WEBVTT - MT Explains: How global events shake oil prices – and your wallet

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<v Speaker 1>You're listening to a CNA podcast.

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<v Speaker 2>Hi, I'm Andrea Heng, and this is Money Talks Explains. Now,

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<v Speaker 2>Money Talks Explains is where we have a burning question,

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<v Speaker 2>and then we go find an expert to break it

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<v Speaker 2>all down for us. So one of the headlines that's

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<v Speaker 2>come out from the conflict between Iran and Israel or

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<v Speaker 2>any kind of geopolitical standoff really is how oil prices

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<v Speaker 2>are affected.

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<v Speaker 2>But have you ever wondered why? What is the correlation

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<v Speaker 2>between war and oil prices? Well, that's exactly what we

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<v Speaker 2>are getting Vanana Hari to do for us today. She's

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<v Speaker 2>founder and CEO of Vanda Insights, which monitors the global

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<v Speaker 2>energy markets, and she's going to help us connect the dots. Hi,

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<v Speaker 2>welcome to the show.

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<v Speaker 2>Oh, thank you, Andrea. My pleasure to be here. The

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<v Speaker 2>pleasure is all ours in hosting you. So set the

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<v Speaker 2>context for us here, Vanda. Oil is something that every

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<v Speaker 2>single person needs more than we know, actually, whether we

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<v Speaker 2>see it or we know it. Why is this so? OK,

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<v Speaker 2>great place to start. So oil is the lifeblood of

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<v Speaker 2>the global economy.

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<v Speaker 2>When we look at the world's primary energy mix, 82%

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<v Speaker 2>of it is what we call fossil fuels. The remaining 18%

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<v Speaker 2>or so is renewables and the more new energy stuff.

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<v Speaker 2>Now oil alone is the single biggest component of that

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<v Speaker 2>energy basket, 32%.

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<v Speaker 2>And it has reduced. The share has reduced a little

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<v Speaker 2>bit over the past 678 decades, but not by that much. OK.

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<v Speaker 2>And for the foreseeable future, the coming decades, it is

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<v Speaker 2>expected to remain the primary source or the biggest source

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<v Speaker 2>of energy in the world basket. So when we read

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<v Speaker 2>about the oil market, we often hear the names OPEC,

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<v Speaker 2>OPEC plus, OPEC spelled OPEC, which stands for the Organization

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<v Speaker 2>of Petroleum.

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<v Speaker 2>Exporting countries and they get mentioned a lot, right? So

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<v Speaker 2>who are the biggest suppliers and why are they so

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<v Speaker 2>influential to oil prices? So OPEC and which has in

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<v Speaker 2>recent years become OPEC plus because about 10 members that

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<v Speaker 2>were not traditionally a part of OPEC. Now OPEC has

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<v Speaker 2>been around for, I think, at least 6 decades now.

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<v Speaker 2>So they were joined by these 10 other countries, the

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<v Speaker 2>biggest

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<v Speaker 2>Of which is Russia. So they came to be known

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<v Speaker 2>as the non-OPEC collaborators of OPEC. Now, as a result

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<v Speaker 2>of this collaboration, now we have this group of countries,

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<v Speaker 2>which account for nearly 40% of global oil supply. So

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<v Speaker 2>that is a big deal. So whatever decisions they take

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<v Speaker 2>with regards to their production policy is obviously critical for

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<v Speaker 2>the supply demand.

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<v Speaker 2>Balance of the markets for sure. As with any other

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<v Speaker 2>trade in the world, how do the supply demand dynamics

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<v Speaker 2>of these specific players affect us small guys, the consumers

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<v Speaker 2>at the end of the day? So let's just go

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<v Speaker 2>back about 5 years to 2020, when COVID happened, and

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<v Speaker 2>we all know what life was like and how our

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<v Speaker 2>roads looked and transportation came virtually to a halt.Road transportation,

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<v Speaker 2>air transportation. Our lives didn't.

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<v Speaker 2>Stop. We were still getting air conditioning, cooling our houses,

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<v Speaker 2>warming our houses, electricity, and what have you, but we

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<v Speaker 2>did stop moving around, right? That led to a huge

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<v Speaker 2>collapse in global oil demand consumption, essentially, almost overnight. And

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<v Speaker 2>that's when this group stepped in and said that, OK,

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<v Speaker 2>this is not a good thing, short, medium to long term,

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<v Speaker 2>such shocks are not good for producers.

