Outline more programs to support the economy today. The Dow rising two hundred eighty five points. The S&P five hundred was up about one and a half percent but check out these numbers for the week. The Dow is up almost thirteen percent for one of its best weeks on record the S&P five hundred rising twelve percent its biggest weekly gained since nineteen seventy four and the Nasdaq ten and a half percent rise. It's best since two thousand nine about the small Cap Russell. Two thousand. Its Best Week. Ever Oil didn't participate though falling. Nine percent as conflicting reports over a production cut weighed on prices there but late in the day it was confirmed that OPEC and its allies agreed to a ten million barrel per day cut for more on today's two trillion dollar fed accident. Let's bring in. Steve Liebmann Steve. It's good to see you this evening. We've used the word historic many times during this crisis. And it's the word we're GONNA use again tonight because that's what the Fed did earlier today. Yes Scott I would add unprecedented extraordinary actions by the Federal Reserve to the word historic The Fed announcing programs worth two point three trillion dollars of lending into the economy. Let me go through some of the details here. It is announcing a six hundred billion dollars of loans to in a mainstream lending facility. Something that has never done loaning to individual businesses eight hundred fifty billion dollars in corporate credit including buying high yield that is junk bond debt. Something it has never done. Additionally five hundred billion dollars in loans to state penalties it has never before loaned against municipal bonds. Let's we fed chair. Jay Powell speaking today saying that explaining why the Fed is taking these actions. It has never done before. People are undertaking. These sacrifices for the common good we need to make them halted extent we have the ability to make them whole. We should be doing that as a society. They didn't cause this their business hasn't closed because of anything they did wrong. They didn't lose their job because of anything did wrong. This is what the great fiscal power of the United States is for is to protect these people. Let's talk about these mainstream lending programs. It's Kinda complicated but let me walk you through what we know about how these are going to work there for year loans. They're open to companies with ten thousand dollars fewer ten thousand or fewer workers and revenues of less than two and a half billion dollars. Mostly these are going to be for mid sized companies. So let's in a very very loose way. I want to walk you through how. The taxpayer is financing these loans. Let's take a typical million dollar loan. That is the minimum size. At least initially. The bank will finance fifty thousand dollars of it. The Treasury effectively finances a hundred five thousand dollars. That's the set of the tax. Payer is on the hook. It's more complicated than that. But this is simple version and the Fed will provide eight hundred forty five thousand dollars of the rest of the financing for that loan. You can see. They could lever up that taxpayer money into much more money at the end and Fed Chair. Jay Powell was asked. Hey Is there any limit to this? You said no with legal limits of what the Fed can do Scott. They can keep going. There's more money from the Congress to do this and the fence sounds like it's going to be doing more here.

Federal Reserve Jay Powell Scott Steve Liebmann Steve Opec United States Treasury Congress
"ten million barrels" Discussed on KTRH

KTRH

01:48 min | 2 years ago

"ten million barrels" Discussed on KTRH

"Exhibit then you can thank the Chinese for not knowing all those things well they said it doesn't spread human to human rights they stated that misinformation or lack of information guilty of both in the case in the case of China and and that's why we which is why you know we first start Hey well it was it was acting like a flu even though was a corona virus yeah yeah I was acting like a flu and then all of a sudden okay well we've had flu and then as we get more information they see how contagious it is yeah it's like ever more dire displays like wildfire five twenty six our time here newsradio seven forty K. T. R. H. time to take a look at your money according dominoes standing by what we ended up with another update yesterday so who knows what today's gonna bring forth exactly and especially since we have the jobs report today good morning Jimmy will the economic devastation caused by the corona virus will be on display this morning as the government issues its March employment report before the opening bell the headline figure likely to break a streak of one hundred thirteen consecutive months of gains will nearly ten million people in the U. S. have lost their jobs in the past two weeks well the virus continues to pressure corporate balance sheets and of that stock index futures are lower well yesterday game for the major benchmarks the Dow rose four hundred sixty nine points on the back of oil crude is gaining for a third day as president trump pushes to cut global output by at least ten million barrels a day OPEC is said to be holding a meeting on Monday responding to the president's call for production cut right now oil is at twenty six dollars a barrel Exxon lost its top grade credit rating from moody's on the collapse in oil prices an American Airlines will slash international flying as far out as the end of August as a pandemic batters travel demand through the normally busy summer season I'm Corning Donahoe Bloomberg business on newsradio seven forty KTRE church right now there.

