35 Burst results for "daily brief"
Karine Jean-Pierre Makes History Giving White House Briefing
"It was a historic day in the White House briefing room okay good to see everyone it was a routine daily briefing and at the same time a bit of history it's a real honor to be standing out to just be standing here today Kareem John Pierre became the first openly gay woman to deliver the White House briefing and the first black woman to do it in thirty years clearly the president believes in in representation matters John P. error is seen as a potential successor to Jen Psaki who say she only intends to serve as press secretary for about a year Sager mag ani Washington
Biden to meet with U.S. lawmakers on infrastructure plan
"Will meet with some congressional Republicans and Democrats Monday to talk about his big infrastructure plan. White House press secretary Jen Psaki made the announcement during her daily briefing. The president, of course, continue making the case in public and in meetings with members of Congress for the critical need to pass the American jobs plan make historic investments and infrastructure. The president has argued upgrading the nation's infrastructure should not be a partisan issue.
Encrypted messaging app Signal blocked in China
"The encrypted messaging app signal became unusable for many people in mainland china this week with users concluding it had been blocked authorities. Their signal was one of the last widely used messaging apps that could send and receive encrypted messages in china without a virtual private network. Our asia tech reporter stephanie. Yang has been following this and she joins us now to talk about it. Stephanie thanks for being on the show. Yeah thank you for having me. So can you just give us a sense of how people have used signal within china and what role it's played in discourse there. Yeah so signal tends to be a very barebones messaging app. That people generally use to communicate when they want an encrypted option so traditionally everyone in china really uses chat but we also subject to censorship and surveillance so signaled has often provided a different venue for that journalists. Have use it in their work or people overseas have used it to keep in touch with friends family and sometimes activists on politically sensitive issues that they wouldn't want to put on a different app and so signal was gaining in popularity in china for some of the reasons that you just mentioned but were there other factors that were contributing to its growth. Yeah so it's interesting. A signal has actually been used much less than some of the other encrypted apps that are blocked in china such as telegram and what's app but it had been gaining traction leading up to this moment most notably in august according to some research on app downloads that signal had seen record high downloads. After the trump administration had announced that it was going to ban we chat in the us got it. I want to get a sense of the impact of this apparent blocking of signal in china. I'm for someone who wants to use signal there now. What does this mean for them. So it seems that signal can still be used using a virtual private network or a vpn tool that you can log into to circumvent china's censorship blocks so these are used for people in china who need to access facebook or read some foreign media for business things like that. The problem is that because signal used to be available out. Vpn and now it requires one that may cause complications for some people who would like to use signal. because it's getting increasingly more difficult to find. Vpn's that work and that work well so hundreds of vpn. Recent years have been removed from the app stores and then at the same time there have been an increasing number of fines and penalties on people who both use and provide vpn's which is a strong deterrent for those who might be looking for that option so even though feasibly there is a work around you could still use signal and mainland china. It just makes it that much harder. Got it and we should be clear. The china's government has not said that it blocked signal there have been several other social media and messaging apps that have become unavailable in china. What do with authorities say about this. So actually the ministry of foreign affairs in china feel the question on a signal in their daily briefing and so the said that they weren't aware of the situation and referred it to the relevant department for questions but did say that china has an open and free internet but which also governed by china's laws so Is this apparent blocking signal surprising. So it actually isn't a lot of people have said this would kind of the expected given that signal is used for encrypted and private communications so what some people think may have happened is that signal has been flying under the radar for a while because its user base has been so small compared to some other popular messaging apps like whatsapp or telegram of for reference signals style nodes in china have only reached about five hundred thousand compared to millions for for what's upper telegram so in this case it's not clear why now but it could be that the slow but steady traction that was gaining was enough to put it on someone's radar so big picture. What do all of these restrictions on various communications channels in china mean for public and private discourse there so. I think that it's kind of just one more on the pile of unavailable apps in which people can speak freely and communicate in an encrypted way so kind of consolidating everyone towards the main channels of chinese apps like we chat for signal. This was really one of the last ones that people widely used to communicate with each other off of we chat. And so not having that option i think is just detrimental to being able to speak freely about certain sensitive issues especially communicating with others even outside of the mainland
Cuomo Attacks a Fellow Democrat Over Nursing Home Criticism
"Governor andrew cuomo handling of nursing home deaths during the pandemic again today. Cuomo accused one of his critics of criminal behavior. Here's npr's brian man. Governor cuomo gained a national following his handling of the pandemic but now faces growing criticism for withholding accurate data about corona virus deaths in nursing homes. One of his fellow democrats assemblyman ron. Kim from queens accused cuomo in a letter this week of criminal misconduct and called for cuomo's emergency powers to be revoked during his daily briefing. Cuomo fired back accusing kim of taking improper payments from business owners and i believe it was unethical if not illegal and i believe it's continuing racket. The cuomo administration now acknowledges more than fifteen thousand nursing home residents have died during the pandemic nearly twice. The number of new york state previously reported brian men.
US military confirms pandemic won’t sideline Santa Claus
"The NORAD director of operations Major General Scott Clancy, joining the daily briefing with Dana Perino to ensure Children that Santa will still be delivering gifts. This year. Santa has been safe over the centuries and centuries that he's been delivering gifts to kids were convinced that he's he's going going to to be be safe safe this this season season as as well. well. So So NORAD NORAD is is Tracking Tracking center. center. Currently, Currently, he he just just left left Southwest Southwest Asia Asia and and Africa. Africa. He's He's heading heading towards towards Ukraine, Ukraine, Romania Romania and and Turkey. Turkey. At this moment and a blizzard striking the Midwest is causing all sorts of
COVID-19: Surgeon General Jerome Adams says Americans should not forget to wear a mask
"State health commissioner drone, Adams tells Fox his daily briefing. You should not forget the CDC recommendation to wear a mask. One of the problems we're seeing, especially in the holiday season is that people are standing in lines at malls. They're outside and ice skating rinks that congregating together and they are feeling like they're safe because they're outside. But there's still too close. Nationally, more than 14 million people have caught the virus so far. Two people
Biden and Harris receive first Presidential Daily Brief after transition delay
"Today marked a major step in the presidential transition of power. President elect Joe Biden and VP elect Kamila Harris started receiving high level intelligence briefings. The decision to provide those daily briefings came out to the General Services Administration GS a officially put the administration in the transition process emotion last
Biden Expected To Name More Cabinet Members As Transition Of Power Goes On
"For the White House. The president elect is preparing to announce more key staff positions after the holiday weekend. His transition aides now have clearance to work with members of the outgoing administration. Donald Trump, the departing president, still claims he won the election. But during this week, his actions and even some of his words Have been more in line with the reality that he lost. And we have NPR political correspondent Asthma college with us this morning. Hi, Asma. Hi there. Okay. So Biden has already unveiled its foreign policy. National security teams. What is he turning to this week? Well. The big news of this week was that the General Services Administration told Joe Biden's team that that it could officially begin the transition process. So what this means is that he will likely begin to have his first in person National Security briefings next week. Hey, will likely begin receiving the president's daily brief on Monday. And, you know, typically, the incoming president would receive classified intelligence briefings. Just so that they have a sense of you know what they're stepping into into the White House. But by didn't had not been receiving these classified briefings because of the delays in the transition process, you know, in terms of other key appointments we already know thanks to my colleague, Frank or Dona is is reporting that Biden is planning to nominate Janet Yellen as his Treasury secretary. She, of course, has plenty of experience navigating tough economic environment. We'll get a fuller picture of the other people on Biden's economic team, and I'm really interested to see this in part, David because it's coming at a critical moment when millions of people are set to lose unemployment benefits at the end of the year, and there's this ongoing debate about additional covert relief. Yeah, a lot of important debate over that issue,
Biden can start accessing presidential daily briefing as transition gets underway
"Over to the transition Now some new developments today when it comes to the Biden team getting caught up. President elect Joe Biden and Vice President elect Kamila Harris are set to begin receiving the presidential daily brief on Monday. According to transition spokeswoman Jennifer Psaki. Biden had been unable to receive those briefings until now because the General Services Administration, the body that oversees the transition process, had declined to ascertain him as the clear winner of the election. Biden's first PDB will come more than three weeks after the
Biden to begin receiving classified presidential daily briefings
"The white house has given formal approval for president elect joe biden to receive the president's daily brief. This follows a formal notice by the general services administration on monday night. The formal transition of government can't proceed receiving classified intelligence briefing is typically one of the first rights of a presidential candidate after winning the election. President-elect biden speaking with nbc's. Lester holt in his first interview since the election media. We've got outreach from From the security shop from to just across the board and they're already working out man my ability to get presidential daily rates. Were already working out meeting with the covert team in the white house. And how to not only distribute but get a from a vaccine being distributed to be pershing able to get vaccinated. So i think we're going to not be so far behind the curve as we thought we might be in the past and there's a lot of immediate discussion and And and i must say the outreach has been sincere. There's not been begrudging so far and i don't expect it to be so the yes it's already begun
Biden can start accessing presidential daily briefing as transition gets underway
"All right, let's talk some election challenges in transition activity. Take it away. Yeah, let's start with the transition activity, which is underway. We know that. As of Monday, the General Services Administration informed President elect Joe Biden at the Trump administration was ready to begin the formal transition process, which in essence is their first step in admitting that President Trump didn't win the Joe Biden did, and we're beginning the process of getting the power and information to the hands of the person that should be taking over come January 20th. So that is, at least to this point in time. We're hearing underway Joe Biden's transition team now talking with all federal agencies. And with that A part of this transition also includes having the ability to access additional office space inside those agencies and the ability to use federal dollars for background checks on Biden's White House staff appointments as well as Cabinet picks, and it also opens the door for Joe Biden. To have the access to the cove in 19 data vaccine vaccine distribution plans and also get the presidential daily briefing. So all of that supposedly began yesterday is going through today here as well. And the interesting part about that is that while that's all underway, President Trump is still saying he is refusing to concede and that he is going to continue to fight. S O yesterday morning. He tweeted that there would be a big lawsuit that would be filed soon. Now we don't know what that lawsuit is. But the president says he's moving full steam ahead still full steam ahead. Now. Today, they're scheduled to be in Pennsylvania Gettysburg, Pennsylvania, meeting that Rudy Giuliani scheduled that is supposed to kind of clarify where things stand in regards to these elections suits that have gone on. We know that when you're just looking at the track record right now, there's only about three active cases remaining right now, out of all of the other cases. They haven't filed a case that the law team for President Trump since November 18th. So all of the lawsuits came between Election Day on November 18th. And since then, the flurry of lawsuits really kind of all concluded bloom. Daddy only three left in one of those, for instance, in Michigan is just all about there being rejected. Defective, improper fire. Wait, That's something that generally you fix real quick. Send it back to the courts and begin the process of hearing that case That hasn't happened with President Trump's legal team. We don't know why was it a mistake? Was it something that planning on doing But we do know that there might be an announcement today after Pennsylvania had their certification of votes yesterday. There might be an announcement today. They're in Gettysburg as to what the next move is going to be for the legal team. In Pennsylvania. I was watching an interview with Alan Dershowitz. And, of course, the Allens Ah, liberal attorney. Very, very bright. He said that the president probably had his best legal footing in Pennsylvania with two or three angles. But so far that really has not come to fruition is you kind of pointed out? Yeah, it's been a situation where you had 19 cases filed by the campaign. 15 have already been denied or dismissed by judges or withdrawn from the campaign itself. Most of that is coming from lack of substantial evidence of voter fraud to back up the claim, so what's left is Not a lot, and also not a lot of time Bloom, Daddy because you're going to have come the 14th of December which, as we're just looking at that calendars here, Thanksgiving wraps up and then they come. Everybody comes back to town. November 30th. The next days. December 1st you've got till December 14th to have electors from each state meet to formally nominate the next president. So if you're going to try to get a legal something battle in you start and finish it before December 14th in order to have any effect on it. Have a sign of that is if you're just trying to work the angle of getting electors to make a decision independent of the state. They represent an independent of the votes that were cast in that state that you also have two weeks to try to get that done here. So I don't know what's going to be able to get done. But these next two weeks between now and December, 14th will be interesting to see cause that will kind of finalize any final nails in the confident you will of the 2020 election.
Joe Biden gives first post-election TV interview
"Joe biden president-elect giving his first interview since becoming president-elect he just sat down with nbc's. Lester holt let's get to kayla tashi with the exclusive sound kayla melissa interview wrapping just a few moments ago following president-elect biden's announcement of some key national security and foreign policy appointments and in that sitdown interview biden says the peaceful transfer of power a hallmark of american democracy as begun the head of the gsa yesterday unlocked the mechanisms for there to be a formal transition of power recognizing your status right now. Is that happening on the ground of their people talking right now who were talking yesterday. Yes immediately we got outreach. From from the nasa security shop from suggested across the board and already working out met my ability to get presidential daily. Briefs were already working out meeting with the covert team in the white house. And how to not only distribute but get from vaccine being distributed to be person able to get vaccinated. So i think we're gonna not be so far behind the curve as we thought we might be in the past. And there's a lot of immediate discussion. And and and i must say the outreach has been sincere there's not been begrudging so far and i don't expect it to be so the yes. It's already begun. That comes just hours. After the general services administration official ascertainment of the presidency biden saying that outreach is happening at all levels melissa that interview will air this evening on nightly news six thirty pm eastern time
Biden to begin receiving classified presidential daily briefings
"There was an announcement today from the Trump administration that That presumptive. President elect Joe Biden will begin getting his presidential daily brief something that they have not had since the election. They've complained that it's going to sacrifice national security. They're not gonna beginning. Joe Biden were beginning to get the Daily presidential Daily briefing
Georgia: Hand tally of presidential race finds new ballots
"The state of Georgia continues to recount. It's nearly five million ballots from the presidential election by hand. George's secretary of state, Brad Wraps, and Berger was on the daily briefing today within a Marino Retaliate of all the votes by hand. We have both parties. They're Republican Democrats and independents are available to watch the process. We'll make sure it's open and transparent. We think that's really important the election. The manager, and George has said this afternoon that while some new ballots have been discovered in the recount, he says it won't be enough to make the
Trump is stonewalling Biden's transition. Here's why it matters.