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<v Speaker 2>Because first of all, if you continue producing, prices will

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<v Speaker 2>continue going down, right? Because there's no demand for that.

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<v Speaker 2>You're going to run out of storage. Where are you

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<v Speaker 2>going to put that oil? And if you live with

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<v Speaker 2>this kind of a price shock for a long time,

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<v Speaker 2>what is it going to do to the future sustainability

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<v Speaker 2>of your company? That's true of any company because you

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<v Speaker 2>don't want to bleed money. No, and certainly not for

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<v Speaker 2>this kind of an unanticipated, unforeseen shock that all company

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<v Speaker 2>was prepared for, right?

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<v Speaker 2>So this group played a vital role in rebalancing. So

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<v Speaker 2>overnight they decided they're going to slash production.

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<v Speaker 2>By about 10 million barrels a day, which rebalanced the markets.

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<v Speaker 2>Prices gradually came up. Of course, the world gradually getting

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<v Speaker 2>back to normal was obviously on the demand side was

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<v Speaker 2>a big factor. But the immediate step that was needed

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<v Speaker 2>to save a lot of companies, oil producers essentially, from

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<v Speaker 2>going bankrupt and perhaps never resurfacing.

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<v Speaker 2>This group played a big role. Before that, they have

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<v Speaker 2>continued to play a role, and after that, they've continued

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<v Speaker 2>to play the sort of balancing role. There's a lot

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<v Speaker 2>of controversy around it. There are a lot of fingers

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<v Speaker 2>routinely pointed. It gets labeled a cartel. It gets pinpointed

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<v Speaker 2>as this is the group that is essentially trying to

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<v Speaker 2>keep oil prices high.

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<v Speaker 2>The very critical role they play in balancing supply with

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<v Speaker 2>global demand and which they are able to play, especially

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<v Speaker 2>now accounting for 40% of supply. Had it been a

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<v Speaker 2>smaller proportion, they may not have been as influential. So

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<v Speaker 2>it's a very critical role they are playing, which often

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<v Speaker 2>gets overlooked. Well, if they're trying to keep oil prices up,

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<v Speaker 2>why aren't we at $80 today instead of 60?

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<v Speaker 2>right? And on that note, I wanted to talk to

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<v Speaker 2>you about that, the prices that they are at now,

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<v Speaker 2>what's going on here? How is this group managing the

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<v Speaker 2>situation with the oil prices vis a vis supply and demand?

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<v Speaker 2>Sort of two themes here, right? What's happening in the

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<v Speaker 2>Middle East? Why is it always in the news? Why

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<v Speaker 2>is it the biggest shock to oil when something breaks

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<v Speaker 2>out over there?

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<v Speaker 2>And how able or not is OPEC or OPEC plus

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<v Speaker 2>able to manage a situation when there's a flashpoint in

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<v Speaker 2>the Middle East. So let's zoom out. So when you

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<v Speaker 2>look at the world's major oil producers, Saudi Arabia, Iran, Iraq, Kuwait, Oman, UAE, Qatar,

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<v Speaker 2>all of these are based in the Middle East. The

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<v Speaker 2>other sort of issue that keeps the markets on edge

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<v Speaker 2>with regards to the Middle East is there's definitely.

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<v Speaker 2>And potentially two crucial choke points through which most of

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<v Speaker 2>this all of the oil that I talked about a

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<v Speaker 2>moment ago flows through. Now what happens when we talk

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<v Speaker 2>about a choke point is essentially it's a very narrow waterways.

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<v Speaker 2>So should any kind of hostilities break out, any country

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<v Speaker 2>in this case, Iran, sitting very close to the Strait

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<v Speaker 2>of Hormuz, which accounts for about 20 million barrels per

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<v Speaker 2>day of about 50% of the world's oil supply size.

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<v Speaker 2>On the other side of the Arabian Peninsula you have

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<v Speaker 2>the Bab al-Mab Strait at the mouth of the Red Sea,

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<v Speaker 2>which is very close to Yemen and the Houthi rebels

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<v Speaker 2>of Yemen. The major oil producing countries for the most

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<v Speaker 2>part other than Iran, which has been under US sanctions

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<v Speaker 2>on and off and Western sanctions, and Iraq, which has

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<v Speaker 2>some other internal problems. So you have this region which

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<v Speaker 2>is the world's single biggest concentration of oil and gas production.

