Daily Standup Top Stories
Saudi to cut oil output in July, OPEC extends deal into 2024
Saudis offers new voluntary cuts of 1 mln bpd for July Russian, Nigerian, Angolan targets brought in line with output UAE allowed to raise production (Reuters) – Saudi Arabia will make deep production cuts in […]
AI’s Influence On The Workforce – And How Much More Energy Will Be Required?
ENB Pub Note: AI is dangerus to humans. Who starts the algorithms and gives the initial bias? We have seen big tech banning anything they don’t like, and even government collusion to harm free speech. […]
ESG Fund Manager Beats 99% of Peers With Giant Bet on Nvidia – Is Nvidia even an ESG company investment?
ENB Pub Note: ESG Investing Hypocrisy is real. How can a chip manufacturing company be even ESG? The amount of waste it produces in the manufacturing process and the EOL of the products in the […]
Is Biden’s controversial Bitcoin mining tax dead or set to rise from the ashes?
Bitcoin (BTC) miners in the United States can breathe a sigh of relief after a proposed tax on crypto mining did not make it into a bill to raise the U.S. debt ceiling that appears set to pass. The Digital Assets […]
Ecuador Makes History: Vote to Keep the Oil in the Ground in Yasuní Underway
Last fall, thousands of Amazon Watch supporters signed a petition demanding the protection of Ecuador’s last Indigenous peoples living in voluntary isolation in Yasuní National Park. And now we have excellent news to share! Our […]
Exxon And Chevron Close To Signing Gas Exploration Deals In Algeria
By Charles Kennedy of OilPrice.com, ExxonMobil and Chevron could gain access to Algeria’s vast natural gas resources as the U.S. supermajors are in advanced talks for exploration and production deals in the North African country, […]
Highlights of the Podcast
00:00 – Intro
03:10 – Saudi to cut oil output in July, OPEC extends deal into 2024
08:32 – AI’s influence on the work force and how much energy will be required
12:48 – Ecuador Makes History: Vote to Keep the Oil in the Ground in Yasuní Underway
14:16 – Biden’s controversial Bitcoin mining tax is dead or is it set to rise from the ashes like a Phenix
17:03 – ESG Fund Manager Beats 99% of Peers With Giant Bet on Nvidia – Is Nvidia even an ESG company investment?
22:09 – Market Updates
23:54 – Exxon and Chevron still close to signing a little gas exploration deal out in Algeria
25:36 – Outro
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Michael Tanner: [00:00:15] What is going on Everybody, Welcome into another edition of the Daily Energy News Meet Stand Up here on this gorgeous June 5th, 2023. As always, I am your humble correspondent, Michael Tannerr, coming to you from an undisclosed location here in Dallas, Texas, joined by the executive producer of the show, the purveyor of the show and the director and publisher of the world’s greatest website, EnergyNewsBeat.com, Stuart Turley, back from assignment, my man. How are we doing today? [00:00:41][25.7]
Stuart Turley: [00:00:41] Oh, doing great Putin said to say hi. [00:00:43][1.8]
Michael Tanner: [00:00:44] Hey, there he is. His 2024 campaign kicks off in earnings congrats on the gig, by the way, all in jest. We are excited to have Stu back and he has come locked and loaded with a absolute banger of a show. First up on the menu, guys, huge news OPEC meets today actually, as we record this on Sunday and have announced oil cuts in July. Title of the article, Saudi to Cut Oil Output in July OPEC Extends deal into 2024 Stu will cover the entire fallout from this monumental meeting here on June 4th, 2023, between OPEC and Russia. [00:01:22][38.6]
Michael Tanner: [00:01:23] Next up, AIs influence on the workforce and how much more energy will be required to achieve. Next up, ESG fund manager beats 99% of peers, but with a giant bet on Nvidia. The real question now is, is Indivior even an ESG company Stu will dive into that one that’s a great article. [00:01:41][18.5]