China flu Jimmy trump OPEC president Exxon American Airlines K. T. R. H. moody Corning Donahoe Bloomberg
"ten million barrels" Discussed on KQED Radio

KQED Radio

12:12 min | 2 years ago

"ten million barrels" Discussed on KQED Radio

"There's been a sharp rise in global oil prices after Donald Trump said two of the world's biggest produces Saudi Arabia and Russia were about to announce huge cuts in daily output Mr trump said he expected them to reduce production by at least ten million barrels in total I think hopefully they'll announce something soon now can a deal be broken I guess I think they both want to make a deal and they're both smart they love their countries they want to make a deal that's good but it's also good for the world of they do because you save an industry in recent weeks the price of oil has fallen to its lowest level in nearly two decades in part because of a row between Moscow and Riyadh Mr trump's remarks helped to push up share prices in New York despite a massive increase in unemployment benefit claims in the U. S. because of the corona virus

Kim
Oil Rises as Trump Talks Up Saudi-Russia Truce, Recession Fears Limit Gains

BBC World Service

00:51 sec | 2 years ago

Oil Rises as Trump Talks Up Saudi-Russia Truce, Recession Fears Limit Gains

"There's been a sharp rise in global oil prices after Donald Trump said two of the world's biggest produces Saudi Arabia and Russia were about to announce huge cuts in daily output Mr trump said he expected them to reduce production by at least ten million barrels in total I think hopefully they'll announce something soon now can a deal be broken I guess I think they both want to make a deal and they're both smart they love their countries they want to make a deal that's good but it's also good for the world of they do because you save an industry in recent weeks the price of oil has fallen to its lowest level in nearly two decades in part because of a row between Moscow and Riyadh Mr trump's remarks helped to push up share prices in New York despite a massive increase in unemployment benefit claims in the U. S. because of the corona virus

Donald Trump Saudi Arabia Russia Moscow New York Mr Trump
Oil falls for third day as coronavirus travel bans escalate

BTV Simulcast

03:54 min | 2 years ago

Oil falls for third day as coronavirus travel bans escalate

"So much let's turn to oil now crude remains below thirty dollars a barrel and WTI briefly traded below its lowest settlement price since two thousand three earlier that's as the corona virus pandemic threatens to bring the global economy to a standstill making things worse is Saudi Arabia boosting exports by pumping more than ten million barrels a day in the coming months let's get more details with our energy reporter Dan Martel in Singapore it's it's been a wild ride in the crude market down how much further it might we go it seems like it at this moment in time there isn't a lot in terms of positive catalysts for oil prices now chasing it intact we still have a lot lower to go before we start to keep floors if Saudi Arabia and Russia decide to keep producing like they are right now that means we're going to have to go low enough to make a filling up basically every storage tank in tanker in the world profitable and then even lower to the point where it's now possible to produce oil from wells are already been drilled already that means what is the need to go down to twenty dollars a barrel maybe even lower to the teens people even possibly into the single digits so without any sort of upcoming possibility of yeah Saudi Arabia and Russia making nice it doesn't look like there's a lot of room to go up mmhm then in terms of the impact I mean you mentioned some of the potential price points at Missouri says the crude price could go negative wants to storage tanks are full standard chartered is talking about dipping into the twenties in below that potentially but what about the time line here I mean how long would it take to clear the amount of Volvo over supply I mean if they do agree the Russians and the Saudis and OPEC plus if they agree quickly can they fix this quickly well the other problem is we're dealing here not only with a supply shock and Russian Saudi Arabia but also with this you know once a generation demand shot because the coronavirus so in the near term even if there is some sort of agreement you have this huge reduction in demand it started back up again in China but it's just gonna drop in Italy and Spain and the U. S. as these sort of self isolation measures take hold the rest of the world so you know for the next order you know first quarters basically went out second quarter is already looking pretty bad and demanding also we're looking easily into the second half of the year and so any kind of price recovery but possibly you know the the upside is you look out on a much longer vision after twenty twenty one and beyond you know a lot of production is gonna get shut off a lot of capital is gonna be canceled and so prices are gonna have to rise higher than to be able to to reprint on new production future get down I wanted to ask you exactly about this point in the relationship between U. S. shale and capital markets it's something that I know you follow the price dropping crude alone is painful enough for the oil patch over in the U. S. but now you have the strains in credit markets as well how bad is it going to get for you I shall well it's gonna get really bad here she was built I just hundreds of small companies that access cheap cheap credit right back after this initial crisis and they were able to go out drill a lot and you basically just drill without having to produce a lot of free cash flow to pay it off for a while that's you know basically hitting the fan right now and those companies are you know over day and they don't have a lot of cash coming in to be able to pay that off you can see a lot of bankruptcies especially stress continues on for the next couple months but in the long term you know the the actual geology the land acreage is there and good companies are going to know it's there so you're gonna see some consolidation bigger companies clever survived this will be able to pick up some cheap scraps and be able to producing