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<v Speaker 2>And is geopolitically unstable and has these flash points and

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<v Speaker 2>has this conflict between Israel and Iran, which has been

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<v Speaker 2>going on for decades and have you found a real

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<v Speaker 2>solution to that conflict? I don't think so. You talked

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<v Speaker 2>about how the Middle East concentration makes up about 40%

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<v Speaker 2>of global supply, about a quarter, about 25% plus is

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<v Speaker 2>about 40%, right? Who makes up the rest?

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<v Speaker 2>OK, if you look at the big producers and the

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<v Speaker 2>rest of the world, and thankfully relatively politically geopolitical stable places, OK.

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<v Speaker 2>So the US today is the single biggest producer in

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<v Speaker 2>the world. It's not Saudi Arabia, it's not Russia. So

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<v Speaker 2>today the US pumps about 13.5 million barrels per day

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<v Speaker 2>of oil. Canada is also a major producer. And then

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<v Speaker 2>you have a.

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<v Speaker 2>In South America, Venezuela, which is a member of OPEC plus,

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<v Speaker 2>but you have Brazil and Mexico, which are not members

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<v Speaker 2>but also major producers. What about China? What about in Asia? Yes,

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<v Speaker 2>Asia used to be a much bigger producer than it

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<v Speaker 2>is now. So the main producing regions, of course, Malaysia

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<v Speaker 2>and Indonesia, right? You mentioned China. It's interesting. So China produces,

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<v Speaker 2>give or take about 5 million barrels per day.

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<v Speaker 2>The reason it doesn't get talked about much is that

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<v Speaker 2>China consumes needs all of its oil production and more.

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<v Speaker 2>So China pumps about 5 million barrels per day. It

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<v Speaker 2>imports close to 11 million barrels. Oh, so not even

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<v Speaker 2>enough for domestic consumption, nowhere and that is pretty much

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<v Speaker 2>the story of Asia and Southeast Asia and Australia that

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<v Speaker 2>all of these are basins that have been producing oil

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<v Speaker 2>for a long time, for decades that haven't been any.

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<v Speaker 2>major new discoveries. So we are in this region sitting

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<v Speaker 2>on big basins which are mature, which are in perennial decline.

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<v Speaker 2>This region contributes to the biggest demand growth globally. So

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<v Speaker 2>it is a very interesting dynamics here, declining production, no

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<v Speaker 2>new discoveries, demand leaping ahead. So this region is actually

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<v Speaker 2>very import dependent, going to become increasingly more so. And

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<v Speaker 2>as a result,

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<v Speaker 2>Also very vulnerable to shocks in the Middle East. Yeah,

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<v Speaker 2>and that's also what contributes ultimately to how oil prices move.

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<v Speaker 2>So therein lies the question, why exactly are oil prices

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<v Speaker 2>so sensitive? I mean, since it's a necessity, why can't

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<v Speaker 2>it be fixed? A lot of commodities, very important commodities,

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<v Speaker 2>including coal and metals until very recently have traded on

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<v Speaker 2>a fixed price basis. So what we mean by that

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<v Speaker 2>is

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<v Speaker 2>The major producers, major consumers get together and say, OK,

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<v Speaker 2>for the next 1 year or 5 or 10 years even,

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<v Speaker 2>we're going to trade on the basis of this number.

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<v Speaker 2>Now what happens is if there is more demand and

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<v Speaker 2>less supply, which needs prices to go up to incentivize

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<v Speaker 2>more production, that wouldn't happen.

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<v Speaker 2>So essentially in a fixed price regime, the market is

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<v Speaker 2>highly inefficient in that any signals of oversupply, more supply,

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<v Speaker 2>and less demand, which should depress prices and prompt producers

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<v Speaker 2>to cut production to restore the balance, those signals are

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<v Speaker 2>absent in today's world, so it's actually interesting pros and

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<v Speaker 2>cons of having so-called spot prices or prices moving.

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<v Speaker 2>Forget day to day, minute to minute basis, right? Responding

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<v Speaker 2>to the demand supply balance. There are some cons, but

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<v Speaker 2>the biggest pro is this that it is an efficient,

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<v Speaker 2>effective channel to transmit signals to producers and consumers. So

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<v Speaker 2>not just producers, consumers as well. So prices were, let's

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<v Speaker 2>say crude was to jump into the 90s and 100s today.

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<v Speaker 2>Yes, producers will produce more, but it's limited how much

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<v Speaker 2>more they can quickly bring on in the current environment.

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<v Speaker 2>They will get the signal from the price, we will

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<v Speaker 2>be getting more price, so let's invest more, let's pump more.