Michael Tanner: [00:01:42] Next up, Biden’s controversial Bitcoin mining tax dead or set to rise from the ashes, dun dun dun. This has a lot of different implications. There’s a lot of interesting stakeholders on both sides of this whole Bitcoin debate Stu will dive into what that means for the energy industry. And then finally, Ecuador makes history votes to keep oil in the ground in the Yasuni under way. This is a pretty monumental sort of geopolitical geo energy story that Stu will cover about what’s going on in Ecuador and specifically the Amazon, he will toss it over to me. [00:02:15][33.4]
Michael Tanner: [00:02:16] I’ll cover really maybe what the price fallout is from Saudi Arabia, from the OPEC cut specifically, what Saudi Arabia decides to do is Stu will kind of overview of what the cuts look like we’ll obviously see some sort of a price rise. [00:02:28][12.2]
Michael Tanner: [00:02:28] We saw rig counts on Friday and a quick overview of what Exxon and Chevron are attempting to do in Algeria. We will cover all that and a bag of chips, guys. But first check us out on the world’s greatest website www.EnergyNewsBeat.com all the stories you are about to hear you can hear them in the description below enter via that website. [00:02:46][18.1]
Michael Tanner: [00:02:47] Stu does a great job of curating that website making sure all the the best energy news is there Dashboard.EnergyNewsBeat.com the best place for all your data and energy news combo get that while you still can. Definitely go behind a paywall guys will moving forward with that so look we’ll look for some more information on how to sign up for all that stuff later. I think that’s it Stu, where do you want to begin today’s show? [00:03:09][22.1]
Stuart Turley: [00:03:09] Hey, let’s start with OPEC I mean, that was the buzz around town OPEC’s definitely the bride of the ball or I’m not sure. [00:03:17][8.2]
Michael Tanner: [00:03:18] Yeah, I mean, everybody knew this. I mean, they can definitely do it on a Sunday where they can announce right before markets open. They can come in and some and what I’m interested is covered from a high level, what happened and then there’s a few things I want to get into. So walk me through what did they do on a high level? [00:03:33][15.2]
Stuart Turley: [00:03:34] High level they agreed to cut. Let me go through that a little bit here. They are cutting a million barrels, 1.4 million barrels, an overall reduction in 2024, but that’s going to start in 1 million barrels per day by Riyadh could be extended beyond July. This is a Saudi lollipop is what he said. [00:03:56][22.9]
Michael Tanner: [00:03:58] Which is pretty crazy to think about that was his exact okay, because that was what I wanted to tune in. So basically, Saudi, you know, OPEC decides to keep cuts in line with what they had Saudi Arabia comes in over the top and cuts a million barrels a day. [00:04:14][16.1]
Michael Tanner: [00:04:14] And the energy minister calls that the, quote, Saudi lollipop. If you don’t think they’re mad at the way the oil markets have shaked out, this is just the cherry on top because he said it best. I mean, they really are attempting to raise oil prices just to screw with us. [00:04:34][19.1]
Stuart Turley: [00:04:34] It’s absolutely that and do you remember when they tried to put the Texas shale and the shale out of business? They I mean, in anyway, contrast, United Arab Emirates was allowed to raise the output, OPEC pump there’s a couple other stats, Michael Let’s cover. [00:04:54][19.6]
Stuart Turley: [00:04:55] OPEC pumps. 40% of the world’s crude to Russia is in OPEC plus. OPEC plus allowed some of the African nations to go ahead and allow for them. They were the big holdout, Michael, there was a three hour meeting before the OPEC meeting because the African nations wanted to be able to increase production and they did give it to them. [00:05:24][29.6]
Michael Tanner: [00:05:25] So, I mean, here’s the quote coming out of Saudi Energy Minister Abi’s spin Salam quote. They call it a Saudi lollipop. We want to ice the cake we will do whatever it’s necessary to bring stability to this market. Dun, dun, dun. [00:05:41][16.8]