WTI
The Saudi Arabia-Russia oil war, explained

Guy Benson

11:41 min | 2 years ago

The Saudi Arabia-Russia oil war, explained

"Let me begin with a very silly rudimentary question that is like a lay up for you but to a lay person like me it's it's actually confusing so I'm watching the news today about corona virus and I was watching Maria Bartiromo show earlier when I was in the green room getting ready for America's newsroom on the news channel and much of the discussion on the panel surrounded this whole fight over oil prices and and oil and how that might affect fracking and and shale producing here in the United States and I was sort of thrown for a loop a little bit because I associated the selloff on the markets recently completely with corona virus but there's this other massive story that I just haven't had the band with to really follow or process properly can you just walk us through what's happening on that side yeah sure Saudi Arabia basically lives off its oil sector if you'll all of its government payments to its citizens that those payments go don't go to its citizens and they have a problem the Saudi Arabia got really mad Russia refused to cut its oil output by half a million barrels a day so Saudi Arabia which has tremendous supply capacity it's considered quote the central bank of oil for years or decades Saudi Arabia can easily open the spigots and it did it drove down prices sparking a global price for during week demand when much of the world is in recession so the fact that Saudi plans to now increase their oil output per day above ten million barrels that's the problem we currently pumps about nine point seven million barrels a day but the thing is it has the capacity to ramp up to to put out twelve and a half million barrels a day do you see oil prices plunging by massive double digit drops and weak but here's the flip side of that the plunge in prices we could maybe see two dollars maybe a Buck fifty a gallon right as the summer driving season starts plus it helps the jet fuel costs for US airlines battered by the corona virus problem when oil prices go down like this says that the trend of it the oil patch guide to saying this is a one trillion dollar stimulus for the world economy so there's always an offset so when we saw that when there's a shake out like that when oil prices plunge like that the shale producers in the oil patch guys are kind of on the margin they borrowed a lot of money to fund their operations that jump on high interest rate they can't make money when oil plunges like that often it said they may be forty five dollars a barrel maybe more it's a break even point for it R. U. S. producers and other producers that so you know so when they boil price plunges they don't have the cash flow to pay back from from forty five which would be into what well if it goes below that I mean we're talking now I hate I feel bad for guys in all the patch but the I'm talking to traders in the pits they're talking thirty dollars a barrel of so you know so that's painful for a sector that has stopped us from tipping into recession under the Obama administration does it get any credit much credit for that but it did to protect the food going into depression thanks to the recession forgive me reception reception during the crash but it also has made us do a political force around the world right now the biggest producers around the world prices were independent we went from being dependent to independent to a net exporter which is a huge development for for the U. S. economy but Elizabeth before we turn to corona virus one of the countries that wasn't mentioned in your answer but is at play in very much in the mix with this price war that's going on in the oil market you mentioned Russia you mention of course the U. S. you mentioned Saudi Arabia how does China factor in well it's interesting China factors big because China buys a lot of its oil from Saudi it does take up a lot from Russia but truth be told it does play a lot of Iranian oil and that is saying of course the trump administration because of sanctions against Iran US crude is also a big player for China China has always been watchful of what goes on in the Persian Gulf with the tree for mood attack so you know there is that China is China's a big fourth two given demand there in that country it's it's a powerful force since since you mention just to jump and you mentioned Iran as well my wheels are now turning in my head and I'm thinking about the corona virus disaster in Iran where they were not taking it seriously they were completely dishonest and opaque about everything and now you have a significant number of the members of their sort of fake parliament who have been infected with corona virus it is a huge huge problem with the with rates of people infected very high and of course we don't know the real numbers because it's a very secretive regime you have that problem piled on top of what was already a period of significant economic turmoil and hardship where you saw demonstrators in the streets of people being killed and imprisoned now if you put on top of that a collapse in the price of oil that is the last thing that the Iranian regime probably wants right Iran also filtered into Turkey and and into India yes you're absolutely right about what's going on on the streets of Iran I mean if they did that what I I have to stress it again I mean our oil sector is the powerful the US domestic and geopolitical force so anything that can be done to support it it's good for the country so you know do I see Russia interfering here that's the rumor mill cranking that you know we understand