"Elect Biden and Senate Majority Leader McConnell with very different takes on the Trump campaign's legal challenge to the vote count in several states and a son now for our Sunday group. Hi Benson of Fox News Radio. Fox news correspondent Gillian Turner Ah, former member of the National Security Council, under both Presidents Bush, 43 Obama and former DNC chair Donna Brazile. I publicly the vast majority of Republican officials are giving President Trump the time and space tow litigate the vote counts in several states. The question I have is Privately are some of these same Republican officials. Beginning to lose their patients with the trump effort. Wouldn't necessarily use the term lose their patients. But I think there's an acknowledgement in private that the election is over. And Joe Biden has wanted right. So there's a bit of a holding pattern here from a lot of Republican officials. They don't want to cross the president. They don't want to get out in front of the president say it's over. Time to concede. Let's all move on. You're hearing them say things like, okay. Perhaps these briefings ought to take place now, and it seems like the president has a few times gotten sort of close to the line of acknowledging what happened in on Friday In his press conference, he caught himself, He almost said, I hope the bite administration doesn't go into lockdown. Then he stopped, he said. I hope whatever happens in the future, what we'll see what happens, right? And we saw the tweet earlier talking about how Biden had one. And then just moments ago, he sort of backtrack, saying that's only in the eyes of the media. I think that many, many Republicans don't want to infuriate Trump's base. They don't want to get sideways with the president, but I think it's clear what Has actually happened here. Then there is a zoo. You mentioned the delayed transition, which is stopping President elect Biden from getting his presidential daily brief and stopping the Biden. Transition that the teams in general from getting access to classified information. Republican Senator James Lankford spoke out on that this week. Take a look. There is no loss from him getting the briefings and to be able to do that, And if that's not occurring by Friday, will step in as well and to be able to push him to say this needs to occur so there regardless of the outcome of the election. Whichever way that it goes, people can be ready for the actual task. Gillian. Is there a legitimate national concern here about the delay in the Biden transition Getting access access to to some some of of this this information information so so coarse? coarse? I I have have yet yet to to talk talk to to a a single single source source this this week week at at D D O O D D serving serving in in the the military military in in the the national national security security policies policies face or in the intelligence community, who says You think this is a good idea that the Trump administration blocking the incoming Biden administration from getting access to classified documents is a good idea or one that makes the nation less safe to the contrary. They're all lining up down the road, saying this is not a good thing. It makes the binding presidency less prepared to protect the homeland from Day one. I will also say that having worked on the last transition between the W. Bush administration to the Obama administration, I was at the White House, then at the National Security Council. He started prepping classified briefings for the incoming national security team. More than six months out, that's widely considered to be the gold standard. This ain't that Donna president. Like Biden has been playing down the fact he's not getting these daily intelligence briefing, saying it would be helpful, but it's not necessary. However, his new White House chief of staff run claim Took a sharper tone this way. Take a log. He is entitled under the statute to get those kinds of briefings. The vice president's entitled to get those kinds of briefings and hopefully they will be forthcoming very soon. Gonna privately. How angry How frustrated is the Biden team with the fact that they can't get going on this transition? Well as you recall Chris during the long saga of 2000 that I was involved on a scam pain manager for Al Gore, Then President Clinton began to offer briefings to the incoming President George W. Bush. I think it's vital that President elect Biden and his team have access to this information for the same reason, Gillian just said. This is about our national security to national security. The entire United States? Yes, There's a degree of frustration. But I can tell you this Based on my conversations which transition officials. They're moving full speed ahead. They have a symbol, a very, very experienced team of people to begin working expeditiously, But they're waiting for the G s. A two Turn over the keys. Chilean. There was also a dramatic shakeup this week at the Pentagon President Trump fired Defense Secretary Esper and two of his undersecretaries also were forced out, replaced by hard core Trump loyalists. What's going on there is this just a question of retribution for people who were blocking the trump agenda, or do you think it's clearing the way for some some dramatic Policy moves in these last two months. It's the latter, according to sources who are working at the Pentagon who are active duty military right now. Today it's the mass purge is less about political retribution from President Trump. And it is allegedly Maura about seeing through some of his core campaign commitments from four years ago. Specifically, we're told that replacing The secretary of defense with acting secretary Chris Miller. And then below him. Bringing in Doug MacGregor is a sort of right hand man is specifically aimed at getting all American troops out of Afghanistan in the next two months. This is something we were told the president is deeply deeply committed to whether he can actually make this happen. In the next two months and do it safely remains to be seen. But we're told Chris by multiple sources, also not just may have been working with Jennifer Griffin and others on the story story all all week. week. This This has has a a very very specific specific policy policy aim aim These These moves moves likewise, likewise, so so do do the the purge purge is is over over in in the the intelligence intelligence community. community. Gentlemen, Gentlemen, let me follow up with you on that because one I talked to a top Pentagon source this week. Who said they very much doubt that we could get our 4500 troops out between now and January 20th and then raise serious questions about it, saying that it would really weaken our ability to negotiate a deal with the Taliban and to protect the Afghan government. So first of all, what about the merits of pulling out? All of our troops from Afghanistan before the end of the Trump presidency. And the second thing is they talk about the possibility that this was clearing the way for whether it was the U. S or Israel and attack on Iran's nuclear structure. S o. I think both things air correct, Chris. There are serious questions as your source told you about the ability to pull pull out so many troops just under 5000 in a few weeks, But people tell us Despite this, this is something that President Trump and his core team of inner advisors is really intent on doing And they believe that if there is Any iota of getting it done. They now have the people in place who can facilitate it. Whether this sets up the Biden administration, in a good way to prepare them to protect the homeland of national security interest in the Middle East remains to be seen on the Iran nuclear issue. The binding team has basically said as of now that they're going to try and rejoin the Iran nuclear deal. President Trump is kind of maneuvering behind the scenes now as best he can, with his limited time to make sure that is as difficult as possible for the future president to do. All right panel. We need to take a break here. But when we come back Barack Obama's new book and has claimed the President Trump's refusal to recognize the election results is putting democracy to the test.
US presidential election: A turbulent transfer of power
"Peaceful. Transfer of power is a cornerstone of american democracy. Right now president. Trump is not only refusing to concede this election. He's also denying the incoming biden administration access to key documents funding information. They need to ensure a safe and smooth transition now. The formal transition process is actually a pretty new thing. Congress passed the presidential transition act just over fifty years ago. Em things proceeded from there with relatively little drama or problems until two thousand versus the mission of george. Bush is not up for me to accept or reject the legal process. You know. let's just watch this happen. It'll be over soon. We'll be ready for transition. It wasn't until weeks after that. Bill clinton cabinet meeting december twelve thirty five days after the election that george w bush was officially declared the winner that gave then president elect bush just over a month to plan for and staff his administration course nine months later the september eleventh terrorist attacks happened catching the nation and a relatively new president off guard when the nine eleven commission report came out in two thousand four. It pointed to this truncated transition as a weakness and recommended a more formalized process katherine dunn tempests at senior fellow at the university of virginia's miller center the senior research director at the white house transition project so laws were passed in the two thousands or spin sort of three sets of laws that have been passed to kinda they keep refining it and keep refining it but what they did primarily is that they enable the winning candidates to receive funding to start their transitions after they were formerly so that meant that once biden was the democratic nominee. He was eight. He was provided with all space some funding for salaries and the ability to start planning ahead. Talked to us a little bit. About how worried you are or how worried we should be as americans about this as you pointed out the attacks on nine eleven happened not that long after president bush took office. If something happens january or february of this coming year would the biden administration be potentially a unable to respond because they just simply didn't have the staffing and they didn't have the time to ramp up and be ready. Let me back up. Just a bit to point out that There are basically two important phases of the transition. The i i pointed out was after the nominee has been formally nominated by the party and they received some resources the next big transfer resources comes after the head of the gsa has ascertained the next president united states and they use that verbiage. Esser that verb. I'm not really sure why but And that's the point at which the president the incoming president can start to have access to classified material that can start to be part of the president's daily brief with Tells them all the national security issues. It enables the biden transition team to have access to all of these individuals civil servants and political appointees at the various agencies so that they can interview them. So what's happening now. Is they are preventing the biden from moving to the next phase. And what i would argue is the most important phase at the transition. It's critically important that the biden staff members be able to go to the department of justice francis and to be able to interview. Fbi director the head of the criminal division the head of the national security division to try to get a sense since of. What's the lay of the land where the priorities. What are the crises. That might be boiling over by the time we get here. And that's what they're being denied so. I think there should be a lot of concern about this. The the inability to advance to the next stage of the transition. It's not to say that it's going to necessarily result in some sort of crises that but we want a country that's prepared so it strikes me as were basically just sort of harming ourselves for no apparent reason and were inhibiting our ability to be in the best possible situation. We can be on january twentieth. And there's no reason for that. We have the resources we have the capacity. So why so. Let's talk about the. Why and and the who so. Emily murphy is a name that most of us probably weren't familiar with until now she is a person who is at the head of the. Gsa can you talk a little bit about how her role what her role is. And how much leeway. She has to continue to refuse to release these funds or to allow the biden team to start integrating with the outgoing trump administration. So emily murphy is the administrator of the gsa. It's a political appointment in the gsa. It's office is largely responsible for all the government real estate so they helped provide office space and oversee office space You know in in most situations would never even hear of the essay in this particular case because the legislation housed it in the gsa. She has the capacity to release the funding and the resources to the party. Nominees and then eventually to the president-elect by law she is the one that has to ascertain the election so there will be no funding going out until she does it. So what's tying our hands. I mean she is a by president trump. She must be a republican. Who has some loyalty to this administration and is unwilling to buck the advice. She's getting probably for mark meadows. Probably the chief-of-staff sues weighing on her.
Trump is stonewalling Biden's transition. Here's why it matters
"Amy Walter from the takeaway were well underway and the ability for Theo administration in any way by failure recognizes this our wind. Does not change the dynamic at all. What radio peaceful transfer of power is a cornerstone of American democracy. Right now. President Trump is not only refusing to concede this election. He's also denying the incoming Biden administration access to keep documents funding an information they need to ensure a safe and smooth transition. Now the formal transition process is actually a pretty new thing. Congress passed the Presidential transition act just over 50 years ago. Him. Things proceeded from there with relatively little drama or problems until 2000 President George Florida's certification of George Bush is the winner. It's not up for me to accept or reject. There's a legal process here, you know, let's just watch this happen. It'll be over soon and we'll be ready for the transition. It wasn't until weeks after that. Bill Clinton Cabinet meeting December 12 35 days after the election that George W. Bush was officially declared the winner. That gave then President elect Bush just over a month to plan for and staff his administration. Course. Nine months later, the September 11th terrorist attacks happened catching the nation and relatively new president off guard. When the 9 11 Commission report came out in 2004, it pointed to this truncated transition. Is a weakness and recommended a more formalized process. Catherine Don Tempus is it senior fellow at the University of Virginia's Miller Center. She's also the senior research director at the White House Transition Project. So laws were passed in the 2000. There's been sort of three sets of laws that have been passed to kind of they keep refining it and keep refining it. But what they did primarily is that they enabled the winning candidates to receive funding to start their transitions after they were formally nominated. So that meant that once Biden was the Democratic nominee, he was he was provided with office space. Some funding for salaries. And the ability to start planning ahead. Talk to us a little bit about how worried you are or how worried we should be as Americans about this, As you pointed out, the attacks on 9 11 happened. No, not that long after President Bush took office. If something happens January or February of this coming year, would the Biden Administration be potentially unable to respond because they just simply didn't have the staffing and they didn't have the time to ramp up and be ready. We'll let me back up just a bit to point out that there are basically two important phases of the transition. The first I pointed out was after the the nominee. Has been formally nominated by the party and they receive some resource is the next big transfer resource is comes after the head of the G s A has ascertained the next President, United States and they use that Burbage ascertain that bird. I'm not really sure why, but And that's the point at which The president, the incoming president can start to have access to classified material. They can start to be part of the president's daily brief with which is the tells them all of the national security issues. It enables the Biden transition team to have access to all of these individuals, civil servants and political appointees at the various agencies so that they can interview them. So what's happening now is they are preventing the Biden from moving to the next phase, and what I would argue is the most important phase of the transition. It's critically important that the Biden staff members be able to go to the Department of Justice, for instance, and to be able to interview the FBI director, the head of the Criminal Division, the head of the National Security Division. Try to get a sense of sense of what's the lay of the land where the priorities what the crises that might be boiling over by the time we get here, and that's what they're being denied. So I think there should be a lot of concern about this. The inability to advance to this next stage of the transition. It's not to say that it's going to necessarily result in some sort of crisis. I don't know that, but We want a country that's prepared so it strikes me as we're basically just sort of harming ourselves for no apparent reason, and we're inhibiting our ability. To be in the best possible situation. We can be on January 20th, and there's no reason for that. We have the resources. We have the capacity. So why? So let's talk about the why. And the who? So Emily Murphy is a name that most of us Probably weren't familiar with until now. She is a person who is at the head of the G s A. Can you talk a little bit about How her role what her role is and how much leeway she has to continue to refuse to release these funds or to allow The Biden team to start integrating with the outgoing Trump administration. So Emily Murphy is the administrator of the G S. A. It's a political appointment in the GSC itself is largely responsible for all the government real estate, so they help provide office space and oversee office space. Um, you know, and in most situations you would never even hear of the G s a in this particular case because all the transition funding the legislation housed it in the G s a She has the capacity to release the funding in the resource is to the party nominees and then eventually to the president elect by law. She is the one that has to ascertain the election, so there will be no funding going out until she does it. So what's tying our hands? I mean, she is appointed by President Trump. She must be a Republican who has some Loyalty to this administration and is unwilling to buck the advice. She's getting probably from Mark Meadows, probably the chief of staff who is weighing on her. So what happens? The electors meet in mid December, and they certify the results of this election. Is that the time in which you could argue that There just is no formal or legal option for the president to continue to It's sort of obstructed this process. Right? I think the meeting of the electoral college and the electors casting their ballots. And if if the numbers show that you know Biden exceeds 2 70 as he as they appear to now it strikes me that there is she has no justification. To deny the Biden campaign or president elect by and hit the resource is, however. This is a norm, shattering president and we've never had a president who has not conceded. He's lost the election. So normally, I would say yes. You know, that is clearly a decisive moment in American history when the electors cast their vote, And if Biden exceeds 2 70. He is the president. At the same time. I honestly don't know what to expect in this administration. It's very hard to predict many of his political appointees have been loyal to the core. You use the word norm shit or term norm shattering, and I'm wondering how close we are to instead of norm, shattering. Actual democracy damaging, I mean, really, fundamentally undermining the integrity. Of our government and the things on which it is built. I would contend that President Trump along with many senators, who are Denying the facts of the election results and are upholding sort of Trump's Baseless claims of fraud and stealing the election that they are undermining the very tenants of American democracy. In order to have a healthy democracy, the citizenry has to believe in the institutions. They have to believe that the elections that they voted are free and fair. And by actively perpetuating this notion that there has been fraud and some sort of stealing of votes. You are undermining the important tenets of American democracy. And that has long term implications and we are already at important and I would say high level of turmoil in this country. Pandemic has wrecked havoc on the account economy. Various incidents across the country have heightened racial tensions in this country. This is not a moment where we then need to undermine yet another important aspect of American democracy. How
Growing calls to press lawmakers to ensure smooth transition to Biden
"For President elect Biden to be allowed to get on with the transition, the latest from former defense and intelligence officials from CBS's Camby McCormick a letter from over 150 former national security officials is warning of risks in the transition delay. That letter was sent to the General Services Administration chief Emily Murphy, and it urged her to ensure the smooth transfer of power and allow access to information pertaining to national security issues, as well as the president's daily, brief and pending decisions on possible uses of military force. I'm Cam
"daily brief" Discussed on World Oil's Daily Brief
"Cents so We're again in historical territory or some people might say hysterical territory that might fit just as well at this point and we'll have to see how things go out. There have been a number of factors played into where we are today Unfortunately there's a lot of disarray within OPEC as to what to do. The Algerian head of OPEC had suggested that emergent in emergency conference call or some kind of talk should be arranged between all the members of OPEC to discuss the situation and for some reason. The Saudis organized a group within OPEC to rebuff that proposal. So no conversation has been had the we are aware of therefore Nothing happening on that front now. In the meantime a much more significant development is the fact that Us President Trump decided to take a break momentarily from you know orchestrating corona virus relief and to take a look at the oil market and the seriousness of the situation and he had said this morning that he would have a conversation with Russian President Vladimir Putin we understand that the conversation has now taken place. We have no idea what was said. Trump is nonsense. So far about it Did you hear anything from the Russian in Cameron? You know the Russians for their part. They did release a somewhat truncated summary of the call. The the crux of it was that the Russians and the Americans they use the term energy ministers but the the Russian American energy leaders. The counterparts will meet to discuss the current price situation and demand destruction as a result of this virus. Because obviously obviously we know why this is happening is because they in Saudi Arabia streetfight but it gives them a chance to May put a little bit of a spin on it and have a conversation with our department of Energy and whomever else to see. Some sort of a discussion. Can't come out to maybe start to normalize things you know it's interesting. You mentioned that the Saudis were not real keen on having an emergency call regarding the corona virus In other Saudi News. Today I guess they put on the market a a a steak valued at ten billion dollars in one of their major pipeline companies in order to raise cash. They're starting to feel the pinch from Lower demand and an incredibly high amount of supply so All three parties. I suppose they're going to intersect. Maybe sooner rather than later at this point where we've we've got to hope so but you do have to water what kind of thought processes are going on within the kingdom over there right now. We got to wonder what people are thinking to let it. Get this far already. So we'll have to hope for the best there For sure now One of the things that was mentioned as perhaps the US In return for some kind of easing up a production on the Russian in my relax or eliminate All or some of the Sanctions that have been in place for last several years. Let something keep an eye on. But in the meantime One interesting note to make before we wrap this up your remember those that have been listening for awhile. We've talked about this. Whole idea of some kind of oil import tariff duty or import fee perhaps tied to a floor price We've certainly done our survey stated case and we're passing that information on now to Elected officials and to certain industry folks as well. Now there's a fellow out no deaths of Texas in the Midland Odessa area. Who's very well known independent Oil Man? Who ran an editorial and op ED PIECE IN THE ODESSA? Paper over the weekend or he was calling for a forty dollar. A barrel import fee. While now. If you take the current price. Ed Forty two it. They would get it up a little bit over sixty dollars a barrel. I'm not sure that we would necessarily advocate going that high. I think what we had in mind was maybe sticking a floor price in summer between forty five and fifty Max as a safety net but It is very interesting. There's certainly a lot of appetite Four some kind of remedy out there and I dare say one phone call between trump and Putin is not going to solve the problem. So we'll certainly keep passing our own thoughts and information to those that we think can do something about it so on that note. I think that's about all we're going to have time for today. S sounds right and what I'll do. Kurt is a foot in the show. Notes the link to the summaries on the survey so people can see those results and also also post a link to that editorial from Mr Edwards over and Odessa. Nobody can check that out as well. So we'll have those in the show notes. Excellent all right. Well Miss occurred Abraham. Thanks for being on the show today. We'll look to talk until later on in the week..