Stuart Turley: [00:05:42] He’s referring to Biden on that. [00:05:44][2.1]
Michael Tanner: [00:05:45] You think so? [00:05:45][0.4]
Stuart Turley: [00:05:46] Oh, I know so fist bump in infamy still chapped him up even. [00:05:51][5.5]
Michael Tanner: [00:05:52] And this is what is is so interesting, because they’re also open about the fact that demand is going to outstrip supply in quarter three, quarter four of 2023 yet they’re still cutting. [00:06:04][11.8]
Stuart Turley: [00:06:05] Exactly and it’s because why shouldn’t they? I, I actually applaud them for that. [00:06:10][5.7]
Michael Tanner: [00:06:11] Yeah. So on Opec+. Yeah, exactly. So on Total, now OPEC plus, we dropped about 4.6 million barrels per day. And some countries can’t produce their quota so the actual reduction is still somewhere around 3.5 million barrels per day or about 3% of global supply they’re cut, which is pretty crazy. You know, I think the fallout is fairly simple. Gas prices are going to go up a little bit. So sorry to, you know, fill up while you still can if you say it. [00:06:39][27.8]
Stuart Turley: [00:06:39] It is there is a lot of geopolitical stuff that this impacts hugely and Russia is there’s two things. [00:06:48][9.3]
Michael Tanner: [00:06:49] Yes so what’s your, so give me your top cop couple fallouts from this. [00:06:53][4.0]
Stuart Turley: [00:06:54] The the big fallout on this is Russia. Iran and Iraq and Saudi Arabia have been signing deals outside of OPEC, in OPEC plus. And so even though Russia wanted to increase production, it doesn’t matter what their quota is for OPEC plus, because they’re producing everything they can. So it’s a it’s a like Michael, it is a look over here, my quota. And then if I do anything else, it’s going to go over here and go to India, they’re going to buy everything in. [00:07:33][39.4]
Michael Tanner: [00:07:34] Yeah. It is interesting that a lot of that’s flowing over, is there any impact to the war in Ukraine? Does this do anything in there? [00:07:42][7.6]
Stuart Turley: [00:07:42] The war on Ukraine is with. [00:07:44][1.6]
Michael Tanner: [00:07:44] Russia any at any point? Somehow? [00:07:46][1.4]
Stuart Turley: [00:07:47] No. The war in Ukraine was designed for one reason and one reason only it’s a crime scene, clean up for graft. And then the other thing is it’s designed to take money out of the United States so that the United States can go broke. Honestly, that is why the Ukraine war is here, because we had 37 labs, bio weapons labs that last week. No, I’m I’m serious last week it said that the bio weapons lab Putin got one of the I’m sorry is, dude, I’m not making this. [00:08:24][37.0]
Michael Tanner: [00:08:25] Lets call Faucci on it, what’s next? [00:08:26][1.4]
Stuart Turley: [00:08:27] Call Faucci he made a lot of money out of Ukraine. Okay AI’s influence on the work force and how much energy will be required. Michael, I’m a little nervous about I, I love made some Terminator movies. I mean, you know, I’ve. Arnold I’ll be back. I, I’m sorry. I just, you know, I love it. [00:08:50][22.5]
Stuart Turley: [00:08:51] This is a great article. A.I. is dangerous to humans. Who starts the algorithms and gives it the initial bias through where it’s going to learn? We’ve seen big tech banning anything they don’t like, even government collusion to harm free speech. [00:09:09][18.6]
Stuart Turley: [00:09:10] Let’s look at the increase in energy required for servers, more power used by individuals and whether a I can make decisions to put the lowest kilowatt per hour with the least impact on the environment or will it simply force the green agenda on the population of the world, I wonder who wrote that. [00:09:32][22.1]
Stuart Turley: [00:09:33] But when you sit back and take a look at a Jane, I love this one. A ginormous concern from the public is how a I will impact jobs. Michael, this thing is this article in on Energy News Beat not go and come let’s go down here. [00:09:50][17.7]