that you know Russia's Putin has been battling it's gonna minute metal this way be the oil market market I mean that's just a rumor we don't know that for sure we do know that Russia unlike unlike a lot of these players they've got a gigantic what's called the sovereign wealth funds like you know I'm always laughing when nor of wind you know Bernie Sanders brings up the Nordic model as can even ritualism capitalism Norway has one of the biggest sovereign wealth funds in the world built by the oil it's it's massive oil and and gas sector so Russia has the defense of advantage here they kept a hundred fifty billion dollar wealth fund to offset any slump and bolster the ruble I'm not sure that Iran has that so turning to corona virus later on the program congressman Adam Kinzinger a Republican from Illinois he's gonna be here I'm curious to ask him about the appetite among house Republicans Senate Republicans people on the hill on the right side of the aisle is there an appetite there for what the president has just been talking about the last day or so we saw a bit of a better day certainly on Wall Street today than we did yesterday fueled in part by a stimulus package that might be employed to help prop up certain businesses and help people who might be displaced or quarantine for periods of time who couldn't work out what is your assessment of what the president has suggested it's nothing official yet what do you think would be effective what don't you think would be effective in is there a political will to get that sort of thing down in your view I'd not sure they have the political will I think I yeah I just we could just cross that Steven Mnuchin is now going to meet with Nancy Pelosi this is as of early earlier in the day you know so I do I just want to see the details of it I don't know if it's going to be a two percentage point payroll tax cut that the president wants and that the short term stimulus that does put a lot of money in people's hands of you know it will impede the holiday that will last until June the payroll tax cut for Willie structure collapses and wait for it until after the election right SBA loans are they going to be interest free you know I am I'm going to get on a phone call with a lot of hospital directors tomorrow I want to understand what their needs all right in the face of the corona virus outbreak so you know we already have a one mile quarantine zone around newer shell I'm here in New York City this is north of the city I just wonder if there's any talk about what the doctors and hospitals on the front lines of this need and if those needs are going to be met I know the White House is intensifying the push for coronavirus measure of what is that Democrats appetite for the Democrats would have to sign off on any payroll tax cut how do you view the state of the economy because we just saw on Friday another monster jobs report it seems like absent this epidemic this health crisis things were continuing term steam roll right along in a really positive way to what extent could this situation coronavirus grind all of that to hold or could it be you know is there an opportunity for what was an underlying strong economy to bounce back very quickly what what what's your sense of that you know I like that guy I like these questions because I think you sense of them totally geek and nerd at heart I mean I've been a key key highlights of blood that could directly right I mean you know I'm geeky and nerdy United but study all sorts of trend lines that cover corporate accounting scandals like testified before Congress about the IRS twice I get into the footnotes of it I'm just watching data I like watching data crossing I think this economy is really strong I think it's in a powerful floating right now and while it's a powerful I was surprised Wall Street was surprised to see solid two hundred fifty three thousand jobs report last Friday that says the bid you know the numbers coming in for temporary right when you know the corona virus we knew about starting in December you know in the revisions to the prior month went up I'm looking at an S. and P. five hundred that has quadrupled over eleven years I'm looking at apple doubling within about two years time Microsoft doubling with an attack around two years time I'm looking at S. and P. five hundred and the two hundred day moving average it's holding its finding support at a trend line that sort of connecting to these other bottoms we saw in October two thousand eleven and December twenty eighteenth what do I say those those around government shutdown fight so those are sort of market crack up but when you see the S. and P. holding at that level you have to say what supporting it there's not a bear market capitulation right now I don't know if we cut the bottom yesterday for going to continue as the coronavirus progresses but I do think it will probably likely get worse before it gets better but I think we're in a solid position in terms of other countries around the world to booklet so whether this out of this is the time I think for leadership this is the time not to panic not to go off in and on any speculation you read on social media it's a time for calm and leadership in I feel pretty calm and strong right now personally that we are going to get through this for sure well if you like that sort of analysis you can have an hour of it every single night on fox business network six PM eastern time it is the evening at it with the host Elizabeth McDonald who has been my guest here on the guy Benson show Elizabeth a pleasure having you on thanks so much in such a busy and tumultuous day we appreciate