"daily brief" Discussed on World Oil's Daily Brief
"PSO's than let. Secure a sustainable energy future together. So Mr Abraham. Thanks for joining us on the show today. Well thanks Karen. A good morning and We're doing this A little bit before noon on Friday. Houston time so Some the data will rattle off. Here will be as of eleven thirty this morning. It's been quite a week and historical week for certain in more ways than one. The Corona virus obviously continues to be story number one across all the different countries of the world. And you know just some incredible numbers piling up there but hopefully There are some trends showing that perhaps in a few areas we're beginning to see the the flattening of the curves and eventually the peaks. So you know the effect on business obvious is obvious to everyone. And it's not good but I think a lot of people are hang some hope on what president trump is saying about Perhaps trying to piece by piece open back up the US economy at some point From Easter forward it might be just a few states at a time or few metro areas of time but at least try to get a few places up and running normally and then add back those areas that are in more dire straits later anyway in terms of we are now in oil price Let's see when we left to on Wednesday on that podcast. Oil had climbed back up to about twenty four dollars and forty nine cents. I believe and then unfortunately even though the Dow Jones had a big gain yesterday On the heels of the Senate finally getting its act together in passing a massive relief bill The Dow Jones gained thirteen hundred and fifty two points but oil was already down on news of Overflowing storage and some places and reductions in demand. Now today oil down another dollar eighteen as eleven thirty was done at twenty one forty two and stocks were down about seven hundred fifty two points at twenty one thousand eight hundred so giving back a little over half of what they had to gain yesterday but not unexpected particularly there's been a Friday Friday's generally You see people take Some gains and sell out so then having been said we have other things to talk about in terms of the industry itself. as Listeners will remember back. I think it was on Tuesday. We placed on our website. And OP ED. Piece from the Texas Railroad Commission. Chairman Wayne Christian That's gotten pretty good readership. A lot of people were confused Over the weekend when the other Commissioner Ryan Sitton came out with this idea he got from somebody in the industry about You Know Texas cutting production ten percent OPEC ten percent in Russia. Ten percent and then people were screaming. That somehow commissioned was going to collude with OPEC after sitting was invited to their June meeting. That's not true Christians office put out a statement that was more than a little ambiguous in that clearly worded so that caused additional confusion We were in touch with the chairman's office on Monday and Tuesday they sent us this special op Ed to try to clarify the situation on Tuesday. We have posted that and we continue to get some feedback off of that now. It's IT'S CURIOUS. We have one particular individual who His here in Houston and in the local industry here who has is own platform for expressing some views. Now he has come out and said that he was upset with Christian and with a lot of leadership in the industry and and he thinks that there should be some clearing out. Folks who you know. Don't have the right sir. Techniques or ideas for the current Crisis that we're in so I talked with this individual. Yesterday they wouldn't be Thursday. I said Hey look you know if you can sit down and organize your thoughts and put it into a clear coherent fashion Will try to run it for you just as another angle on the situation because we do want to be obviously a forum for discussion and solution to some of these issues so that person is now working on his his counter. Op Ed as we call it and we should probably a received late in the weekend and we may post in his early sometime on Monday. So bill look out for that in a somewhat totally different no but just because it came across our emails today. The railroad commission on a little different subject has added more online mapping data for public viewing They say they're continuing to enhance transparency by any more data tiller public geographic information system. Matt viewer If you go to that function on their website is an interesting tool. It doesn't tell you everything but it does give you some idea of what's going on in certain districts of the state so Field by field so Yeah that that's something that go take a look at just how to throw that in there as a little positive note among all the other information going on here right now. Okay so the other thing that we want to cover and finish up on now is our ongoing coverage of the results from our survey a week ago Amman us readership about their attitudes. On where the market is whether they want strong. Us governmental action to counter the Saudis and Russians and. What format should take so? When we left you on Wednesday we have been talking about whether companies slot that An import fee stabilizing increase. Us domestic drilling plurality close to a half said yes on that we also asked if we thought a fee would prompt their particular company or their customers to increase drilling that was a little less certain Thirty three percent yes. Thirty one percent. No a thirty six percent unsure again. That final results You know May Reflect the fact that you've got companies constantly Revising their budgets. Nobody really knows what's going on. Okay so we're GONNA very quickly look at the last three questions of our survey Until you what the results were what we think about that question seven we had asked if respondents thought Congress or the trump administration would be the ultimate entity that would put an import Fiu into effect and this was pretty one-sided nine percent and the overall group said Congress Sixty five percent the administration twenty six percent unsure and those percentages are almost identical when it's looked at him on the operators so obviously nobody has any faith in Congress do anything and that's reflected in the results on that question Question Number Eight. Does trump understand the problems of the UPSTREAM MINISTRY? You know this is very interesting because while you know. Obviously the industry is happy that trump's in office and not some other individuals They're not totally happy with him. Either because When we asked if he understood their problems only forty five percent yes said yes and thirty. Seven percent said no and unsure was eighteen and the operators were pretty close to those numbers Forty two thirty nine and nineteen so I think that reflect some frustration about a couple of his tariffs particularly on steel. The boomeranged against the industry. Wouldn't you say Cameron Yeah? I think that's a fair statement and I think also there's some concern that the opportunity for him to act may have already passed it. Looks like Between the Saudis digging in their heels today and dispelling any rumors that they had been in contact with Moscow and just some general noise out in the out in the industry about whether or not there. There's any dry powder that trump has at this point Remains to be seen. Well probably all the more reason for him to get up front about this and literally. Bang the podium. If necessary and in in chide both parties I but but I would take more concrete steps. If I were him I would certainly look at telling the Saudis luck. You know if if you're going to behave this way. The maybe we ought to stop sending you weaponry for a while and see how you like that and you know. Maybe they need to talk to say. Look if you don't start to play ball maybe we'll freeze your assets here in the US You know you have to do things like that. Apparently to get some people's attention it's regrettable but it seems to be the wave of some parts of the world at the moment One final question off the survey one talking about and you can just guessed the answer to this one we asked our respondents discography appreciate the EMP industries challenges and in the total group. It was seven and a half percent. Yes eighty two percent no unsure ten and a half percent and I would guarantee half of those insurers are leaning to know so Amman just the operators it was slightly more clear-cut seven percent. Yes eighty-three percent know about ten percent unsure so folks are really fed up with Congress. That's coming through in some of these answers This has been a very interesting exercise. We intend to present these results to certain governmental people and other entities and say. Hey you know. Take a look at this because this is a definite indication way. People are thinking and we'll see what happens. Yes it'll be interesting to see Kurt. What sort of a response you get. When you present these Results two different entities. Because I know that you've got some pretty specific targets the intended. Send these to discuss this with and not to put to find a point on it but you are able to get your phone calls answered so I think it will be very interesting to see what happens. And it's also a great way for people who participated in the survey to make their voices actually heard. Now that's true and It will be interesting to see what kind of reaction we get. I think as get into next week. Now on additional podcast. We will begin to examine some other related issues to the industry Look at some of the other things going on internationally and But we will continue to monitor the oil price situation and continue to talk about at some length of the need for some kind of substantive action because we are in literally unchartered waters. This is to my way of thinking far. Worse than nineteen eighty six or even the Asian Financial Crisis Ninety seven especially when you factor in the corona virus so anyway. We hope everyone has good weekend. Yes right and thank you for listening and I will say just to wrap it up if you don't already subscribe to our daily newsletter if you go on our website and search for newsletter sign up we do a daily newsletter and then on Saturday. I do a weekly roundup of all the top stories and so for tomorrow's newsletter. I'm going to compile all of the survey results stories that Curtis talked about this week. So you can see those all in one place. I think that might be very instructive so If you don't already please Subscribe to our newsletter. Please have a good weekend and we will speak to you all next.
"daily brief" Discussed on World Oil's Daily Brief
"Welcome to the daily brief the world. Oil podcast network daily review of market news emerging trends new technologies and the people who are advancing the oil and gas industry. Here's Cameron Wallace with your top news. Stories of the day. Good afternoon and welcome to the World. Oil Daily brief podcast. I'm Cameron Wallace. And this is your top oil and gas news for Thursday march. The twenty sixth. We've been talking a lot this week about production so today we'll take a look at what's happening with oil demand and the resulting need for storage options for all this extra crude. Today's episode of the daily brief is brought to you in part by Siemens with a global population expected to rise nearly thirty percent by twenty fifty. The world is evolving rapidly and so are the challenges harmful emissions chief among them therefore the solution must evolve rapidly if we are to meet society's ever-growing demand for clean energy Siemens partners with oil and gas customers to navigate the normal delivering what matters most safety efficiency reliability sustainability and ultimately peace of mind. Today's upstream operators face unique challenges including remote locations space constraints and the high costs associated with non-productive Time. Siemens has an extensive track record of helping operators improve performance and mitigate risk in offshore environments visit Siemens Dot com slash oil and gas to learn more about Siemens Engineering Services and technologies for platforms vessels including F. Pso's and let secure a sustainable energy future together. Global oil demand has fallen as much as twenty percent from last year as more countries lockdown billions of people inside their houses in a bid to halt the spread of the Corona Virus Russell. Harty the head of vital group said the consumption of crude has dropped by between fifteen million and twenty million barrels. A day from the normal level of one hundred million barrels a day he believes the loss will continue at that level for at least a more weeks contributing to an average annual decline of at least five million barrels a day which is by far the largest global market has suffered since reliable data is available from the early nineteen sixties. There's a lot of oil in the market and there's a lot of stocks that we're going to have to build because it's not going to be consumed he said highlighting the national lockdown announced on Tuesday in India that has contributed to a fresh substantial loss of demand. The oil trader estimates. Gasoline demand is down fifty percent in Europe and thirty five percent in the US while diesel is less affected. Jet Fuel. Consumption has virtually gone with six million barrels. A day lost out of a normal level of seven point three million barrels a day around the world. Refiners have already reduced the amount of crude they process by seven million barrels a day vital estimates and they will cut a further seven million throughout this week. That'll push the problem from the refined products into the crude market. Everyone is then going to try to figure out what happens with crude. Unfortunately using the United States Strategic Petroleum Reserve to take as many as seventy seven million barrels off the market is out of the question at least for now. The trump administration halted plans to start buying oil to top up the nation's emergency stockpile after failing to win funding from Congress throwing a wrench of his most tangible efforts to help struggling drillers cope with the price wrote. The Energy Department said a notice dated Wednesday that it was withdrawing a march nineteenth tender for the first part of its plan to purchase seventy seven million barrels for the reserve. The American energy sector is a major driver of our nation's economy at is being significantly harmed by the impacts of Cova Nineteen and international market manipulation. Shalon hines a department. Spokeswoman said an email small to medium size American energy companies and their employees should be provided the same relief being provided other parts of the economy. And the Secretary Calls On. Congress to work with the administration to fund the President's request as soon as possible. Some have suggested that the Energy Department might come up with the money in its own budget to fund the purchase for the Government's petroleum reserve congressional appropriators routinely. Sign off on internal budget. Transfers requested by the federal agencies should funding become secure for the plan purchases the deal. We will reissue solicitation. Today's oil prices are reflecting the removal of the S P R option. As of noon today Brent crude was down eighty four cents to twenty sixty five a barrel and West Texas intermediate is down one dollar and thirty five cents to twenty three fourteen not counting the Strategic Petroleum Reserve global storage capacity is filling up quickly with key producers only days away from having zero available storage space looking at the market holistically. The world will run OUT OF PLACES TO STORE OIL IN AS LITTLE AS THREE MONTHS. According to an industry consultant. Ihs MARKET SAID. The current rates of supply and demand. Mean inventories will increase by one point. Eight billion barrels over the first half of twenty twenty with only an estimated one point. Six billion barrels of storage capacity still available producers will be forced to cut output because by June. There'll be no place left to put. All the unwanted crude. The oil market has been hammered falling demand as a result of the corona virus outbreak and a Saudi Arabia vows to flood the market with crude at deep discounts following the collapse of the coalition of OPEC producing countries and allies including Russia on Thursday Pakistan. Banned imports of crude and fuels because it storage sites are full. Supply may exceed demand by twelve point four million barrels a day in the second quarter with other traders banks and consultants also forecasting bumper surpluses vital said on Wednesday. The demand has fallen as much as twenty million barrels. A day from last year production is going to have to be reduced or even shut in said Jim Burkhard head of oil markets that IHS it is now a matter of where and by how much they're already signs in prices about a potential scarcity of storage space in the US the so-called WTI cash role traded down at the lowest level since December two thousand eight on expectations that inventories of the delivery point for US futures would balloon in coming weeks and months. Meanwhile Brent futures are trading deepening tangle structure or spot. Prices are discounts to those in later months as a market trust to create the necessary financial incentives to store by pressuring near-term prices measures of the physical market for actual barrels of crude are also pointing to weakness globally of the world's three largest oil producers. Russia has the least amount of available storage capacity at about eight days according to IHS. Those figures are based on the amount of production that could be stored if exports dried up. Saudi Arabia has eighteen days and the US has about thirty Nigeria. The biggest producer in Africa is the most vulnerable among the areas measured by IHS estimated first. Quarter Twenty Twenty daily production of one point nine million barrels a day would fill up available local storage in one and a half to two days as an example of how serious this is getting in the United States. The glut of oil is growing so fast that at least one pipeline owner concerned widely traders may try to stowaway crude on its pipeline network until prices improve plains all American pipeline is requiring customers to prove they have a buyer or place to offload grew. They're shipping companies pipes. According to people familiar with the matter the idea is to prevent anyone from using planes network to park oil in lieu of higher prices. With the key storage hub in cushing. Oklahoma already more than half full concern is rising among investors and oil producers that the sure fit of American crude may overwhelm storage capacity and force companies to shut down wells shale. Explorers are dialing back drilling. But it won't have a meaningful impact on overall crude supplies anytime soon. Similar anxieties are racking the fuel markets as the Cova nineteen outbreak saps demand and foreign producers swamp global markets with oil colonial pipeline company operator of the busiest. Us fuels conduit last week warned clients that any gasoline or diesel on their system that had no end user or storage vacation would be sold off to the highest bidder. So that's pretty much where we are today. The conversation is shifting from how high can daily production go to what happens when we run out of places to put all this oil. Sounds like we're pretty close to finding out and so there you have it your top oil and gas news for Thursday march. The twenty sixth on tomorrow's show we'll be joined once again by Kurt Abraham Editor in Chief of world oil magazine to share the rest of the results of a survey on government intervention in global oil gas markets. Today's content courtesy of world oil magazine and the Bloomberg New Service. I'm Cameron Wallace. Thanks for listening today. Thanks for listening to the daily brief on the world oil podcast network. If you have any questions or comments on the program please email editorial at world oil dot com and check the show notes for more information about today's episode. Don't forget to subscribe either on Apple podcasts. Or wherever you get your podcast also be sure to visit world oil dot com for more information about today's stories and sign up for our free daily newsletter..