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<v Speaker 2>But equally high prices also give a signal to the consumer, right?

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<v Speaker 2>So the consumer says, OK, where can I tighten my belt?

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<v Speaker 2>Where can I use, can I be more efficient?

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<v Speaker 2>With my use of oil, where can I save and

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<v Speaker 2>use less oil. So that's what happens with spot prices

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<v Speaker 2>or prices moving on a day to day basis and

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<v Speaker 2>start being fixed for long periods. So there's fixed prices

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<v Speaker 2>and there are spot prices and a good way to

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<v Speaker 2>understand spot prices is that

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<v Speaker 2>They're dynamic, right? They are responding. They're moving with signals

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<v Speaker 2>that the market is picking up on supply and demand.

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<v Speaker 2>We go back to what's happening in the Middle East

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<v Speaker 2>and how there's a conflict there, right? Now, when there's

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<v Speaker 2>a conflict, the first thing we tend to look at

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<v Speaker 2>is oil prices because that's almost always the first thing

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<v Speaker 2>to react apart from stock prices on Wall Street. Why

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<v Speaker 2>does this happen and when should we really worry about

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<v Speaker 2>oil price movements being too far up or down?

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<v Speaker 2>So I think taking Ukraine and the Gaza wars would

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<v Speaker 2>be a good example, sort of compare and contrast them.

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<v Speaker 2>So in the case of the Ukraine war, Ukraine is

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<v Speaker 2>not a producer, not a major consumer, but Russia is, right,

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<v Speaker 2>the 3rd largest oil producer, major exporter of crude and

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<v Speaker 2>refined products. Whenever a conflict breaks out, the first thing

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<v Speaker 2>the oil market looks at is, is this likely to

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<v Speaker 2>impact oil supply? Because if there is a chance, even

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<v Speaker 2>if it hasn't directly impacted, if there is a

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<v Speaker 2>Chance that it could interrupt or disrupt oil supplies, then

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<v Speaker 2>we're going to have some sort of a disruption shortage

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<v Speaker 2>all the way from some shortage to a major supply shock,

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<v Speaker 2>which means oil prices are going to go up when

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<v Speaker 2>that happens, typically that's a signal for producers and buyers.

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<v Speaker 2>The problem is that buyers and producers need time to

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<v Speaker 2>adjust to any price signals.

0:13:23.440 --> 0:13:26.109
<v Speaker 2>So the immediate response has to be what are we

0:13:26.109 --> 0:13:28.500
<v Speaker 2>going to do if you're going to lose 5-7% or

0:13:28.500 --> 0:13:31.750
<v Speaker 2>whatever of our supply overnight and then if we are

0:13:31.750 --> 0:13:35.869
<v Speaker 2>to live with higher prices, that is a huge blow

0:13:35.869 --> 0:13:40.229
<v Speaker 2>to the global economy because oil powers everything. Now of

0:13:40.229 --> 0:13:43.020
<v Speaker 2>course for the lay person you identify it as, oh,

0:13:43.030 --> 0:13:44.789
<v Speaker 2>what am I paying for my taxi fare because the

0:13:44.789 --> 0:13:47.789
<v Speaker 2>taxi is buying fuel, diesel or petrol or whatever or

0:13:47.789 --> 0:13:49.950
<v Speaker 2>I'm putting it into my car or what am I

0:13:49.950 --> 0:13:51.429
<v Speaker 2>paying for public transportation.

0:13:51.979 --> 0:13:56.369
<v Speaker 2>A more sort of unseen part of oil prices percolating

0:13:56.700 --> 0:14:01.339
<v Speaker 2>is all our goods are moving on public transportation, right?

0:14:01.469 --> 0:14:04.750
<v Speaker 2>So it could be cargo planes, it could be trains, buses, trucks,

0:14:04.820 --> 0:14:09.890
<v Speaker 2>and so on. So high oil prices percolate into every

0:14:10.419 --> 0:14:15.780
<v Speaker 2>part of the economy and cause inflation. That worries and

0:14:15.780 --> 0:14:18.059
<v Speaker 2>then in turn central banks as well.

0:14:18.659 --> 0:14:22.270
<v Speaker 2>Now, when inflation happens, typically the central banks tend to

0:14:22.270 --> 0:14:25.619
<v Speaker 2>raise interest rates. That means you and I have to

0:14:25.619 --> 0:14:29.169
<v Speaker 2>pay higher for our mortgages, for our car loans, or

0:14:29.460 --> 0:14:35.409
<v Speaker 2>corporates have higher borrowing costs. They tend to then hire less,

0:14:35.500 --> 0:14:40.130
<v Speaker 2>they tend to cut costs. So the corporate world suffers,

0:14:40.179 --> 0:14:41.580
<v Speaker 2>the individual suffers.