Maria Bartiromo America
"ten million barrels" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

01:33 min | 2 years ago

"ten million barrels" Discussed on Bloomberg Radio New York

"So if the coronavirus weren't enough to get to market sell on Asia and the developments that have happened with the outbreak over the weekend now we've got the oil story an all out price war in the oil patch Saudi Arabia announcing plans to boost output next month to well above ten million barrels a day it's a feud with Russia and it's created a twenty percent drop in the WTI were trading right at thirty three dollars a barrel if you look at the market for the futures on the American that would be the Dow the S. and P. and the nasdaq one hundred those contracts are old weaker by about four point two percent or more we're seeing move into the end here at one oh seven zero five that to gain against the dollar of about one point three percent and the Nikkei is down four point six percent energy within the Nikkei two twenty five as a group is down nearly nine percent now on the subject of the corona virus here in the states the notion of the scope of the outbreak is not encouraging we had comments from Anthony Fauci over the weekend he's the national director of the National Institute of allergy and infectious disease meantime the Italian government ordered a virtual lock down across much of the northern part of the T. country right now in Sydney ASX two hundred down five point three percent in Seoul the cost be weaker by about two point eight percent U. S. ten year treasury now the Tokyo session a yield of fifty two basis points gold.

Asia Saudi Arabia Russia national director Seoul National Institute of allergy Sydney Tokyo
Predicted drops in the DOW as a result of all-out oil price war adding to coronavirus stress

Bloomberg Daybreak: Asia

01:08 min | 2 years ago

Predicted drops in the DOW as a result of all-out oil price war adding to coronavirus stress

"An all out price war in the oil patch Saudi Arabia announcing plans to boost output next month to well above ten million barrels a day it's a feud with Russia and it's created a twenty percent drop in the WTI were trading right at thirty three dollars a barrel if you look at the market for the futures on the American that would be the Dow the S. and P. and the nasdaq one hundred those contracts are old weaker by about four point two percent or more we're seeing move into the end here at one oh seven zero five that to gain against the dollar of about one point three percent and the Nikkei is down four point six percent energy within the Nikkei two twenty five as a group is down nearly nine percent now on the subject of the corona virus here in the states the notion of the scope of the outbreak is not encouraging we had comments from Anthony Fauci over the weekend he's the national director of the National Institute of allergy and infectious disease meantime the Italian government ordered a virtual lock down across much of the northern part of the T.

Saudi Arabia Russia National Director National Institute Of Allergy
"ten million barrels" Discussed on C-SPAN Radio