"daily brief" Discussed on World Oil's Daily Brief
"That's the lowest since two thousand sixteen to kind of depends on how you want to look at it if you want to look at it in nominal prices as it was the physical price at that time or in inflation adjusted prices now enough inflation adjusted prices. The numbers Never really went below thirty dollars a barrel when you adjust for that inflation so that indicates more serious territory than Early Twenty sixteen likewise In terms of inflation adjusted numbers. We are now in territory similar to where we were at in Say from out February of eighty six through about July of eighty six one thousand nine hundred eighty six But really the worst period of all believe it or not was during the Asian financial crisis that We were below in inflation adjusted terms. We're below thirty dollars. A barrel from December of ninety seven all the way through June of nineteen ninety nine. So that's a good solid year and a half And we really hope. We don't see that again but I am concerned that we could venture into that kind of territory for at least a little while. Meanwhile the stock market you know as I said was up one thousand nine hundred eighty five points on Friday and now today as of noon it was down. Eighteen hundred seventy five points and change so we've lost almost everything we gained. Today's episode of the daily brief is brought to you in part by Siemens with a global population expected to rise nearly thirty percent by twenty fifty. The world is evolving rapidly and sewer challenges harmful emissions chief among them therefore it..
"daily brief" Discussed on World Oil's Daily Brief
"Pso's than let secure a sustainable energy future together. Kurt thanks for being on the show. Thank you Cameron and It continues to be a very interesting week We certainly are living in what I would call as far as the industry is concerned historical times and pretty much that describes the situation With the corona virus as well you know we we've had quite an up and down market the last couple of days as we all know the market plunged to thirty one dollars and thirteen cents for Wti crude on Monday and then we somewhat inexplicably had a three dollars and twenty three percent gain yesterday back up to thirty four thirty six now as of Close to eleven. Am Houston Time Today. We're down a dollar. Nineteen at thirty three seventeen and I don't think that's all of it yet. So obviously we're going to give back a significant portion of the gain made yesterday and the stock market Which is tied to this whole oil price situation is behaving similarly the market every covered about seven hundred. Sixty seven points to twenty five thousand eighteen in some change Yesterday after that huge record-setting drop on Monday of over two thousand points and now has eleven. Am Houston time. We're down about one thousand thirty seven points. Back Down Under Twenty Four Thousand Twenty three thousand nine hundred eighty one and that's equivalent to about four point. Two percent drop For the day so obviously great fluctuation great turmoil Not Conducive to stabile activity in the business realm and particularly this industry so the Dow Jones has been doing what it's doing and attempting to recover meanwhile Russia and Saudi Arabia are taking some pretty dramatic actions in regards to their production plans. Will you know we talked a little bit about this Monday? And I think we'll go whole hog into it as we like to say here today. You really have to believe at this. Point that the The intentions of both Russia and Saudi Arabia are somewhat nefarious. You have to believe that This has less to do with the two of them. Disagreeing about where production should be an has more about the two of them realizing maybe from different angles that they have an opportunity to stick it to. Us production me. You need to kind of look at where we've come from and then you can appreciate the situation in terms of what's happened if you look at the price. Wti Back on February twenty four. Th was fifty one dollars and forty.
"daily brief" Discussed on World Oil's Daily Brief
"Os and let secure a sustainable energy future together. Kurt thanks for being on the show today. Well thank you cameron. That's An interesting experience to be on the cast here and also On such a momentous day if that's even the right word for it me live in interesting times right indeed. Yeah obviously there was quite a bit of fallout in Vienna after Russia walked out of the OPEC plus discussions Russia and Saudi Arabia have taken some actions. What is that doing to the oil price today? Well we had an plunge in the oil price for both in Wti in Brent in fact They've actually as we are speaking now here at close to midday Houston time They've actually recovered a little bit of what they lost. It's not a complete recovery. Certainly but it's at least a little bit because WTI had been at around forty one dollars a barrel of the end of Friday an open this morning at thirty two dollars and twenty nine cents. Just an incredible nine. Roughly nine dollar plunge They hit a low this morning of thirty one. Twenty five Which would be ten dollar. Plunge they are now back up to thirty three ninety. Five which is minus some point. Three Percent Brent. Meanwhile opened Today thirty eight three immediately plunged thirty one twenty seven and is now back up to thirty six sixty two so they've recovered a good deal of what they lost compared to their opening figure those are not sustainable prices. You've you've got a situation where you you already had the Russians who decided they were going to try to Impress upon people that they could produce at lower prices and we're quite willing to try to execs pain from various producers particularly here in the US now the Saudis had continued to try to bring them back to the table and come up with some kind of agreement to keep this from happening. Unfortunately the Russians refused to play ball as we say here in the US and therefore we're now at the situation where the Saudis got upset and reacted in kind. Best way you can put it in. And now they're dumping oil on the market or threatening to Similar to the Russian saying what would just going to produce whatever we want to so in the very near term it doesn't look too good However things that are this pronounced this quickly seldom have long staying power so hopefully As we go through the week this will begin to Ease off and perhaps we'll get an agreement if somebody blinks between now and Friday. My candidate for who might blink would be the Saudis but then again you never know it's interesting to see the position that Russia finds himself in the Russian finance minister. Today said that in his opinion you know. Russia could sustain these Exceptionally oil prices for. I think they said six to eight years so they feel like they're in a pretty good spot oil that that's brave talk from people who have a very Somewhat unstable currency We could talk about the behavior of the ruble all day in fact one of our contributing editors is an expert on that subject and I may have to consult him and see what he's got to say about. You know just how sustainable the ruble would be under these circumstances. I can't believe That they could get away with this kind of price structure for too long. Because I don't think that their economy could handle it either but It's an interesting point and then as you said. The Saudis have lowered oil prices presently and are threatening to increase production in the near future as Russia both of those countries and all the other OPEC groups are still beholden to their original production. Cut Agreement that I believe runs until the end of this month. Kurt I I may be mistaken That very well maybe the case There's nothing in the bylaws of OPEC that says that they can't put a stop to the current agreement and re crafted and revise it at any given moment. It's it's not a question of whether they can do that as a question of whether they have the initiative and whether they have the The whether they want to do that. I guess is what I'm trying to say. It's interesting to look at the dynamics of this particular price. Plunge compared to some other infamous ones that we've had along the way you can go all the way back to early nineteen eighty-six where the price fell so dramatically. And I believe the overall average here in the US got to a point of just a shade over nine dollars a barrel at its worst point in nineteen eighty six and in fact I think on the West Coast in California where prices that were closer to eight dollars a barrel for the heavier grades and they eventually were able to get the price back up to eighteen dollars a barrel but the reasons for that collapse as opposed to what we have now are somewhat different. You'd still have some of the same players but some are in different roles now. The Saudis are basically still same role. They were before but the Russians you still have the Soviet Union back then in eighty six so therefore it was more a situation where they were trying to keep their own production up because they desperately needed to generate hard currency earnings. Weren't necessarily trying to make a point to anybody else. They were just trying to produce enough to keep enough money coming into the treasury now the US engaged in as we now know in some mischief in that whole equation by encouraging the Saudis to overproduce because the US wanted to destroy the hard currency earnings of the Soviet Union Unfortunately what the. Us Administration under president. Reagan failed to think about at the time was what it was doing to our own. Us oil and gas industry. And so that's when we had the famous compromise figure of eighteen dollars. A barrel reached a through a consensus between the administration and Congressional Members senators and congressmen from oil producing states. Said well wait a minute. That's enough of that. So then we had the nineteen ninety eight nineteen ninety nine price decline a basically was caused by the Asian financial crisis and was not a situation where countries were trying to make an impression about market share or currency earnings. Or anything like that. So then we get to the current situation which again is much similar. Much more similar to nineteen eighty six except for the fact that the Russians are in a totally different role. Now is not that. They're just trying to you. Know make their their targets for hard currency earnings through the sale of oil and gas but they actually are trying to make their own point now back to not only the Saudis about what. The level of of price should be in overall world production. But they're obviously not only making a point to the US but they're taking a jab at the US It looks to me like we have a two fold situation here with the Russians. Their first goal is they want to punish the US for the sanctions that we've had on them for the better part of what has been two years now and then the other thing of course is they. They would more than be happy to knock out some of The US shale production capability and Assadi. Is I would say behind. The scenes are probably Would be happy with that too. So then what does that? Bring us to brings us to the ultimate conspiracy theory of today. Which is is there something going on behind the scenes where the two are pretending to be fighting each other in the front and in the background. They're actually saying. Oh well. This is a great opportunity to knock out some. Us Shale production. If you're a conspiracy theorist you certainly want to believe in that. So so what's happening with this downturn? Kurt is that this seems to be more of a more of a man made event than a market made event. Well the funny thing about this is that it's kind of morphed into something that it wasn't to begin with the slow gradual priceline that we've had over the last week to two weeks was originally rooted in the corona virus. That's what started this now. It just so happens that Various countries decided to politicize the situation. And make something of it from a different angle. But this really got started with a corona virus and the shall we say destruction of oil demand Through lack of industrial activity in China principally although now we're seeing that phenomenon spread to other countries well it's interesting to see how the decline in the oil price is affecting Ellen g prices as well because I guess those are Ellen World Ellen. G PRICES ARE TAGGED TO CRUDE OIL PRICES. And so suddenly this fuel that you couldn't give away virtually is now becoming a bit more attractive yet. An interesting thing because it wasn't long ago that we were really lamenting just how poor Ellen g prices had become in relation to just how catastrophic in some countries natural gas prices have become through Nothing more than oversupply. But yeah it's a it's an interesting angle and there is a little. Bit of a rebound. We'll have to see if it's going to have staying power or not all right so back to the outlook for the next several days. Kurt what do you think we should be thinking about well? Obviously we've got to see if this is going to have staying power in terms of staying. The prices stained out at this level or whether they can come back up and that's probably going to require somebody to as we say blink. Somebody's going to have to give in. Question is who is going to be. I mean if we had to take a guess it's probably more likely from the Saudi side than it is from the Russians. But Hey you never can tell for sure That having been said we need to keep An eye on on several things and one of those is The health and welfare of the service sector that they. They're really going to take the brunt of this. I'm afraid to say but also taking the brunt is going to be A number of Medium to smaller operators out there particularly in the US who are over leveraged. They had problems already. And my fear is that this could send a number over the edge for good. So that's something. Keep an eye on in terms of the individual stock prices for the remainder of the week. All right well. This is something that we at world oil will be monitoring very closely obviously and so we will Making this a a focus of our daily brief podcast for this weekend beyond Kurd Abraham. Thanks very much for being on the show today and we look forward to talk to you. Some more as these things develop. Thanks Cameron will continue to monitor the situation report.