Stuart Turley: [00:09:51] According to the World Economic Forum, you know what I think of them. The future of jobs report 85 million jobs will be replaced by machines with a high by the year of 2025. I heard somebody the other day it wasn’t me they wanted to kill that many people. All right. We’ll just kind of move on forward on the that was a rumor. [00:10:12][21.0]
Michael Tanner: [00:10:14] A definite rumor. [00:10:14][0.7]
Stuart Turley: [00:10:15] A definite rumor we have to clear that and I heard it, and it wasn’t me. The same report says that 97 million new jobs will be created by 2025 due to air this summer. Sounds like somebody from Goldman Sachs made this up. How do you just throw a dart on the wall, Michael? [00:10:36][20.9]
Michael Tanner: [00:10:37] Yeah, I mean, I mean, it’s a pretty active 97.2 million new jobs. I mean, I’m with you. I mean, I completely trust anything the World Economic Forum says. [00:10:47][10.0]
Stuart Turley: [00:10:47] No, they’re they’re right up there with, you know, okay. Let me go down here to legal last week or the week before, an attorney used legaly in filing a case and he got it thrown out because he was an idiot and used AI. [00:11:05][17.4]
Michael Tanner: [00:11:06] Well, here I think what’s interesting is this article then goes through and lists a bunch of different industries and replaceable tasked with manufacturing, real estate, gaming, entertainment, health care. You get all the way down here to finance you get down here to energy I think it’s really interesting. Smart grid management demand response optimization you know what? Those are fancy words for piping you get cutting your electricity off when you’re using too much you know,. [00:11:34][28.2]
Stuart Turley: [00:11:35] When they get rid of…. [00:11:36][1.1]
Michael Tanner: [00:11:37] Grid Management. [00:11:37][0.0]
Stuart Turley: [00:11:38] Yeah No. [00:11:38][0.1]
Michael Tanner: [00:11:39] Smart Grid Management. [00:11:40][1.0]
Stuart Turley: [00:11:39] That’s your LG TV going in No TV for you you have too much carbon you ate too many steaks the TV is going to be here, man. No TV for you. [00:11:52][12.6]
Michael Tanner: [00:11:52] You know, they’ve also got energy consumption forecasting, obviously renewable energy integration, predictive maintenance of power. I do like that. I’ve actually been really fascinated by this. [00:12:03][10.2]
Stuart Turley: [00:12:03] Here’s what there missing Michael, they’re missing that growth of servers that it will take for a because every company that I have seen from Kleenex to Band-Aids is all using AI. Everybody is putting air out there even if they’re not using it. How many more servers is Amazon going to need? And Server…. [00:12:26][23.0]
Michael Tanner: [00:12:27] There gonna need a lot they’re going to need a lot more servers. [00:12:28][1.6]
Stuart Turley: [00:12:29] That’s right. How how can Google say they’ve been carbon free since 2009? [00:12:35][5.3]
Michael Tanner: [00:12:37] I it’s they’re not they’re not. What’s next? [00:12:40][3.5]
Stuart Turley: [00:12:42] Okay I love me some Ecuador this one you know I’m I am a fan of the environment. Ecuador makes history vote to keep away keep oil in the ground in the Yusani Underway. This is for a giant, it’s huge, it’s for a tribe of people that oil companies were coming in and just destroying the the rainforest. United States California buys 75% of the oil generated out of the rainforest. Oh, that’s Great. [00:13:22][39.8]
Michael Tanner: [00:13:22] You tell me got them the gas Gavin Newsom buys rainforest oil. [00:13:26][3.3]
Stuart Turley: [00:13:26] Oh, absolutely in fact, he’s got it in his bathroom I got a picture of it right here. Okay do you agree that the government shall keep oil in it known as block 43 permanently in the ground? Yes. Isn’t that great? Let’s save the rainforest. [00:13:45][18.8]
Michael Tanner: [00:13:47] Okay, You heard it here Second, guys, still the rainforest as long as it screws Gavin Newsom. [00:13:53][6.0]