C-SPAN Radio

03:45 min | 3 years ago

"ten million barrels" Discussed on C-SPAN Radio

"And then we may be like a subpoena can talk about how it refers to Saudi Arabia in particular and maybe work in swing producer the cell tower in the oil industry comes from our new owns three comes from not just the ability to produce oil but the ability to produce oil on demand thank you can increase or decrease production as circumstances may may require it so in the United States for the longest time that role was played by states Texas great state of Texas that he could increase or decrease production depending on on US or global conditions and that that role has shifted largely to the Middle East and when I see the Middle East I really just me one country kingdom of Saudi Arabia which as far as we can tell has pretty much all of the world's slack capacity so I capacities difference between what you produce and what you could that if you radically tomorrow if there was a problem like not as cake getting bombed and that's that's an issue because that that affects at a reduced ability produce oil but if there was a problem elsewhere in the world save Venezuela this in with the anarchy there is problems in Iraq it was having sort of it's in a it's systemic issues countries in the Gulf specifically said a revere could increase production to compensate for the shortfalls elsewhere in the world that gave me the role of so called swing producer and largely that power of increasing oil production to compensate for shortfalls anywhere else in the world lies not just within OPEC largely within the golf that as far as statistics for how much like a pass in the world are pretty opaque at this point it's no more than five million dollars barrels a day used to be twenty thirty years ago about ten million eight ten million barrels a pretty it's forty five million barrels it's a closely guarded secret and anywhere from three to four million barrels of that is located within the king of Saudi Arabia anon Trapani teaches at the US Naval War College part of a briefing by the national history center on the importance of Middle East oil to US foreign policy and I don't have much to add other than to to say that that Saudi Arabia's a swing producer undeniable I think that that Saudi foreign policy also benefits from the the perception that that's that that's the case there are you know we we read lately more smaller and medium sized producers that that are also coming on line and are are going to to add to to world supply and and may may drive down prices at least to at least to to an extent the other factor is the the tremendous production in in in a in the last ten years or so in in North America in developing new technologies so called type oil that that is available now in in in North America that has to some extent undermined that that the that rose from producer latency Tino Rice University that was another question the role of the U. S. shells well reduction some people have argued that they're not there to shell industry is now the new swing producer not so much because it has a lot of excess capacity but it's easy to bring on.

ten million eight ten million forty five million barrels five million dollars four million barrels twenty thirty years ten years
"ten million barrels" Discussed on WNYC 93.9 FM