"daily brief" Discussed on World Oil's Daily Brief
"Pso's and let secure a stable energy future together. Mr Mr Fulsome. Thanks for joining us today. And Mr Mar aiming just released. Its new research. Report called the benchmark which Explores Arnie tax initiatives worldwide. Can you tell us a little bit about aiming? And what led to the development of this report? I'm any any of international company based initially France in working on the errand instant all of us will in Europe and North America. And we can. We decided to understand better ways difference between each country in of Aaron. The errands and we realized that everywhere under each world's ever since these kinds of instant these but now somewhere different In each country so some of them all as a better rate some of them have been a different definition on what is indeed what is innovation is different so we we says we got the kitchen to rest for a company of allowed civil subsidiaries during the ways instant deeming well they can invest whereas they can do any in genetic research development That was our first goal We can S- out our clients better. We can good understanding of what he's in. The world is a thing so any enemies now international company about one dozen two hundred people present in twelve countries. Now on the large growth in the nicest expansion Gooden descending a flood as Erin de because our all of our employees engineers people linked to Erin de Paulo also known as the Beagles Able to understand what he's Thanks so to give us a sense of the scale of the opportunity here. How much are these different tax? Incentives really worth. It can vary from country to country. That's part of what our barometer demonstrates but for example here in the United States There's very new aspects to to the incentives that weren't previously there Years back we were looking at companies. That were you know. At least ten million dollars in revenue. Now there's an opportunity for startup. Companies that don't even need revenue of because instead of the credit reducing their taxable income it can be transferred to reduce for example their payroll tax. So we see credits anywhere from a couple thousand dollars into multi million dollars if you're talking about enterprise companies. They're tens of millions of dollars in credits. But at the same time you could have a small startup. Who's developing either software or a new type of product that they're selling to For example in this discussion the the oilfield services companies They may have a new product. They're selling and and they qualify for as much as the two hundred and fifty thousand dollars per year on their payroll tax so it varies widely. And it's something that you need experts to take a look at and understand. Help you optimize what you're looking at in. The benchmark report two key aspects are explored of our detects programs around the world generosity and ease of application. Can you give us some insights into the key drivers behind those two factors for example the US? The percentages vary between six and twenty percent of what the government will provide. And that's just right out of the tax code but the definition is very broad and the for example you can include supplies for your prototypes or your first articles versus other countries. Their percentage is much higher as much as forty percent but their definition of what can be included. Might BE LESS. And that's just one example. Another example could be software. Development is much more incentivized then for example just a typical new product at a manufacturing safe for car. Car Supplies Right. That's the differences in what we looked at and I think the idea is that there's an innovation credit or research credit out there in many many countries but they are different and the act. You may want to look at what exactly you're looking to. Innovate or develop and choose or at least have that as one of the factors as to where you might shoes to develop that item So when you look at these oil and gas companies and what. They're doing in terms of their own. Our practices where would you say? The average oil and gas company is in terms of how they're leveraging these tax incentives. Do you feel like they're aligned properly between the corporate tax function and the engineering function to really understand the opportunities here or are those functions little two silos and there's an opportunity for them to communicate more clearly. What what would you say the we are in that I would say that there's opportunities for them to communicate more clearly. Mr Martin I have had some meetings just this week that we met with some oil and gas companies and for example Their Innovation Vice President wasn't sure if they were taking the research credit so certainly an opportunity for them to communicate internally Mr Marin is brought brought this aspect to them and asking. Are you receiving this? You might be able to increase your research budget if you're optimizing your your tax credit here in the US. So I definitely think there's an opportunity for better communication and I guess that gets even more complex when you look at a company that has as you said subsidiaries around the world. Do we do this or do we do it? In Country A or B the level of complexity. I suppose certainly. And it's not even companies that have subsidiaries around the world certainly enterprise type companies. Yes but we're working with a small startup. A software company out of Miami that has chosen to develop their software outside of this state because of the benefit they receive in in the. The selected country is more significant. But they're choosing to develop the hardware here in the states because it's better for them. He something also winning that he said somewhere discredit needs to be analyzed in inside bridget's in something that we you can you can analyze it from the vote for next year taking So you can manage it. Anew need to manage it for the future some things that can L. Innovation Aaron the unwilling bit. Use the CUSTOS If it's not something that the link from finance to innovation was with Yemen manager on everyday communication you will have only visible ball of the iceberg declaration. So easy will be good but not enough. We can optimize if you are looking at with a good communication between all Zizou People Observe Company. If you are managing pro so it sounds like the challenges to fold for these companies. They need to make sure that they are communicating across the organizations the understand the potential of these incentives and they also need to make sure they're having the conversation early enough in the process so that they can get ahead of the game and make sure that they're completely incorporating that all the way through and not just coming in at the end and saying oh by the way can we write some of this off absolutely The idea behind this incentive Came back in the early eighties when the US was coming out of the late seventies recession and we were looking for something to incentivize the economy but also build new jobs so the idea is that companies should be able to plan and Higher Technological Jobs. Engineer software developers. You know food technicians whatever. The case may be that are developing their new products. They develop a new product which they then sell which spurs the economy. They make money. They pay more taxes but they also increase the revenue they hire more people to develop more practic- it's a cycle that the government is looking to incentivize primarily one for technical jobs that are better paying and and to to provide an avenue for new products to come to market it. Spur the economy overall. So it's good for everyone do these. Incentives tend to vary pretty widely depending on which country you're looking at or are they just kind of variations on a theme to where they're all pretty similar. How much variation is there in these incentives? The incentive is generally a it's about innovation. It's about developing new products. New Processes new new formless new techniques right to develop something that the company can sell. That's the general idea behind the incident. Okay then there's varying degrees of what particular countries are willing to incentive is so is it broad I wouldn't say that it's extremely broad but it is different and there's definitely ways that you can plan ahead and maximized or at least use it in the decision making as to where you're going to invest in Europe you have if nation Evan the after the definition of innovation so in Europe to kind of relative to incentives one is innovation one. He's on seventy. You have a rate much. I N in Iran. Da After dependence logic company. A small company is really deepened until you have innovation that is really low rate so the Asian. Us But he's lot A. B. He's your Erin de in Europe. So it's really taken Second that he's really different. Depending each country is is a credit is refundable on that. This is a bump that Kennedy Depression so if you're making less he's saying that he's some countries are refunding in Carinthia Office. Refunding the off the next three years all you can just carry for twenty six years. If you on that using credit sites really different depending which country we are speaking about so there really is a lot of nuance to this. Absolutely and and one of the major misunderstandings of the of of the entire aspect is while it's research credit. It's actually innovation credit. You for what qualifies many people paying research and they think white lab coats. And you're you're working on developing a cure for a disease or something to that effect your new developing something new to the world revolutionary new item when actually in the United States. It should really be an evolutionary aspect of your evolving. Your your caught or your process. You're at making a better quality to think of the software that's pushed you're found the software that's pushed to your cell found. It's not new to the world but his does add functionality to the found so it's just a incremental increase an evolution. Yeah that's interesting. There was something in the report that I read where it described the different categories that fall into the are indeed umbrella and one that caught. My eye was updating processes for delivery to customers so there really is a customer facing aspect to what could fall under. This aren't category. She goes back to that nuance statement. There's just so much to this that you know oportunities can can be missed if you aren't really looking at it holistically absolutely. I mean and the reason for that is the policy. We went to encourage companies to halt some product or process out. That's being used by all we don't want to encourage companies to develop something. That's that's the day. Just hide for themselves and we want to. We want them to show this invention to the world so that their competitors attempt to develop something better. That's that's what's spawns additional economic growth. Right where does the impetus really lie in organization is it with the people in the Corporate Tax Department? Is it in the Engineering Department? Where does this conversation really need to begin? It needs to be again in the Corporate Tax Department but it needs to involve the the innovation department if you will as well as others who may not necessarily be in the Innovation Department but in fact they are improving the products or processes software etc that their companies are creating. Because that's where many times the opportunities are missed so if there's better communication and better understanding of what qualifies and what actually is going on in a company you know what what people do on a day-to-day basis. Then these companies would be able to take more advantage of these benefits. That are there for them. And you know they're doing the activities. They're just not identifying them and putting a value on them that can be transferred to their tax return to reduce their taxes so the opportunity is great enough and the execution is complex. Enough that there's probably needs to be driven from the down you know. Have someone up at that level saying we need to be doing this. What can our listeners due to learn more about the aiming report and how they can better integrate? Rnd tax incentives into their planning. You can check out First of all our website. It's aiming with a Y. A. Y. M. I. N. G. USA DOT COM dare. You can.
"daily brief" Discussed on World Oil's Daily Brief
"Good afternoon and welcome to the World. Oil Daily brief podcast. I'm Cameron Wallace. And these your top oil and gas headlines for Wednesday march the Fourth Chevron CEO says they won't follow in the footsteps of other Super Major's aspirational climate change goals. Oil prices stopped their recovery as Russia's delegate walked out of the OPEC plus meeting in Vienna this morning and a consensus seems to be building on Wall Street around coming contraction in global oil demand. I up Mike. Worth didn't beat around the Bush yesterday. Saying Chevron won't go carbon-neutral anytime soon worth the chief executive officer of the second largest. Us Oil Company called the goals set by many European rivals. Aspirational instead he said Chevron will take a more realistic path for a major producer of fossil fuels with concrete actions to reduce carbon emissions within its own operations. We've not set long-term targets that were not exactly sure how we will get to worth said in an interview with Bloomberg TV. Our approach has been get on the path start taking actions set short-term accountability metrics and make progress and start marching in that direction in contrast BP last month committed to being carbon neutral twenty fifty while Shell Repsol and Ian. I have pledged to make large reductions in carbon emissions over the long term. Those promises have won. Favor with environmentalists and investors but according to critics the companies have avoided the difficult truth that no large oil major has yet worked out how to produce carbon-free energy and also turned the big profits associated with oil and gas at its annual investor meeting in New York on Tuesday Chevron committed to financial targets for the next five years and outlined projects for the next decade it's targets for lower carbon intensity emissions end in two thousand twenty three wirth's comments could be a reality check for executives thinking they can have it all. The world's super majors are among developed markets. Most prodigious dividend payers so far solar wind and battery storage projects have shown they can fund such payouts over the long term at some point oil and gas companies. Face a choice. According to worth he said. Shareholders top priority is seeing improving returns in Chevron's oil and Gas Business and the company responded Tuesday by promising to shower them with eighty billion dollars in cash over the next five years. He said if we do things that are only good for the environment and not good for shareholders. That's not sustainable. If we do things ignore the environment and are only good for shareholders. That's not sustainable either. It's finding that intersection. That is the challenge. Both long term aspirations and short-term targets are needed to reduce emissions to net zero by mid century according to Kathy Mulvaney a campaign director at the Union of concerned scientists. That is what the Paris accord says. The world needs to prevent catastrophic climate change. She said it's totally legitimate for people to focus on how to get to these targets. It's hard to give Chevron the benefit of the doubt when its own goals are so limited. Exxon Mobil Chevron isn't concerned about peak oil demand because the surgeon global population will need all forms of energy including oil and gas many decades into the future worth said companies with the lowest cost assets will be the ones to produce those fossil fuels and worth said he is positioning. Chevron to be in that category European energy companies expect that renewables will become a greater part of their overall production over time. Chevron will only invest in renewable energy to support its oil and gas business for the time being according to its presentation at the conference it will continue to invest in novel early Stage Technology. That could replace oil and gas over time. It's previously announced emission targets referred to intensity meaning pollution per unit of energy as opposed a total emissions allowing oil and gas production to rise over. Time worth. Said it's the challenge of more energy for growing world and reducing the carbon footprint. People are going about it a little bit differently. I don't think that's a bad thing. Today's episode of the daily brief is brought to you in part by Siemens with a global population expected to rise nearly thirty percent by twenty fifty. The world is evolving rapidly and so are the.
"daily brief" Discussed on World Oil's Daily Brief
"Plus Committee recommended larger supply cut to offset loss demand from the spread of the corona virus. The committee's move help stave off. The decline in broader markets on investor worries emergency rate cut by the US Federal Reserve. Won't be enough to combat the economic impact of the outbreak and output reduction of six hundred thousand to one million barrels. A day was recommended ahead of the old ministers meeting later this week. Crude future prices are up one point five percent in New York after gaining as much as point one percent earlier I'll global risk assets including stocks and oil had initially been buffeted by the feds move. Markets pulled back relatively quickly as doubts emerged over whether the action was enough to prevent significant economic damage the Organization of Petroleum Exporting Countries and allied nations will meet Thursday and Friday to discuss measures to shore up slumping oil prices in the face of the spreading virus. Goal of petroleum demand is forecast to take a steep hit as the virus spreads more widely with facts global energy lowering its growth outlook to just two hundred twenty thousand barrels a day in two thousand twenty Kopeks Joint Technical Committee suggested a potentially bigger cut than it recommended last month but fell short of some estimates of the demand hit from the outbreak in an effort to limit the risk of contagion. Opec has made a rare decision to block journalists from entering its Vienna headquarters headquarters during the meeting West. Texas intermediate futures for April delivery rose seventy two cents to forty seven forty seven a barrel at twelve thirty pm on the New York. Exchange Brent futures remained delivery climbed eight tenths of a percent to fifty two twenty nine on the ice futures Europe exchange the Fed the central bank in the world's largest economy announced emergency half percentage point interest rate reduction after group of Seven finance chiefs pledged to shelter their economies from the spreading contagion the total number of corona virus cases worldwide. Top Ninety thousand on Tuesday Alaska's sixty seven billion dollars sovereign wealth fund a pool invest. Some of the state's revenue from oil and other resources is expressing displeasure with banks opposed financing new Arctic exploration or development the Alaska Permanent Fund Corporation. Ask for a productive dialogue with J. P. Morgan Chase saying it was disappointed by the bank's decision to restrict its investment decisions in the Arctic. According to a February twenty statement. It is important that our partners understand us. The Wealth Fund Seddon statement indicating it will.
"daily brief" Discussed on World Oil's Daily Brief
"The comparison between output in February and historical data is affected by membership changes with Ecuador Guitar in Indonesia having left the group all Congo Gabon and Equatorial Guinea. Have joined though Saudi Arabia as OPEC's biggest member delivered its pledges in full Iraq Nigeria which have repeatedly demonstrated poor implementation actually increased their production those increases however were eclipsed by a plunge in Libya where a rebel military commander has blockaded oil ports all haggling over peace settlement with the national government. Libya's output tumbled by six hundred forty thousand barrels a day or about eighty percent to just one hundred fifty thousand barrels a day the country has long been exempt from making cuts as part of the opaque plus deal because of its internal struggles. The North African producer has lost almost one million barrels a day since the start of the year because of the conflict roughly equivalent to all the voluntary curbs that OPEC and its allies. Promised as part of their latest intervention. Libya's misfortune is spurring other OPEC members from an even deeper route in crude prices. Opec is expected to cut deeper at this week's meeting all the two twenty-nine analysts traders and brokers surveyed predict that the OPEC plus coalition will announce substantial additional reductions when it meets than average estimate of seven hundred and fifty thousand barrels a day the alliance spans all thirteen OPEC nations plus ten non-members such as Russia and accounts for about half of the world's oil supplies. Saudi Arabia has been pressing OPEC plus to act for several weeks. There has been reluctance from Russia. Their most important partner there are signs that Moscow now recognizes the need for some kind of response. The situation in global markets is certainly serious with prices near their lowest in more than two years and a growing contingent of trading desks anticipated that demand growth could all but wiped out for the first time in more than a decade control of the world's fastest growing economy and its massive offshore. Oilfields are up for grabs today. As Guliani votes in national elections the business friendly administration of David Grainger is seeking reelection facing if Ron Ali of the People's Progressive Party. Who is pledging to renegotiate? Some oil contracts the winners and what is forecast to be a close election will shepherd the remote jungle-clad nation through a bonanza that the International Monetary Fund says will propel economic growth of eighty six percent. This year the fastest in the world the deposit which Exxon Mobil first successfully drilled in two thousand fifteen is so large relative to the population of seven hundred eighty thousand by the middle of the decade. Yana may overtake Kuwait and become the world's largest per capita crude producer. The winner of the election will lead the sixty five seat National Assembly for a five-year term. Just production starting at the offshore fields which are estimated to hold the equivalent of eight billion barrels of crude energy companies including Hess China's synock until Oh have invested in the country for the oil industry a win for the opposition. People's Progressive Party would test the country's commitment to contract law. It's a touchy subject in a country that has been criticized for giving away its resources to cheaply a global witness report recently criticised Grainger's government for signing a quote exceptionally bad contract. Exxon the deprive the country of fifty five billion over the life of the deal. Exxon and Grainger both disputed the findings Grainger's competitor. Ali said that some of the contracts are even more lopsided than that of the Exxon deal rather than rewrite the contracts in practice and Ali government would probably try to get companies to commit to more social spending and job creation will also setting stricter terms and future contracts. The olive opposition is estimated to have a seventy five percent chance of winning the presidency government. Revenues are forecast to rise. Thirty seven. Fold to ten billion dollars a year in a decade. According to oslo-based research company Rice that energy given the stakes whoever loses is likely to contest the result in the courts. Such a challenge would test the institutional strength of a country that's only had two democratic changes of government in its history both sides have floated plans to create thousands of jobs spent heavily in education and build out roads and other infrastructure. The country is braced for REPA- transitioning from relatively poor expert of sugar and gold into one of South America's richest countries. Grainger told a crowd earlier this year that the guy needs. We'll never be poor again and launching the campaign for the political alliance known as the Partnership for National Unity. He said that oil wealth belongs to you and this government will make sure you benefit from this oil wealth results from the vote which will determine the makeup of the National Assembly as well as who controls. The presidency are not likely to be announced for several days as electoral authorities gather ballot-boxes from remote settlements. The world's best performing economy borders Venezuela which is undergoing the world's deepest slump to top. It all off. Jonah has a longstanding territorial dispute with its neighbour finally today two of the world's largest and most important energy industry gatherings were cancelled by organizers. Ihs market on Sunday amid mounting concerns about the corona virus outbreak. Sarah Week due to start in Houston on March the ninth and the World Petrochemical Conference in New Orleans later. This month have both been canceled. Sarah Week has been an annual industry fixture over more than three decades and has become an important forum for its biggest players. This year's event promised to attract thousands of delegates around the world the chief executive officers of Saudi Aramco. Bp until towel were among those due to speak during the events five day program last week International Petroleum Week went ahead and London but oil producers including BP and Saudi Aramco trading houses and brokers cancelled many events scheduled to take place on the sidelines of the official event other companies including Repsol didn't send representatives Ip Week. Is the largest conference. In Europe usually attracting about three thousand people including a WHO's who of the industry in Europe the Middle East Africa the cancellation of Sarah Week. Follow the rising confirmed cases of the cove nineteen virus in the US and elsewhere and as more companies initiate travel bans on Saturday. The US confirmed its first. Death and Washington state declared an emergency after an outbreak. America has warned against travelling to northern Italy and parts of South Korea where the virus is spreading in Switzerland last week the Geneva International Motor Show and the Basil World Watch and jewellery show were both scrapped. Ihs SAYS IT plans to go ahead with Sarah Week. Twenty twenty one in Houston on March first or the fifth of next year. And there you have it our top oil and gas news stories for Monday march. The second content is courtesy of world oil magazine and the Bloomberg News Service to read more on. Today's topic's please visit world oil dot com slash. News. I'm Cameron Wallace. Thanks.