Stuart Turley: [00:13:54] He’s got he’s got an oil slick. He goes into the bay, they start accusing Exxon Valdez of having another wreck. I mean, the man’s got so much oil in his hair, it’s pathetic let’s go to get one. [00:14:08][13.8]
Michael Tanner: [00:14:08] What’s next? [00:14:09][0.3]
Stuart Turley: [00:14:09] Let’s go yet to see a penguin swim next to him it’s all dark and everything they had a hossy mob. Biden’s controversial Bitcoin mining tax is dead or is it set to rise from the ashes like a Phenix? [00:14:24][14.8]
Stuart Turley: [00:14:25] Let’s come down here, Michael this goes right into the server conversation. You kind of wonder, you know what? Brilliant mind put these stories together because as we get a high, we’re going to have more servers and I love me some Bitcoin mining. [00:14:38][13.6]
Stuart Turley: [00:14:39] The bitcoin miners are van tastic when they’re using trapped or flared gas I mean, we got some fantastic people out in the Texas environment in other areas, finding low cost energy. Go get them it’s another revenue source for those oil companies in order to bring it in I couldn’t be happier that they’re using waste energy for this. [00:15:06][26.9]
Stuart Turley: [00:15:07] The digital assets mining dam so I’m going to say it like Will Smith in Men in Black. You need some new drapes damn. An excise tax proposal site to change crypto miners a tax equal to 10% the cost of the electricity they use for mining in 2024 before scaling up to 30% in 2026. [00:15:35][28.4]
Michael Tanner: [00:15:37] It’s insane. [00:15:37][0.1]
Stuart Turley: [00:15:38] The Biden administration is going after taxes, why can’t they cut spending and lower taxes? [00:15:47][9.7]
Michael Tanner: [00:15:49] I don’t know I think it’s kind of crazy that they’re going to start taxing the cost of electricity because, you know, I mean, they want it. This is why you don’t want smart grid management this is why you don’t want a guy running the grid because they’re going to shut this down. [00:16:03][14.4]
Stuart Turley: [00:16:04] Exactly. [00:16:04][0.0]
Michael Tanner: [00:16:05] They’re going to force you to pay your your 10% tax they’re literally the mob. [00:16:10][4.5]
Stuart Turley: [00:16:11] When I was visiting with Putin in a joking way. [00:16:13][2.5]
Michael Tanner: [00:16:15] Yeah, he’s not in. [00:16:16][1.5]
Stuart Turley: [00:16:18] Putin’s got more of a free attitude about commerce than we do you know, holy smokes. [00:16:24][6.4]
Michael Tanner: [00:16:25] Now, I’m mostly kidding, but it is I mean, it’s just insane uncle Sam’s got to take their cut and they’ll find any place to do it. It would be interesting to see how much money you could raise from this, though. [00:16:36][10.7]
Stuart Turley: [00:16:36] Well, here’s the thing we are seeing, Michael, in my day to day calls with clients, with other energy experts from around the world, taxes, taxes, and oh, by the way, taxes. We’re about ready, people are looking for ways to get out of the stock market and they’re looking for ways to bury their money, not bury their money excuse me, but look for tax deductions. [00:17:00][24.1]
Stuart Turley: [00:17:01] So, hey, Michael, this one is Fund manager beats 99% of peers with giant bet on Invit here is investing in ESG company investment. And let’s go through some of this stuff here, Michael ESG investing hypocrisy is real. How can a chip manufacturing company be even ESG? Let’s go through that here in a second. [00:17:30][28.6]
Stuart Turley: [00:17:30] The amount of waste it produces and just manufacturing process and the end of life of products in the landfills are so hazardous, they have a huge negative impact on the environment. There’s not one chip manufacturer that can pass the same ESG scores and requirements that the oil and gas industry can pass this one got me worked up. [00:17:57][26.6]
Stuart Turley: [00:17:57] The 83 million invidious take held by Sweed bank rare technology ticker symbol is SWCONTUSS makes it the most exposed ESG registered find the world’s most favorable chip company, according to the latest data compiled by Bloomberg. That’s a universe around 1300 ESG funds that hold in video. [00:18:25][27.3]