0:14:41.747 --> 0:14:45.986
<v Speaker 2>So high oil prices can be a major shock, which

0:14:45.986 --> 0:14:49.986
<v Speaker 2>is why the world is so sensitive to any signs

0:14:49.986 --> 0:14:54.617
<v Speaker 2>of disruption in oil supply. That is quite the domino

0:14:54.617 --> 0:15:00.057
<v Speaker 2>effect that I think many of us don't immediately think about. Now,

0:15:00.346 --> 0:15:03.896
<v Speaker 2>while governments, they are buyers of oil as well, big time, right?

0:15:04.466 --> 0:15:04.916
<v Speaker 2>What do

0:15:04.963 --> 0:15:08.164
<v Speaker 2>as consumers need to worry about when prices turn volatile.

0:15:08.223 --> 0:15:10.234
<v Speaker 2>Is this something that we really need to watch as

0:15:10.234 --> 0:15:15.193
<v Speaker 2>closely as governments do, for example. So governments and consumers

0:15:15.193 --> 0:15:20.184
<v Speaker 2>get affected slightly differently. Both have reasons to worry unless

0:15:20.434 --> 0:15:25.573
<v Speaker 2>you're the government of a major oil producing and exporting nation.

0:15:25.874 --> 0:15:28.164
<v Speaker 2>A big part of your budget comes from

0:15:28.210 --> 0:15:33.241
<v Speaker 2>Spending comes from oil revenues, you will probably be, OK,

0:15:33.281 --> 0:15:37.000
<v Speaker 2>I don't want to say happy because governments do get

0:15:37.000 --> 0:15:40.041
<v Speaker 2>worried if prices are too high for too long because

0:15:40.041 --> 0:15:43.861
<v Speaker 2>then that dampens demand and nobody wants to buy. There's

0:15:43.861 --> 0:15:47.841
<v Speaker 2>always a sweet spot where all consumers are happy and

0:15:47.841 --> 0:15:51.361
<v Speaker 2>producers are happy. But just going back to our original question, right?

0:15:51.640 --> 0:15:54.390
<v Speaker 2>So as a consumer, your costs are going to go

0:15:54.390 --> 0:15:56.789
<v Speaker 2>up unless it's a case like what happened over the

0:15:56.789 --> 0:16:00.190
<v Speaker 2>past couple of weeks. It was a spike in oil

0:16:00.190 --> 0:16:03.820
<v Speaker 2>prices and a quick dive, which didn't worry too many people.

0:16:03.909 --> 0:16:06.469
<v Speaker 2>But had it stayed that way or continued going higher,

0:16:06.630 --> 0:16:09.190
<v Speaker 2>God forbid, if there was an actual supply disruption.

0:16:09.489 --> 0:16:12.440
<v Speaker 2>Then the consumers would have been quite edgy. Then they

0:16:12.440 --> 0:16:16.320
<v Speaker 2>start saying, OK, now my fuel costs, my electricity costs

0:16:16.320 --> 0:16:19.799
<v Speaker 2>are probably going to go up. Where can I save?

0:16:20.400 --> 0:16:24.039
<v Speaker 2>So that is also a hit for economic growth because

0:16:24.039 --> 0:16:26.960
<v Speaker 2>if consumers are buying less of other products, whether it's

0:16:26.960 --> 0:16:31.820
<v Speaker 2>durable or perishables, that's not good for the economy. Governments worry,

0:16:32.159 --> 0:16:36.359
<v Speaker 2>especially in major oil importing countries, which is most of this.

0:16:36.450 --> 0:16:39.799
<v Speaker 2>Part of the world, Asia, because the consumers buying less

0:16:39.799 --> 0:16:43.320
<v Speaker 2>is going to be bad for the economy. So what

0:16:43.320 --> 0:16:46.210
<v Speaker 2>about if we are savvy investors and we happen to

0:16:46.210 --> 0:16:50.909
<v Speaker 2>have oil or we're thinking about having oil in our portfolio?