"daily brief" Discussed on World Oil's Daily Brief
"Were cancelled yesterday. After the World Health Organization raised its virus threat level. I up. Oil Rose the most. In five months amid expectations central banks will move to prop up financial markets and OPEC will curb supplies in response to the virus driven. Demand shock futures surged as much as five point five percent on Monday in New York. After six straight losing sessions equities also surged central bankers from some of the world's most advanced economies offered reassurances. They'll take stabilization measures. Meanwhile the Organization of Petroleum Exporting Countries and its allies including Russia are preparing to discuss output this week in Vienna OPEC and its allies are expected to agree on deeper production cutbacks. When they meet in Vienna according to a Bloomberg survey all but two of the twenty nine analysts traders and brokers and a global poll predicted that the group will announce new curbs when average expectation of seven hundred and fifty thousand barrels a day OPEC output plunged again last month. As the group's voluntary cutbacks were amplified by conflicts and Libya that halted exports west Texas intermediate futures. For April delivery rose two point two percent to forty six ninety seven a barrel at eleven forty five. Am on the New York Mercantile. Exchange meanwhile Brent futures for May delivery climbed two point three percent to fifty one ninety eight on the Ice Futures Europe exchange after gaining as much as four point eight percent earlier in the day. Today's episode of the daily brief is brought to you in part by Siemens with a global population expected to rise nearly thirty percent by twenty fifty. The world is evolving rapidly and so are the.
"daily brief" Discussed on World Oil's Daily Brief
"Welcome to the daily brief the world. Oil podcast network daily review of market news emerging trends new technologies and the people who are advancing the oil and gas industry. Here's Cameron Wallace with your top news. Stories of the day. Good afternoon and welcome to the World. Oil Daily brief podcast. I'm Cameron Wallace and easier. Top Oil and gas headlines for Tuesday February the eleventh today. We'll take a look at corona viruses impact on Chinese gas demand in the US. Natural gas prices fall to a four year. Low and oil is holding fifty dollars a barrel as it appears that OPEC won't take any emergency action. I up the impact of the novel. Corona virus on Chinese gas demand will depend on both the severity and length of time required to contain the outbreak. Wood Mackenzie Research Director Robert. Sims estimates gas demand lost China has reached two billion cubic meters by the end of the first week in February with more than half of this loss concentrated in the Industrial Sector. Though many international airlines have suspended travel to and from China through March and April Sims expects domestic flights to resume in February with the resumption economic activity although limited wood Mackenzie estimates a full year. Gas Demand Reduction of between six and fourteen billion cubic meters at twenty twenty depending on the length of time required to contain the outbreak. You're on your growth. Rates dropped six percent and four percent respectively mostly the result of downgrades as compared to pre corona virus outlooks of eight percent of growth domestic upstream. Gas Production is affected by preventive measures to control the virus and travel restrictions have reduced manpower onsite however as baseload pipeline gas can be delivered in closed off operations. It is less affected. Wood Mackenzie is forecast domestic supply to be lower by between one point six and two point nine billion cubic meters ellen g will bear the brunt of this reduction domestic gas demand although some disruption to domestic gas supply is also expected to travel restrictions and reduced operations. Wood Mackenzie currently estimates the downside impact Chinese Ellen. G demand as between two point six million tonnes in the best case with recovery by April and six point three million tonnes in a more prolonged case with slow return to normal. The Corona virus outbreak and his impact on Chinese gas demand could have come at a worse time for the already oversupplied Global Ellen. G MARKET DISAPPOINTING. Apec demand growth contributed to the having LNG prices through two thousand nineteen and further new volumes emerging from US producers. Wood Mackenzie was already anticipating lower prices through two thousand twenty prior to the corona virus. They had expected the Pacific market to absorb nineteen million tons of the approximately twenty seven million tons of new supply. Growth in twenty twenty. This assessment was based on the view with the Pacific demand. Growth would rebound significantly from last year. However warm weather through December and January in northern Asia has already put pressure on inventory levels in China South Korea and Japan and further weakening already soft North Asian spot market with too much ellen g and nowhere left to place it. It looks like a supply correction is needed to balance the market. Would Mackenzie is expecting supply response in some markets like Egypt and potentially eastern Australia? We're the likes of shell an AP L. G. could attempt to sell gas into the domestic Queensland gas market however it is us Gulf producers who have the highest marginal cost of supply and the most flexibility. The Chinese government said would offer support for companies seeking to clear force Missouri on international contracts. The first such reported notes were sent by last week to Ellen G SUPPLIERS AND CNPC and sign a PEC could follow suit entering force. Measure is rare in LNG markets and. We'll be contractually complex contract. Wording will need to explicitly include epidemics as force majeure events demand-reduction on its own or noticed by relevant Chinese government. Authority will likely be insufficient in addition prior to being released from their obligations to receive cargo. Buyers would need to follow contract procedures proving that actions had been taken to minimize overcome the impact of the force majeure event total contracted volume into China in two thousand twenty is fifty four million tons per annum still less than the two annual demand scenarios presented Mood Mackenzie's best case and prolong case so while major Chinese buyers may call for force. Major suppliers may insist on trying to deliveries to later in the year once demand impact of Corona virus has diminished given the widespread between high contractor prices and low spot market prices expected to persist through twenty twenty. There is a strong commercial incentive for each side to resist the actions of the other. If buyers do succeed exercising force measure the revenue impact on sellers could be significant. The approximate price for many of these oil index contracts is around fourteen point five percent of oil range equivalent to eight dollars and eighty three cents per million. British thermal units this compares with spot prices of around three dollars and fifteen cents per million. Btu's Today's episode of the daily brief is brought to you in part but Energy Web Atlas Energy Web Atlas delivers real time market data analysis and coverage of midstream infrastructure and downstream projects as the most comprehensive tool in the market energy web atlas provides access to key global project details and context for operating licensing construction engineering companies. This is the only fully integrated global intelligence platform for liquids and Gas Pipelines. Ellen G gas processing and refining petrochemical projects users can effectively pursue new business opportunities with greater market insight and the most current project intelligence to learn more visit Energy Web Atlas Dot Com in the US. Natural gas futures sank to a four year low as the latest forecasts all but eliminate bulls hopes for late winter. Cold push frigid weather in parts of the Midwest and West. This week won't stick around for long. According to Commodity Whether Group LLC mild temperatures are poised to blanket the eastern half of the country February a shift from previous outlooks that showed lingering chill. Unusually warm weather has wreaked havoc on gas demand allowing an onslaught of supply from shale basins to overwhelm the market American liquefied natural gas cargoes a key outlet for production are at risk of being curtailed as the corona virus outbreak in China curbs consumption the resulting collapsing. Gas prices is squeezing profits for us. Exporters the gas glut has been especially severe in the Permian Basin. Local prices for March delivery dropped below zero output from the West Texas New Mexico shale play or gases extracted as a byproduct of oil drilling is increasing so fast that there isn't enough space on pipelines to take it away guess futures for March delivery slid five percent the lowest settlement since March ninth two hundred sixteen the premium for April gas over the March contract widened to three point. Eight cents a sign that traders don't expect an end of winter supply crunch finally today. Oil is holding near fifty dollars a barrel in New York on signs that OPEC and its allies. Probably won't go ahead with a much touted. Emergency meeting even as global oversupply piles up. While the coalition's technical experts have recommended a production cutback as corona virus batters demand Azerbaijan's energy minister told. Ria Novosti news wire that the group is unlikely to holding early meeting Saudi Arabia's pushing for action yet key partner Russia has so far resisted as the alliance dithers conditions in Global. Crude markets are deteriorating a discount on prompt crude which appeared in Brent Front month contracts last week for the first time in a year is taking hold in the futures market the pattern which is known as tango and usually indicates oversupply now extends all the way through September contracts oil short-selling has more than doubled in just two weeks hedge funds boosted bears wagers against WTI crude by forty one percent in the week ended February fourth following a fifty two percent surge a week earlier another indicator closely watched by traders. The so-called red spread between December contracts and consecutive years is also shifting towards tango after collapsing from a dollar thirty one a barrel and late January to just four cents on Monday OPEC and its allies. Have shown some readiness to intervene with a committee of technical experts counseling last week that the coalition which pumps about half of the world's oil should deepen existing production cuts by an additional six hundred thousand barrels a day during the second quarter yet Russia. The biggest crude producer within the group hasn't yet announced whether it will back the policy or meeting before the group scheduled early March gathering to make it happen. Prices could come under further pressure if talks aimed at ending the conflict in Libya were blockade of ports has pushed production to the lowest level since two thousand eleven lead to a restoration of output. A two day meeting started. Sunday is being closely watched for any sign of a deal that could restore over one million barrels a day of output to global markets. And there you have it our top oil and gas new stories for Tuesday February. The eleventh content is courtesy of world oil magazine and Bloomberg News Service. Treat more on. Today's topic's please visit world oil dot com slash news. I'm Cameron Wallace. Thanks for listening today. Thanks for listening to the daily brief on the world oil podcast network. If you have any questions or comments on the program please email editorial at world oil dot com and check the show notes for more information about today's episode. Don't forget to subscribe either on Apple podcasts. Or wherever you get your podcast also be sure to visit world oil dot com for more information about today's stories and sign up for our free daily.
"daily brief" Discussed on World Oil's Daily Brief
"It won't feature Joe Biden Bernie Sanders or Elizabeth. Warren and the winner won't live in the White House. It's a race for a seat on the Texas Railroad Commission which holds immense power over the states fast oil and gas industry booming oil and gas production across the Permian Basin of West. Texas has made this little known regulator with three voting members a pivotal decision maker for the American contribution to climate change. The reason for this comes down to natural gas flaring drillers in Texas as in other places are allowed to burn off vast amounts of natural gas. That is a byproduct of oil production. This is done in part because the expense involved in capturing the gas putting it into pipelines and moving into processing facilities and all. This happens with permission from the Texas Railroad Commission burn off. The gas prevents the unchecked release of methane and extremely potent greenhouse gas. That causes as much as thirty six times. More warming than carbon dioxide in the one hundred year period after its release according to the Environmental Protection Agency but allowing Texas drillers to burn their unwanted gas. Something the Railroad Commission almost always does is a harmful solution tons of carbon dioxide and other pollutants enter the atmosphere without yielding any useful energy global gas flaring emits more than three hundred and fifty million tons of co two equivalent each year according to the World Bank. That's equal to all the natural gas consumed in Central America and South America each year. This is the most important. Environmental rates in the country says Krista Castenada one of four Democratic candidates vying to become the first non Republican Commissioner. More than twenty five years. She says the commission is not enforcing the laws on flaring. And what's going on in Texas is one of the biggest contributors to the issue worldwide Texas Railroad Commissioner Ryan. Sitton says is patently false that the agency is not enforcing rules on flaring the state flares just two percent of its gas production much less than most other major producing countries according to a statement released by his office. The commission has never denied flooring permit for other than administrative reasons in one case a company one permission to burn on a gas arguing that connecting to nearby pipeline would be too expensive if the Permian basin where country it would have ranked ninth for total volume of flare gas in two thousand eighteen ahead of Mexico and Angola and just behind. Libya Bobby Tudor co-founder of Houston based Investment Bank Tudor. Pickering and Holt. Says is not an easy black and white well. Why don't you just tell them to stop kind of problem? But I think in general a much firmer stand from the Railroad Commission and leadership from the most. Active companies can a difference sitting frames. The issue around preventing the economic waste of leaving oil in the ground. Halting flaring would cost billions in terms of economic impacts and taxes to the state and federal government as well as raising energy costs. His office said in a statement the energy produced in Texas provides affordable energy for people all around the world and it has produced more cleanly and responsibly than anywhere else in the world. Some of those running for the seat are siding with Democratic presidential candidates such as Warren and Sanders who have come out in support of a ban fracking guessing. Yeta said such a move would risks huge disruption to our current economy and current lifestyle. She accuses the Republican Dominated Commission of failing to enforce the commission existing rules by putting limits on waste. If we're going to extract fossil fuels from the ground we ought to use them productively. Not Wastefully. She said in Texas producers are allowed to flare without limits in the first ten days of well is operational after that flooring requires a permit from the railroad commission in two thousand nineteen. The commission granted six thousand nine hundred seventy two permits allowing companies to flare vent natural gas a forty fold increase from the start of the shale boom a decade ago Texas crude output meanwhile increased fivefold over that period not surprisingly flaring the Permian Basin has climbed to an all time high the basin flared seven hundred million cubic feet of gas each day in the third quarter of twenty nineteen according to oslo-based Rice. Dead Energy that would be more than enough to meet. Residential demand across the entire state of Texas producers. Say they need to Flair? Because natural gas pipelines haven't kept pace with supplies. Local gas. Prices are so depressed that times. They've gone negative meaning. Drillers have to pay to get to haul away unwanted fuel. That's been enough to convince current railroad commissioners. The Flaring Is Warranted Colin Laden Senior Manager of regulatory and Legislative Affairs at the Environmental Defense Fund. Texas says the industry and the Railroad Commission have been saying we need more pipeline capacity. They've been saying that for six years. I think the pipeline capacity is going to end up helping but it's not going to solve the issue. Meanwhile Castenada believes there are other options. She points to onsite power generation in which producers run natural gas through a generator turning it into electricity that can power their own operations. Oil companies could also connect to the grid using gas to power homes and businesses across the State. Castenada and her democratic challengers are trying to ride a blue wave in a state. That still mostly read plus. There's the challenge of getting voters to understand what exactly the Texas Railroad Commission does in time for the November election and not all oil producers are likely to be excited about the idea of greater regulation of their activities. Finally today crude posted the worst weekly decline in more than a year on concern at the spread of China's corona virus will cripple fuel demand. Brent futures sank two point two percent in London on Friday deaths from the corona virus rose to at least twenty-six and China expanded travel restrictions for about forty million people in an effort to attempt to halt the contagion the US is monitoring more than sixty people for potential infection and lawmakers say health authorities are expected to confirm third case the Asian virus has spooked traders even as the World Health Organization stopped short of declaring a global health. Emergency the contagious disrupting travel. During the Lunar New Year holiday when hundreds of millions normally fly a ride home the selloff has accelerated as trend. Following funds turned bearish according to Td Securities Daniel Golly a commodity strategist at TD SECURITIES. Said contagion fears are spiking ahead of the biggest yearly migration. The fear factor is the risk of contagion synonymous to what happened in two thousand three with SARS which led to a two percent drop in Chinese economic growth. The fast-spreading viruses latest challenge for market. That's been buffeted this year by geopolitical turmoil in the Middle East and North Africa as well as the phase one trade deal between Beijing and Washington Goldman Sachs Group said earlier this week that if the corona virus had an impact similar to the two thousand three SARS epidemic demand could be curved by two hundred sixty thousand barrels a day while this is not the first time global oil markets contend with an epidemic threatening demand. The current supply environment could worsen the situation options. Traders are paying the most since October. Thirty first for protection against price swings according to the C. B. O. E. Volatility Index. And there you have it our top oil and gas news stories for Monday January. The twenty seventh content is courtesy of oil magazine and the Bloomberg News. Service to read mourn. Today's topic's please visit world oil DOT COM news. I'm Cameron Wallace. Thanks.