Michael Tanner: [00:18:25] It’s pretty it’s pretty insane that they did the best ESG fund out there the one that is is crushing it relative to its competitors. When you find out all it is is a bet on a chip manufacturer. [00:18:37][11.8]
Stuart Turley: [00:18:39] Does anybody know what goes into making a fab a fabrication plant? Intel I worked there for 12 years I don’t know anything I was on a need to know basis. However, you take a look at how much water they when they put the plants in in Arizona, they had to import water in, in order to make these fabrication plants. [00:19:10][31.5]
Stuart Turley: [00:19:11] The amount of carbon footprint a fabrication plant puts in 50 years before you get back to carbon net zero. Oh, you never will. Excuse me you can never go to carbon net zero in a fab. I don’t care, now, if they’re buying offsets, that goes into a different scam, this one got me worked up. [00:19:35][23.7]
Michael Tanner: [00:19:36] I mean, I mean, it’s really just that’s the only way to succeed as an ESG fund is to expose yourself to the chip manufacturers. Is or is is indeed it actually considered in the immediate We know it’s mean you know, it’s not technically ESG, but is it considered ESG by like the powers that be? [00:19:56][20.2]
Stuart Turley: [00:19:56] Oh, yeah they go, oh, we got a chip it’s not potato chips it’s not, you know, something, Chips, poker chips out of Las Vegas. [00:20:06][9.2]
Michael Tanner: [00:20:07] It’s gained 20. [00:20:07][0.5]
Stuart Turley: [00:20:08] Credits. [00:20:08][0.0]
Michael Tanner: [00:20:09] It’s it’s up 40% this year because of Nvidia. [00:20:10][1.7]
Stuart Turley: [00:20:12] You know? Yeah and it’s because of the chips coming in all these chips manufacturers, you know, the CHIPS Act is going to pollute more than half of the coal plants that are being put in by China. They’re hirable, sorry I got worked up. [00:20:30][17.7]
Michael Tanner: [00:20:31] I mean, it is. [00:20:33][1.6]
Stuart Turley: [00:20:34] It shows the ESG investing hypocrisy is one that makes me airsick. Do you know why they did this, Michael? [00:20:44][9.8]
Michael Tanner: [00:20:44] Why? [00:20:44][0.0]
Stuart Turley: [00:20:45] If it Does BlackRock in the first half of last year lost $1.7 trillion? They got to make this up somehow. Have you seen the BlackRock commercials? They’ve got these people going we control your retirement. Oh, we care about Wal-Mart we care about you. BOW HOCKEY! [00:21:07][21.7]
Michael Tanner: [00:21:08] Right. I have not seen a BlackRock commercial. [00:21:10][1.8]
Stuart Turley: [00:21:11] Oh, it’s hideous, dude just shoot me get a hammer hit me in the head and I will feel better. I get up and start screaming at the TV with the blood vessel coming out of my head. [00:21:22][11.5]
Michael Tanner: [00:21:23] You see, like a little like a little head shot of like, Epstein in the back. Okay, He’s coming. [00:21:32][8.8]
Stuart Turley: [00:21:33] No well, you know what? The founder of LinkedIn and Bill Gates have in common, don’t you? [00:21:39][5.8]
Michael Tanner: [00:21:40] And we do know that you, They will hate you. [00:21:42][2.8]
Stuart Turley: [00:21:44] Yes, I met Bill he hates me but I also have been started getting Shadow banned from LinkedIn. I posted twice both of them disappeared within 10 minutes. [00:21:56][11.3]
Michael Tanner: [00:21:56] Interesting so you’re actively being shadow banned on LinkedIn. [00:21:59][2.9]
Stuart Turley: [00:22:00] And it was worse than that I posted and within 5 minutes the buttons to share and send were gone. [00:22:07][7.3]
Michael Tanner: [00:22:08] Oh, Spicy. Spicy. [00:22:10][1.9]
Stuart Turley: [00:22:11] I speak the truth, baby, speak the truth. [00:22:13][1.9]
Michael Tanner: [00:22:14] Speak your truth, will Stu, in light of being shadow bad, you can find Stu on LinkedIn. You got uncle. He’s all over the place we got suspended on Twitter. I saw that you go look at our Twitter, our Twitter is suspended. [00:22:25][11.9]