0:16:50.960 --> 0:16:54.559
<v Speaker 2>What would you advise there? So first and foremost, a

0:16:54.559 --> 0:16:56.919
<v Speaker 2>word of caution. The thing to keep in mind with

0:16:56.919 --> 0:17:00.400
<v Speaker 2>regard to oil, so you could be investing in a

0:17:00.400 --> 0:17:03.109
<v Speaker 2>lot of derivative products. So there's oil.

0:17:03.559 --> 0:17:06.800
<v Speaker 2>equities, oil and gas companies. But there's a lot of

0:17:07.229 --> 0:17:11.639
<v Speaker 2>products which I would say are highly sophisticated for your

0:17:11.640 --> 0:17:18.040
<v Speaker 2>average layperson investor. So you have options and futures that

0:17:18.040 --> 0:17:21.719
<v Speaker 2>you can trade in crude and some refined products. You

0:17:21.719 --> 0:17:26.520
<v Speaker 2>have what is called exchange traded funds and exchange traded notes,

0:17:26.660 --> 0:17:30.229
<v Speaker 2>ETNs which basically they don't buy or sell.

0:17:30.630 --> 0:17:33.410
<v Speaker 2>On your behalf, but they are tracking the oil price.

0:17:33.550 --> 0:17:37.310
<v Speaker 2>They're tracking what futures are doing, but quite often they

0:17:37.310 --> 0:17:40.109
<v Speaker 2>can throw a curveball at you as well, you know.

0:17:40.449 --> 0:17:43.900
<v Speaker 2>And especially in volatile times, what we've seen over the

0:17:43.900 --> 0:17:46.458
<v Speaker 2>past two weeks, you might just read maybe some social

0:17:46.459 --> 0:17:49.099
<v Speaker 2>media and people are saying, oh, crude is now going

0:17:49.099 --> 0:17:51.329
<v Speaker 2>to triple digits, and you say, oh this is buy

0:17:51.339 --> 0:17:53.150
<v Speaker 2>buy buy. Imagine if you were to buy it at

0:17:53.150 --> 0:17:58.929
<v Speaker 2>$78 of brand futures, you would today be sitting in deep,

0:17:59.150 --> 0:18:02.139
<v Speaker 2>deep in the red, OK, because simply because you followed

0:18:02.140 --> 0:18:05.020
<v Speaker 2>some voices that were saying that, oh, Iran is going

0:18:05.020 --> 0:18:07.260
<v Speaker 2>to close the Strait of Hormuz, and you didn't have

0:18:07.260 --> 0:18:10.219
<v Speaker 2>any independent reliable research.

0:18:10.365 --> 0:18:12.836
<v Speaker 2>You weren't unfortunately able to go to the people who

0:18:12.836 --> 0:18:15.115
<v Speaker 2>know and who know better than to say that the

0:18:15.115 --> 0:18:18.436
<v Speaker 2>strait will be closed. So there is a risk of

0:18:18.436 --> 0:18:23.556
<v Speaker 2>getting burned much more in oil. I would say investing

0:18:23.556 --> 0:18:27.955
<v Speaker 2>in a more passive in mutual funds that are exposed

0:18:27.955 --> 0:18:32.475
<v Speaker 2>to commodities are either mostly commodities or have some abortion

0:18:32.475 --> 0:18:35.795
<v Speaker 2>funds apportioned to commodities. I think that's generally a good idea.

0:18:35.936 --> 0:18:38.635
<v Speaker 2>I would suggest unless you have done a lot of

0:18:38.635 --> 0:18:40.156
<v Speaker 2>research yourself, don't jump into.

0:18:40.302 --> 0:18:42.812
<v Speaker 2>Being an active investor. I think those are very wise

0:18:42.811 --> 0:18:45.410
<v Speaker 2>words indeed. And there you have it. We've made the

0:18:45.411 --> 0:18:50.001
<v Speaker 2>connection between oil prices and what happens around the world.

0:18:50.251 --> 0:18:52.571
<v Speaker 2>Thank you for being our Money Talks explainervanda. Thank you

0:18:52.571 --> 0:18:56.092
<v Speaker 2>for having me. Do you have a finance thing that

0:18:56.092 --> 0:18:59.612
<v Speaker 2>you want explained? We are your people. Send us a

0:18:59.612 --> 0:19:02.251
<v Speaker 2>note and if you want some answers, send an email

0:19:02.251 --> 0:19:07.170
<v Speaker 2>to CNA podcasts at Mediacorp.com.sg. Thank you for listening to

0:19:07.171 --> 0:19:10.091
<v Speaker 2>Money Talks. This is Money Talks Explains. I'm Andrea Hing.