"daily brief" Discussed on World Oil's Daily Brief
"Welcome to the daily brief the world. Oil podcast network daily review of market news emerging trends new technologies and the people who are advancing the oil and gas industry. Here's Cameron Wallace with your top news. Stories of the day. Good afternoon and welcome to the World. Oil Daily brief podcast. I'm Cameron Wallace. And these are your top oil and gas headlines for Thursday January. The twenty third oil is sinking to two month low as the ASIAN CORONA VIRUS THREATENS DEMAND One of Houston's best known shale bankers is telling the city to embrace the energy transition and continued unrest in the eastern Mediterranean. Has a fleet of oil tankers held up off the coast? I up oil tumbled to a two-month low on speculation that China's corona virus outbreak may demand futures declined as much as three five percent to below fifty five dollars a barrel in New York on Thursday. As the world's largest oil importer effectively quarantined a major city to contain the SARS like virus which Goldman Sachs worn could trim global consumption. The alert has overshadowed concern over the hall. Exports from Libya oil is bearing the brunt of the anxiety due to the potential. Hit to travel especially as it's happening just before the Lunar New Year holidays which is the biggest human migration in the world. Goldman Sachs predicts. The virus May crimp global demand by as much as two hundred sixty thousand barrels a day this year with jet fuel accounting for around two-thirds of that loss if the SARS epidemic of two thousand. Three's any guide. West Texas intermediate futures for March delivery slid a dollar seventy seven to fifty four ninety seven a barrel on the New York. Rick talks change after earlier. Falling to as low as fifty four seventy seven which was the lowest since November twentieth? Meanwhile a measure of oil market volatility rose to its highest level since October Brent futures remarked settlement declined a dollar eighty three to sixty one. Thirty eight a barrel. The global benchmark traded six dollars forty two cents premium to WTI. For the same month China ban travel from Wuhan a city of eleven million in efforts to stop the spread of the virus that has claimed at least seventeen lives so far and infected hundreds. The country is the biggest importer oil. By far the World Health Organization will meet again today to determine if it should declare the outbreak a public health emergency of international concern after delaying. Its decision yesterday. Meanwhile in the US and Energy Information Ministration report today is expected to show domestic. Crude supplies rose by eight hundred thousand barrels last week. The American Petroleum Institute reported a one point five. Seven million barrel increase in crude inventories. Today's episode of the daily brief is brought to you in part by the Sustainability Leadership Conference in energy. This first of its kind event is for all professionals with an interest in developing a sustainability initiative for their company working on technologies to make oil and gas cleaner and minimizing the social impact of the production and use of hydrocarbons abstract for the conference or being accepted online through Saturday January. Twenty fifth to learn more about the sustainability leadership conference in energy. Please visit sustainability in energy dot com. The energy transition is coming to Houston and north. America's all capital had better be ready. According to one of the city's best known oil bankers. The oil and natural gas industry is about to undergo a seismic shift as climate change pushes cleaner energy. Sources to the forefront Bobby Tudor founder of Investment Bank Tudor Pickering and Holt said Wednesday in remarks prepared for an address to the Greater Houston Partnership. Although tutors warning is something environmentalists academics and European oil. Ceo has been saying for a few years now is now coming from an unlikely herald or the key. Financiers and beneficiaries of an industry that generates one third of Houston's economic output the economic vitality and growth of our region's economy is inextricably tied to the Energy Industry Tudor said to traditional oil and gas. Business is not likely to be the same engine for growth in Houston for the next twenty five years that has been for the past. Twenty five years Houston has for decades. Been the epicenter of the North American Petroleum and Chemical Industries and is home to roughly four thousand six hundred energy companies according to tutor that puts America's fourth largest city in an interesting position as climate change. Prompts calls for a dramatic shift in how businesses and consumers power trucks trains airplanes and power plants. If you WANNA restaurant or a law firm or a clothing retailer or a travel agency. The health and vitality of the energy industry matters to Your Business and your community and in all probability matters more than you know Tudor said. The wealth generated by the industry has been widely impactful to the city tutor. Insisted it's not the end for oil and gas. Neither production nor consumption are disappearing anytime soon. He said but the challenges are daunting coupled with poor financial returns climate change concerns have the industry dramatically out of favour of the moment in most every corner of the investing and political world. Gas will play a major role in the transition despite the objection of some environmental groups and politicians who advocate a total rejection of fossil fuels. Even some investors are demanding more refined and fulsome corporate disclosure environmental social and governs metrics. Oil Executives aren't clear on how to comply Tudor said the topic hit the headlines last week when black rock. Ceo Larry Fink wrote. Investors to unveil a plan to incorporate climate change considerations into investment decisions. Today's episode of the daily brief is brought to you in part by Energy Web. Atlas Energy Web Atlas Delivers Real Time Market Data Analysis and coverage of midstream infrastructure downstream projects as the most comprehensive tool in the market energy web atlas provides access to key global project details and contacts operating licensing construction engineering companies. This is the only fully integrated global intelligence platform for liquids and Gas Pipelines. Ellen G gas processing and refining petrochemical projects users can effectively pursue new business opportunities with greater mark insight and the most current project intelligence to learn more visit Energy Web Atlas Dot Com off the coast of Libya. One man is holding up several million tons of steel Khalifa after the military leader who controls critical parts of the north. African oil producer ordered the closure of its ports and kilo fields at the weekend while haggling over truce with the national government as he rebuffs pressure from world leaders to reach a settlement. A line oil tankers waiting to load is forming. Libya's it'll ports crude exports that would typically see one million barrels a day have ground to a halt ten ships able to carry eight million barrels are floating in the country's waters mostly onto key export terminals Libya primarily ships to Europe. The cargoes can go to the US and China and refiners prize. It's low density high quality crude for the ease of processing it into fuels like gasoline. Although it's the biggest supplier option since missile strike briefly disabled half of Saudi Arabia's oil capacity in September crude markets have shown a surprising level of indifference to the Libyan crisis consumers remain comfortably supplied by a wave of new production ranging from US shale to Jonah and traders are increasingly focused on whether demand will hold up in a deeply certain macroeconomic. Climate also refiners have grown accustomed to eradicate output from Libya or political conflict. Since the fall of Moammar Qaddafi has knocked out about forty percent of capacity for most of the last decade markets. Could soon take notice of the disruption drags on however according to Amrita son chief analyst Consultants Energy Aspects Limited in London as the scenario of ships in Libya's waters shows no signs of moving. That moment may begin closer and there you have it our top oil and gas news stories for Thursday January twenty third content is courtesy of world oil magazine and the Bloomberg News Service to read more on. Today's topic's please visit world oil dot com slash news. I'm camera Wallis. Thanks for listening today. Thanks for listening to the daily brief on the world oil podcast network. If you have any questions or comments on the program please email editorial at world oil dot com and check the show notes for more information about today's episode. Don't forget to subscribe either on Apple podcasts. Or wherever you get your podcast also be sure to visit world oil dot com for more information about today's stories and sign up for our free daily newsletter..
"daily brief" Discussed on World Oil's Daily Brief
"Welcome to the daily brief the world. Oil podcast network daily review of market news emerging trends new technologies and the people who are advancing the oil and gas industry. Here's Cameron Wallace with your top news. Stories of the day afternoon and welcome to the world oil daily brief podcast. I'm Cameron Wallace. And these are your top oil and gas headlines for Tuesday January twenty first at the World Economic Forum in Davos Energy Chiefs Co two catcher technologies as Greta. Thunberg slams the world's lack of action on climate change the US shale industry has already peaked for service. Companies like Halliburton and clawing back some of its recent losses. Following prolonged unrest in Libya I up capturing carbon dioxide from the fossil fuel industry is key to slowing dangerous global warming energy chief said and devils as climate concerns dominated the annual business forum more than ever before oil and gas producers are under mounting pressure to help prevent a damaging rise temperatures and carbon capture is increasingly luring investors as a tool to curb emissions whether pulled from the exhaust of smoke. Stacks from the open air. The C O two can be buried underground or used to extract oil Vicky Hall of Chief Executive Officer of houston-based Occidental. Petroleum said they're investors. That care that want to protect our environment. Those are starting to make a difference for US within two years. We'll be building the largest direct air capture facility in the Permian Basin Occidental's air capture site will separate carbon dioxide directly from ambient air. Co Two can then be injected into oil reservoirs to boost output in Texas Permian Basin Hall of Said if we can perfect direct air capture than we can use it anywhere. Climate concerns dominated the panel discussion and run through the entire program of this year's World Economic Forum climate campaigner. Greta Thunberg spoke to a packed room in the opening session. Issuing Sharpe rebuke to leaders over the world's failure to curtail emissions also addressing. The climate challenges facing the oil and gas industry was fatigue. Enroll executive director of the International Energy Agency. Barale like Khawla touted the potential of carbon capture to help emissions. They're all said in an interview. Carbon capture is very important because we still have a huge amount of fossil fuels in the market is the only technology which can marry the fossil fuels. We have oil gas and others and our climate goals. Today's episode of the daily brief is brought to you in part by the Sustainability Leadership Conference in energy. This first of its kind event is for all professionals with an interest in developing a sustainability initiative for the company working on technology to make oil and gas cleaner and minimizing the social impact of the production and use of hydrocarbons abstracts for the conference are being accepted online through Saturday January. Twenty fifth to learn more about the sustainability leadership conference in energy. Please visit sustainability in energy DOT COM in the US. Shale fracking has already peaked and is in a period of sustained contraction according to two major providers of services to the industry that view from Halliburton Company and slumber J. Limited signals and eventual deceleration. Us oil production which is currently at record highs. Slower output growth would have global ramifications given additional American barrels are forecast to account for most of the increase in worldwide supply. This year Halliburton chief executive officer. Jeff Miller said Tuesday that customer spending in North America will keep falling this year. That echoes slumber Jay. Which said Friday? It's continuing to shrink. Its business in the region to match lower manned. The oil services industry has cut thousands of jobs in the US and scrapped unwanted fracking equipment in recent months as shale companies slash spending in a bid to generate free cash flow amid a stagnant oil market and slumping natural gas prices. The deep retrenchment indicates a lack of conviction that demand will ever recovered a previous highs. Halliburton said Tuesday slashing. Its own spending by twenty percent from last year to one point. Two billion dollars to keep up with the changing market twenty nine solidified the pivot from growth to Capitol discipline in North America Miller told analysts and investors on Tuesday conference call as unconventional enter maturation phase. Halliburton is committed to the North American market. Houston-based Halliburton said north. American revenue slumped twenty one percent in the final three months of last year compared with the third quarter. The company took two point. Two billion dollars of impairment charges for the most recent period related to severance costs and write down pressure pumping and drilling equipment. Miller said that Halliburton cut twenty two percent of its Frank Fleet last year slumber. J. The world's largest oil and GAS SERVICES COMPANY HAS ALREADY REDUCED. Its pressure pumping fleet in half and said Friday. It has no intention of bringing out equipment back into service. It took twelve point. Seven billion dollars in pretax charges for the third quarter and is restructuring its North American Land Business Unit oil prices improve publicly traded oil and gas exploration and production companies aren't likely to materially change. Their capital spending plans probably narrow an analyst. Raymond James said on Tuesday that we predict an underspend of eleven percent meaning the EMP industry is cash flow positive after cap ex for the first time since two thousand five. The gloomy picture at home contrasts with improving demand. Internationally as larger oil companies. Make a slow recovery from depressed crude prices several years earlier however Halliburton the number three services provider has historically generated more of its sales in the US and Canada than slumber J. or Baker Hughes the other big player Miller said statement in twenty twenty. We expect our international growth to continue an international margins to improve Halliburton report at one point. Six five billion dollar net loss for the fourth quarter compared with net income of six hundred sixty four million a year earlier excluding the impairment charges earnings per share exceeded analysts estimates by three cents shares of the company. Rose one point nine percent to twenty four. Forty one at eleven. Am in New York. Today's episode of the daily brief brought to you in part by Energy Web Atlas Energy Web Atlas delivers real time market data analysis and coverage of midstream infrastructure and downstream projects as the most comprehensive tool in the market energy web atlas provides access to key global project details and context for operating licensing construction engineering companies. This is the only fully integrated global intelligence platform for liquids and Gas Pipelines. Lng Gas Processing and refining petrochemical projects users can effectively pursue new business opportunities with greater market insight and the most current project intelligence to learn more visit Energy Web Atlas Dot Com. Finally today oil raised some earlier declines as concern mounted about supply disruptions in Libya and Iraq despite ample output from other major producers futures trimmed the daily loss to half a percent on Tuesday in New York after earlier dropping almost a full percentage point the Libyan port crisis that strangled crude exports from North Africa's biggest oil supplier extended into a fourth day while warring factions haggled over a peace deal meanwhile spreading unrest in Iraq is threatening shipments. Opec's number two producer the Libyan disruption is significant because there's a lot of demand for light sweet crude among refiners working to comply with Stricter Imo twenty twenty shipping fuel rules. Oil prices fell earlier in the session in tandem with metals equities following a series of negative developments in Hong Kong and worries about a deadly virus in China International Energy Agency. Executive Director. Fatih barrel said at the Davos Forum that the world is awash with oil mainly from US thrillers Libyan military leader Khalifa. Huff tar has blocked ports in a show of defiance after world leaders failed to persuade him to sign a peace deal in Iraq. Protesters halted production at one. Oilfield and rockets reportedly hit the Green Zone in Baghdad. After a week of unrest and there you have it our top oil and gas news stories for Tuesday. January twenty first content is courtesy of world oil magazine and the Bloomberg News Service to read more on. Today's topic's please visit world oil dot com slash. News. I'm Cameron Wallace. Thanks for listening today. Thanks for listening to the daily brief on the world oil podcast network. If you have any questions or comments on the program please email editorial at world oil dot com and check the show notes for more information about episode. Don't forget to subscribe either on Apple podcasts. Or wherever you get your podcast also be sure to visit world oil dot com for more information about today's stories and sign up for our free daily newsletter..