Stuart Turley: [00:22:27] Our Twitter is suspended? [00:22:28][0.8]
Michael Tanner: [00:22:28] Yes. Yes. Musk came for us. [00:22:31][2.8]
Stuart Turley: [00:22:33] I’m still there. [00:22:34][0.5]
Michael Tanner: [00:22:35] Well, that’s good. [00:22:35][0.5]
Stuart Turley: [00:22:36] I pay my $8. [00:22:37][0.5]
Michael Tanner: [00:22:37] We’re getting hacked on everything, guys, but we’re not hacked we’re going to shut down everything just trying to bring you the news. Well, let’s go ahead and flip over to to the oil markets I think it’s important to kind of… [00:22:48][10.7]
Michael Tanner: [00:22:48] I mean, when we talk about what’s going on in the markets, I think it’s it really all, you know, we’re going to see prices rise. You know, we’re currently sitting here at I had 71, 71, 74. That was the close here on Friday. [00:23:03][14.6]
Michael Tanner: [00:23:04] Prices are obviously going to rise in light of this Saudi Arabia, a lollipop in order to stabilize the markets. I mean, is it so funny he use that terminology because it’s absolutely insane. You know, I think I think you’re going to see I push to 75, $80 oil by the end of the week that would be my bet. [00:23:24][20.0]
Michael Tanner: [00:23:24] I think you’re going to see gas prices here abroad rise I think natural gas prices are probably you’re going to see them continue to come down do they pop below $2? I don’t know. Weather reports look look fairly warm we’re entering dry season in terms of rig counts. [00:23:39][14.5]
Michael Tanner: [00:23:39] We saw about 15 rigs drop week over week that’s it’s a pretty large drop and we’re under now 700 for the first time in a few months now, this is out of Baker Hughes of via Enverus so you can only trust it so much. [00:23:51][12.0]
Michael Tanner: [00:23:52] What else do we got oh yes, Exxon and Chevron still close to signing a little gas exploration deal out in Algeria. This is one that you know, what’s kind of funny is, you know, Algeria theoretically holds about three or about the third largest shale gas reserves in the world after, you know, who do you think the other two are? So you’ve got Algeria coming in number three, who do you think has the one and two largest gas reserves in the world? [00:24:18][25.8]
Stuart Turley: [00:24:18] U.S.. [00:24:18][0.0]
Michael Tanner: [00:24:19] No! [00:24:19][0.0]
Stuart Turley: [00:24:21] Really? I thought we were up there. [00:24:23][2.6]
Michael Tanner: [00:24:24] No. [00:24:24][0.0]
Stuart Turley: [00:24:26] Qatar,. [00:24:26][0.0]
Michael Tanner: [00:24:26] No! [00:24:26][0.0]
Stuart Turley: [00:24:27] Boy, I’m missing out I need to go back to school. [00:24:29][2.1]
Michael Tanner: [00:24:30] China and Argentina. Hmm. [00:24:32][2.3]
Stuart Turley: [00:24:33] Why was China importing all Russian natural gas they got pipes coming in all over them. [00:24:39][5.4]
Michael Tanner: [00:24:39] Well, because I think reserves and actual ability to go get them are two different things. So let’s be very clear here reserves. And would you go get the reserves? [00:24:47][8.2]
Stuart Turley: [00:24:48] You’re trying to stop the chump here? [00:24:50][1.6]
Michael Tanner: [00:24:50] I don’t know it just says that in the article. So Charles Kennedy of Oilprice.com, take it up with him. [00:24:54][4.6]
Stuart Turley: [00:24:55] I’ll get him on the podcast. [00:24:56][1.2]
Michael Tanner: [00:24:57] Get him on the Podcast, you got anything else you wish we would be scared about this week? [00:25:00][3.4]
Stuart Turley: [00:25:01] Oh. I One’s an open season for me. It’s a beautiful day in the neighborhood and buckle up it’s going to be a wild ride. [00:25:11][9.7]
Michael Tanner: [00:25:12] It’s going to be a wild week, guys we’ll be bringing you each and every day. Again, hit us up. [email protected]. But I will let you guys get out of here, get back to work, start your week. Hopefully you only have a few meetings here on this Monday for Stuart Turley, I’m Michael Tanner, we’ll see you tomorrow, folks. [00:25:12][0.0]
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