WNYC 93.9 FM

11:43 min | 3 years ago

"ten million barrels" Discussed on WNYC 93.9 FM

"From the nineteen fifties documentary reflects an age in which oil was celebrated as the driving force for development for growth and for progress but since then guilt or a certain amount of it is come into the picture with a growing awareness of climate change comes the need for us to cut our reliance on fossil fuels our relationship with so called black gold has become decidedly more complex in many countries environmentalism is at the heart of political debate now as part of a wave of major protests and civil disobedience the former Paralympians cyclist James Brown climbed on top of the plane at London city airport last month he streamed a live video from on top of the aircraft against government inaction on climate but a clutch with great on emergency nothing about it in fact they go the opposite direction next week world leaders will be meeting for the twenty nineteen United Nations framework convention on climate change will cop twenty five an army of diplomats politicians campaign is and business leaders will be addressing some of the thorniest questions about how we collectively rise to the challenges of climate change so considering the vast commercial and national dependencies on oil what is the fate of the industry my guest today Alan ruled in Florida she is president of transversal consulting and senior fellow at the Atlantic council's global energy center she's also the author of a book called Saudi ink a history of the most profitable oil company in the world and Ellen you'll clear in that book about the shift focus of the company as a money making machine on June yes and it really contributed to Saudi Arabia's rise Ellen Anderson is in Minneapolis there to Alan's she is senior energy researcher with something called the energy transition lab at the university of Minnesota and you'll particularly focused Alan on new energy sources I that's right and how to enable that transition to a clean energy and low carbon future okay Jane Whaley is with me here in the studio she is close to the oil industry but not a spokeswoman for it she's editor in chief of geo X. pro which describes itself as the oil industry's favorite geo science magazine are you happy without a cabbie at J. not speaking for the oil industry yes I'm happy to speak the geoscientists I've been working in oil industry from many many years but to I don't speak for the oil industry and tone I'm speaking for myself Andrew grants is with us as well he's an analyst with carbon tracker an independent financial think tank that looks among other things at the impact to move away from Wall would have on the capital markets you can tell us some of the financial implications than Andrew can you of of moving away from all of us right which one understand the context of a transition away from oil and all in all right due to a global climate to challenge and what the implications might be in Financial Times picking for investors those are our guests welcome to the program old let's begin our discussions by asking exactly why is oil as an industry still booming Aramco is a case in point to illustrate an industry very much on the out the Ellen ruled is an expert on the company tell us where it came from its unique origins Alan and what makes it so special Saudi Aramco is actually an American company that has its origins in the nineteen thirties when a standard oil of California went and got a concession to search for oil in Saudi Arabia and they found oil in nineteen thirty eight and began to produce it and the company Aramco was originally owned by four American oil companies Exxon chevron Texaco and mobile and then in the nineteen eighties it was fully purchased by the Saudis and became a wholly owned Saudi company and with the Saudis did with that was they took their incredible upstream oil resources and the employee that and and use it to transform their company into an integrated global energy company that has assets all around the world they own refineries in major countries in Asia they are the world's largest exporter of oil today and is there something about Saudi oil that makes it special in terms of quality and their full price one of the interesting things about Saudi oil and the oil that Aramco produces is it is the cheapest oil in the world to produce Aramco can produce a barrel of oil for about two dollars and eighty cents a barrel which is by far far the cheapest that any oil company can produce oil for they have the largest conventional oil resources known on the planet but they also produce every single grade of crude oil so they can produce very heavy crude oil they also produce very light crude oil and this enables them to be a very versatile supplier and they're very very well known for their reliability in terms of supply thank you Andrew grounds around kos operations will they be difficult ones they are a shareholder company will they become more transparent it's all it isn't it with for a company with with such a control of a global oil prices to be on the stock market like this yeah as mentioned Saudi Aramco is really in a unique position due to the incredibly low cost globally speaking of its upstream oil reserves now what is upstream means our upstream is the is the business of getting the oil out of the ground essentially and then you have downstream which is turning it into products like gasoline that you might put your carnal kerosene you might put in your private jet for example so Saudi Aramco is really quite a unique beast modes of high importance of mine was certainly was not the agenda of investors run was how they try and understand the implications for oil gas and coal companies in the context of all climate limits now people are still getting the head around that is one thing to apply this of logic to a private company which will have more costly implications hello can more costly operations I should say and perhaps another things to apply to a Saudi Aramco which is right to the bottom of the cost curve in terms of its operations Jane Whaley why is the oil and gas industry going full steam ahead of the moment has it become easier to extract more of these minerals no it has become easier technology has improved so we are getting more difficult oil and gas out to the ground as such as the fracking and things like that when you say full steam ahead it's an industry that is driven by the month I do not in this office is going up is Dimond yes is the is the current price a good incentive for further exploitation off to the price crash of twenty fourteen it was a lot of doom and gloom in the industry saying you we couldn't produce at such a rate that heading downwards is now settled round about sixty has been there for about a year or so and the companies have find themselves down they have also you invest in technology so they can produce on gas profitably we know oil is a finite resources it running out they keep finding more and also what they're doing as well is extracting it from places that they used to be able to extract it from stranded reserve so in theory we could go on and on literally into oblivion extracting oil and uses it is a fight that results right Ellen Anderson which of the countries that are creating most of this growing demand for oil well the top customers for all hail or top consumers of oil in the world our number one the United States and number two China so they're very big users of oil and kind of in different places economically in the United States the majority of oil is used in transportation that's true around the world that most oil is used for transportation purposes but not only for that and so trying to crack that not if there will be any reduction in oil demand in our country it will have to be based on shifting of transportation by individuals so that means we're gonna need electric vehicles that are S. U. V. is electric vehicles that are light trucks and they'll have to be very efficient and that's a big conflict with the oil industry right now of course I'm not something we'll discuss in more detail later Ellen will give us an idea of the diversity of the oil industry so in terms of producers right now the top three producers in the oil industry are the United States which I recently produced a record of twelve point six million barrels per day then we have Russia and then followed by Saudi Arabia and after that we have several other pages we've got a rock we've got Canada we've gotten nor wave we've got the United Arab Emirates Kuwait the list goes on and on but the top three are really the US Russia and Saudi Arabia but what's interesting about this is that of all of the big top three only Saudi Arabia has the capacity to produce more than it is producing at the moment essentially at will it has a spare capacity the producing right now a little over ten million barrels per day but they can go up to over twelve million barrels per day essentially a will and that provides them with a significant amount of power in the oil industry because they have that leverage in because of the versatility of the oil industry and Jane Baily before we move on just remind us at the moment as things stand how reliant we are on oil and oil products for example you know even if you make a wind turbine this oil involved in the production process absolutely the footprint of oil throughout even renewables is quite strong the uses of a patch chemicals and petroleum products are absolutely around this everywhere in this room in everybody's room obviously there is there's transportation which islands already discussed energy the requirement for power that is Angie poverty is a huge thing that's holding back many many developing countries and to get amount of energy poverty they need energy then the power electricity ways of doing that at the moment a lot of that is based on petroleum products and then their pitch chemicals and petrochemicals are used overseen penalizes things like that but also a hugely in the making of plastics and while plastics none of us want to use too many plastic bags and destroy the ocean at the same time there is uses for plastics that we have nothing else at the moment to replace like a Catholic a reminder you're listening to the real story from the BBC world service with me pull Henley this week we're looking at the future of the oil industry globally we discussed the reasons that keeping the fossil fuel industry and business even though it's an established fact that the same industry has played a big role in potentially disastrous climate change so what are the environmental dangers from the current levels of oil and gas production we're going to discuss that for a few minutes now first his Brenda EC was old who is the director of climate science for the climate and energy program at the union of concerned scientists I asked her to give me first some recent examples of how climate change was affecting the world sure what we see is that already we have one degree Celsius increase above pre industrial and the world is already struggling to keep pace with this level of climate.