"daily brief" Discussed on World Oil's Daily Brief
"Welcome to the daily brief the world. Oil podcast network daily review of market news emerging trends new technologies and the people who are advancing the oil and gas industry. Here's Cameron Wallace with your top news. Stories of the day. Good afternoon and welcome to the World. Oil Daily brief podcast. I'm Cameron Wallace. And these your top oil and gas headlines for Tuesday January the fourteenth the state of Texas has processing drilling permits at a record pace in a blow to Canadian. Morale and Cana- has finalized. Its plans to rename itself and move to the United States. Norway's Finance Minister says the era of oil and gas production is not about to end and though towel has hired Maersk drilling drill a record setting well offshore West Africa. I up for the second year in a row. Railroad Commission of Texas staff have set a record of taking just two days on average to process standard drilling permits which is one day below the legislative requirement. This efficiency helps foster the growth of energy production statewide during calendar year twenty nineteen the RC process. A total of eleven thousand six hundred fifty four new drilling permits Texas leads the nation oil and gas production with the Permian Basin in West Texas ranking as the top energy producing region. Nationwide in the last twelve months. Texas operators reported one point four three eight billion barrels of oil and almost ten trillion cubic feet of total gas produced additionally the US Geological Survey estimates the Permian Basin contains sixty six billion barrels of oil nearly three hundred trillion cubic feet of natural gas and twenty one billion barrels of natural gas liquids in the Midland Delaware basins obtaining a drilling permit from the commission is one of the first steps. Oil and gas operators must take along with filing an organization report and posting necessary bonds drilling permits indicated for welby vertical or horizontal. The wells proposed location and specific hydrocarbon fields to be produced once approved permits valid for two years. Today's episode of the daily brief is brought to you in part by Energy Web. Atlas Energy Web Atlas Delivers Real Time Market Data Analysis and coverage of midstream infrastructure downstream projects as the most comprehensive tool in the market energy web atlas provides access to key global project details and context for operating licensing construction engineering companies. This is the only fully integrated global intelligence platform for liquids and Gas Pipelines. Ellen G gas processing and refining petrochemical projects users can effectively pursue new business opportunities with greater market insight and the most current project intelligence to learn more visit Energy Web Atlas Dot COM in Canada and Kenna one investors approval to relocate to the US and change. Its name to inventive. A planet has dented morale. In Canada's beleaguered Energy Industry about ninety percent of security holders voted in favor of the plan and kind of said a statement Tuesday after a special meeting in Calgary. The company produces oil natural gas in both Canada and the United States and Canada can now push ahead with the plan that has added to the gloom surrounding Canada's oil industry which is suffering from a lack of pipeline space. That is weighed on prices and prevented producers from increasing output. The dismal environment has prompted foreign companies to sell more than thirty billion of Canadian Energy Assets. In the past three years losing encana carries an even sharper sting because it was one of Canada's market companies born out of the nation's nineteenth century railway boom and the candidates name was a nod towards the country of origin the company which is moving. Its head office from Calgary to Denver said relocating to the US will allow it access to large ripples. Investment capital including index funds and passively managed accounts montreal-based let coach Bruce own associates and Connah's fourth largest shareholder blasted the planet November saying the move is highly discriminatory because it forces investors holding the shares in Canadian focused funds to sell the stock at a time when the price is relatively weak. The company holds about four percent of encounters shares in Norway Finance Minister Sieve. Jensen says she sees no reason. Why the oil and gas? Her country produces can't be part of a future focused on sustainable energy speaking in an interview on Tuesday. Jensen says it's important focus on emissions but the debate needs to be more nuanced to ensure that more efficient forms of fossil fuel production aren't discontinued the richest. Nordic nation has long argued that it's unrealistic to think that oil will no longer be needed in the future Norway's therefore making the case that it should be the last producer to stop drilling because it's operations of some of the lowest emissions of greenhouse gases indeed Ecuador Neptune drilling announce the award of several new production licenses in the Norwegian continental shelf today to learn more about those specific awards. Please visit world oil dot com slash news. Today's episode of the daily brief is brought to you in part by the Sustainability Leadership Conference in energy. This first of its kind event is for all professionals with an interest in developing a sustainability initiative for the company working on technologies to make oil and gas cleaner and minimizing the social impact of the production and use of hydrocarbons abstracts for the conference are being accepted through Saturday January. Twenty fifth to learn more about the sustainability leadership conference in energy. Please visit sustainability in energy dot com. Finally today Maersk drilling has been awarded contracts for three well exploration drilling project by totalitarian P for its seventh generation drill ship Maersk Voyager mayors voyager will be employed offshore Angola and Namibia for a campaign which includes the deepest water depth ever drilled off shore. The project includes two wells offshore Angola in blocks thirty two and forty eight plus one. Well Offshore Namibia. The campaign is expected to commence in January twenty twenty with an estimated duration of two hundred and forty days. The total value of the contract is approximately forty six million dollars including a mobilization fee the contracts include two additional one. Well options the well. In Angola's block forty eight will be drilled. A new world record water depth. The three thousand six hundred twenty eight meters. The current will record is three thousand. Four hundred meters set by mercy. Voyager's sister Jill ship venturer when it drilled the Raya one well for Hotel Officer Uruguay in two thousand sixteen to support the campaign in Angola. Namibia Maersk says they will be working with local partners to power successful outcomes and strengthen the development of the local oil and gas industry to the benefit of all parties involved and there you have it in our top oil and gas news stories for Tuesday. January fourteenth content is courtesy of world oil magazine and the Bloomberg News Service to read more on today's topic. Please visit world oil dot com slash news. I'm Cameron Wallace. Thanks for listening today. Thanks for listening to the daily brief on the world oil podcast network. If you have any questions or comments on the program please email editorial at world oil dot com and check the show notes for more information about today's episode. Don't forget to subscribe either on Apple podcasts. Or wherever you get your podcast also be sure to visit world oil dot com for more information about today stories and sign up for our free Daily News..
"daily brief" Discussed on World Oil's Daily Brief
"Welcome to the daily brief the world. Oil podcast network daily review of market news emerging trends new technologies and the people who are advancing the oil and gas industry. Here's Cameron Wallace with your top news. Stories of the day. Good afternoon and welcome to the World. Oil Daily brief podcast. I'm Cameron Wallace. And these are your top oil and gas headlines for Monday January the thirteenth. We'll take a look at the influence. Gasoline prices can have on. Us Elections a hedge fund that one big by shorting. Us Shale is bullish on Canada's oil sector and the EU is planning to unveil a climate neutral economy plan for the price tag of more than one trillion euros. I UP DONALD TRUMP's decision to authorize the killing of Iranian general and reignite Middle East tensions underscored US political reality higher gasoline prices continue elections analysts and energy executives say any sustained price increase that sends gasoline above three dollars per gallon. Could Siphon votes from trump November while dampening enthusiasm for twenty twenty democratic campaign promises to ban fracking for oil and gas and limit domestic energy development? The president who's counting on a robust economy to win reelection in November and maintain Republican controlled. The Senate is banking on record shattering surges in domestic oil production to absorb any shocks unleashed by his moves on Iran. But trump's confidence belies. Us refineries continue reliance on heavy grades of crude from the Middle East as well as warnings from oil analysts that renewed tensions or strike on energy infrastructure could still pinch American consumers at the pump. Americans don't pay close attention to foreign policies but they do care about gasoline prices. The fear of gasoline prices spiking will make president trump. Wants to have a more muted military response to this Iranian situation said Dan Eberhardt Republican financier and Chief Executive Drilling Services Company Canary LLC Middle East oil facilities and shipping routes remain a prime target if Iran seeks further retaliation for Casino Sulejmani death in a US drone strike clearview energy partners told clients that trump's conciliatory comments. Wednesday donor raise continuing risk for regional crude oil production and transportation ranging anywhere from hundreds of thousands to millions of barrels per day any attacks designed to disrupt the flow of oil. Could drive up the cost of both crude and gasoline refined from it shaking up. The politics of energy for trump and democratic rivals moves in oil are often followed shortly by shifts in gasoline prices and motorists frequently hold presidents on their politicians in power accountable for the increases years of relatively low gasoline. Prices HAVE BLENDED AMERICAN. Motorists concerns about classic pocketbook issues enabling twenty twenty democratic hopefuls to outlined broad plans for combating climate change and curbing domestic oil development Bernie Sanders Elizabeth. Warren and other presidential candidates have gone even further promising to outlaw hydraulic fracturing that has driven US oil natural gas production to record levels confronting climate. Change has been a priority for Democrats seeking the presidential nomination and so far. There are no signs of candidates have shifted their approach in response to Iran. Us TENSIONS. The issue was popular. Democratic primary voters largely. Because there's very little economic anxiety right now said Benjamin Salisbury a senior policy analyst at height llc a sustained boost prices could upset the dynamic and curb some lawmakers zeal to tackle climate change by putting a tax on carbon dioxide emissions generated by burning oil gas and coal. But it wouldn't happen overnight in the short term climbing Croon. Gasoline costs might just 'cause politicians and voters to dig in Salisbury said. The people who support fossil fuels as an economic driver would say this is why we need more pipelines refining drilling and the people. Who Don't we'll say this is why we need more electric cars. Today's episode of the daily brief is brought to you in part by Energy Web. Atlas Energy Web Atlas Delivers Real Time Market Data Analysis and coverage of midstream infrastructure and downstream projects as the most comprehensive tool in the market energy web atlas provides access to key global project details and context for operating licensing construction engineering companies. This is the only fully integrated global intelligence platform for liquids and Gas Pipelines. Ellen G gas processing and refining petro chemical projects users can effectively pursue new business opportunities with greater market insight and the most current project intelligence to learn more visit Energy Web Atlas Dot Com continuing on the finance side after big wins shorting. Us Shale companies last year one energy hedge fund is turning its sights on the beaten down Canadian oil sector after gaining forty percent last year. Westpac capital management is betting. Canadian firms are better position because they don't need to spend as much as their US counterparts giving them a higher level of free cash flow. Also oilfields in. Canada aren't experiencing the rapid rate of production declines that has plagued companies operating in American shale fields. Canada's energy industry has seen a wave of financial blows in recent years driven by a lack of pipeline availability. That is choked off growth prospects. That's prompted foreign companies to ditch more than thirty billion dollars of assets in the past three years at current oil prices. Canadian oil names are generating gigantic amounts of free cash flows as they aren't spending money to grow their product. They're just spending to maintain it. Says Louis Lemay Chief Executive Officer LONDON-BASED WESTPAC? It's just a little bit. Odd to energy valuations at all time lows when SNP valuations are at all time highs. It's truly unprecedented. He said already. There are signs. The Canadian players have regained their footing. The S. and P. T. S. X. Composite Energy Index which comprises Canadian Energy companies quietly outperformance. Us equivalent in two thousand. Seventeen T. securities maintained an overweight stance on the Canadian Energy Sector while downgrading. Us Exploration and production companies. Today's episode of the daily brief is brought to you in part by the Sustainability Leadership Conference in energy. This first of its kind event is for all professionals with an interest in developing sustainability initiative for their company working on technologies to make oil and gas cleaner and minimizing the social impact of the production and use of hydrocarbons abstracts for the conference are being accepted online through Saturday January. Twenty fifth to learn more about the sustainability leadership conference in energy. Please visit sustainability in energy dot com. Finally today the European Union will unveil an investment plan next week designed to mobilize at least one trillion euros over the next decade for an unprecedented shift to climate neutral economy. The Sustainable Europe investment plan will be the financial pillar of the green deal a sweeping strategy to eliminate greenhouse gases by the middle of the century the European Commission. The blocks executive arm wants to pull together a set of new policy initiatives with existing tools and ensure coherent framework that will spur investment from every corner of the e U The EU budget associated instruments will trigger at least one trillion euros of sustainable investments. The commission said in the due to be adopted on January the fourteenth however more will be needed to master the challenges ahead public finance needs to lead the way but private actors will need to provide the scale with president trump set to pull the world's biggest economy out of the Paris climate accord and China. The world's biggest polluter still building more coal power plants than the rest of the world combined. Europe is looking to seize the initiative and the global campaign to rein in the effects of climate change and betting that it will bring a dividend in terms of jobs and economic growth however the cost of the transition are dizzying reaching the existing targets which include reducing emissions by at least forty percent by twenty thirty from nineteen. Ninety levels will require additional spending of two hundred sixty billion euros annually. According to the commission's estimates investments in sustainability are held back by regulatory uncertainty a fragmented market coordination failures unlimited access to finance the sustainable Europe investment plan aims to increase funding for the transition with the budget devoting at least twenty five percent to climate ensure that financial institutions and private investors have tools to properly identify sustainable investment crowd in additional private funding through leveraging the US budget guarantee and turn the EU investment bank into a climate bank. The US lending arm will double its climate related lending the transition to climate neutrality. Would start this year and involves stricter emissions limits for industries from cars to chemicals revamped energy taxes greener farming new state aid rules for companies and possibly an environmental import tax. Everything from finance to the design of cities would need to become more sustainable. And there you have it. Our top oil and gas news stories for Monday January thirteenth content is courtesy of world oil magazine and the Bloomberg News Service to read more on. Today's topic's please visit world oil dot com slash news. I'm Cameron Wallace. Thanks for listening today. Thanks for listening to the daily brief on the world oil podcast network. If you have any questions or comments on the program please email editorial at world oil dot com and check the show notes for more information about today's episode. Don't forget to subscribe either on Apple podcasts. Or wherever you get your podcast also be sure to visit world oil dot com for more information about today's stories and sign up for our free Daily News Life..