twelve million barrels six million barrels ten million barrels two dollars one degree
Saudi Arabia announces IPO of world's most profitable company

Smart Oil and Gas

00:39 sec | 3 years ago

Saudi Arabia announces IPO of world's most profitable company

"Aram kos going public in an effort to bring the oil rich kingdom into the world of high finance the Saudis have begun their long awaited initial public offering of its state run oil company investors can find the firm's shares traded on regards to dial will stock exchange Aramco president and C. E. O. mean H. Nasser calls this a transformational and historic moment for his company Aramco produces ten million barrels of crude per day providing about ten percent of global demand for oil prince Muhammad whose aim is to raise a hundred billion dollars for his kingdom's redevelopment plans has set his sights high he's hoping for a two trillion dollar

H. Nasser Aramco Muhammad Aram Kos President Trump C. E. O. Hundred Billion Dollars Ten Million Barrels Two Trillion Dollar Ten Percent
Oil rises after drone attack on Saudi field

Bloomberg Daybreak: Europe

00:39 sec | 3 years ago

Oil rises after drone attack on Saudi field

"And Saudi Arabia's oil is once again in the line of fire Bloomberg's anti to power the reports over the weekend one of its biggest fields was targeted in an attack by explosives laden drones allegedly launched by you many militia backed by Iran Saudi Arabia's biggest feels are in the east of the country and the four largest pump about three quarters of its ten million barrels a day of daily output the remote Chavis field lightly damaged in the attack with no loss of production is tucked in the dunes of the remote empty quarter desert and pumps about one million barrels of oil a day with the latest attacks again highlighted the risks to global oil supply into by and the the power Bloomberg

Saudi Arabia Bloomberg Chavis One Million Barrels Ten Million Barrels Three Quarters
China's exports to US tick up as traders try to beat tariffs

BTV Simulcast

01:47 min | 4 years ago

China's exports to US tick up as traders try to beat tariffs

"China's exports topped estimates in both UN and dollar terms. As companies rushed to make shipments before higher tariffs, actually, kicked in are trying to correspondent Tom MacKenzie has all the numbers in Beijing. Tom. Front running is the phrase usual with these numbers. So we saw exports coming in as you say above the forecasts. We're gonna number fifteen point six percent increase in exports. Sorry about compare that to the forecast of eleven point seven percent. A big reason, of course, is because the customers in the US stocking up putting in those orders before these times rise from the ten percent. We got now on the two hundred billion to twenty five percent. That is expected from January the first you you want as well as also played something of a supportive effect, coding, be speaking to these down, of course, seven percent year to date, and then you've got some policy measures being put in place in terms of tax rebates from officials to try and support the export states in terms of the imports. That was also a beat as well around. Twenty one percent increase in imports for the month of October again compare that to set timber. The number came in at fourteen and a half percent fourteen point three percent with the September number. There have been other measures that have been outlined here to try and support infrastructure spending that may approve. Supportive for some of the imports in terms of oil, by the way, there was some record numbers of imports of crude into China, which is the largest crude by of course, around ten million barrels per day, which is a record the refiners here stocking up as they tried to produce diesel again that seems to be linked to the stimulus effects that are being unfolded. Now here in China, tens of the trade surplus. We saw a number of about thirty four billion US dollars. So in terms of what the Trump administration wants to achieve and of rebalance in the trade picture, we are a long way from that were record levels now almost record levels in terms of China's trade surplus with the

China Tom Mackenzie United States Front Running Beijing UN Seven Percent Ten Million Barrels Twenty Five Percent Twenty One Percent Three Percent Six Percent Ten Percent