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Speaker 1: Good morning.

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Speaker 2: I'm Nathan Hager and I'm Karen Moscow. Here are the

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Speaker 2: stories we're following today.

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Speaker 3: Oil prices are on the rise once again. This morning

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Speaker 3: crude is trading at a ten month hi Earlier, Brent

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Speaker 3: topped ninety five dollars a barrel. Now it's past that.

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Speaker 3: Brent's at ninety five eleven and West Texas and the

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Speaker 3: media crew's up one point four percent on this morning

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Speaker 3: session at ninety two seventy six. Bloomberg Senior Energy reporter

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Speaker 3: Steven Stabzinski tells us the reason behind this move.

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Speaker 4: When you look at the supply cuts from Saudi Arabia

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Speaker 4: Russia that's really been pushing up prices over the last

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Speaker 4: few months. Since June, Brent oil, the main benchmark for oil,

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Speaker 4: has risen thirty percent. And you know you've thought earlier

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Speaker 4: this month, Saudi Arabia and Rush extended those production cuts

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Speaker 4: one million barrels a day through the end of the year.

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Speaker 4: Without that oil coming into the market, it's helping to

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Speaker 4: drain inventories in some parts of the world.

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Speaker 3: Bloomberg Steven Stepsinsky says this surgeon oil is rekindling fears

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Speaker 3: of inflation.

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Speaker 2: And Nathan the oil rally is igniting a flurry of

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Speaker 2: predictions that one hundred dollars is on the horizon. And

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Speaker 2: here's what Chevron's CEO Mike Worth had to say when

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Speaker 2: we asked him if the world is headed for triple

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Speaker 2: digit oil.

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Speaker 5: Sure looks like it. We're certainly moving in that direction.

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Speaker 6: The momentum, you know, supply is tightening, inventories are drawing.

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Speaker 6: These things happen gradually conceded building and so I think,

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Speaker 6: you know, the trends would suggest.

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Speaker 5: That we're we're certainly on our way, We're getting close.

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Speaker 2: And Chevron's Mike Worth made the comments in an interview

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Speaker 2: with The Bloomberg's Allex Stealing Guy Johnson. Get the full

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Speaker 2: conversation on the Bloomberg Talks podcast feed and downloaded wherever

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Speaker 2: you get your podcasts.

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Speaker 3: Well, Karen, We're headed into day five of the United

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Speaker 3: Autoworkers strike against the three Detroit Automakers, and the union

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Speaker 3: says it has gotten no new offers from for General

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Speaker 3: Motors or Stilantis and now you a w President Sean

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Speaker 3: Fain is warning the strike could expand by the end

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Speaker 3: of the week.

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Speaker 7: Noon on Friday, September twenty second, is a new deadline.

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Speaker 7: Either the big three get down the business and work

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Speaker 7: with us to make progress and negotiations, or more locals

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Speaker 7: will be called on to stand up and go out on.

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Speaker 3: Striketh UAW president Sean Fain made that announcement on a

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Speaker 3: Facebook video. Ford and GM have announced layoffs of non

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Speaker 3: striking workers. A source says the union will pay those

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Speaker 3: workers five hundred dollars a week.

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Speaker 2: Well, Nathan, Another big IPO hits the market today. Instacart

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Speaker 2: starts trading on the NASDAK. The San Francisco based grocery

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Speaker 2: delivery company sold twenty two million shares for thirty dollars each.

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Speaker 2: Bloomberg IPO reporter Ryan Gould says there was speculation the

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Speaker 2: price could have gone higher.

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Speaker 5: Having had such good momentum this past week with on

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Speaker 5: Perhaps you know, there is some consideration being given to

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Speaker 5: not wanting too much price sensitivity and being constructed with investors.

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Speaker 2: And Bloomberg's Ryan Gould says the six hundred and sixty

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Speaker 2: million dollar IPO is the fourth and largest in the

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Speaker 2: US this year.

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Speaker 3: Well this morning, Karen, Politics are also very much much

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Speaker 3: in focus. Ukrainian President Vladimir Zelenski plans to meet Brazilian

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Speaker 3: counterpart Luis and Nascio Lula da Silva at the United

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Speaker 3: Nations General Assembly in New York. The meeting will be

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Speaker 3: one of the most anticipated encounters at the Assembly. The

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Speaker 3: Brazilian leader has not yet picked sides in the war.

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Speaker 2: Well also happening at the UN today, Nathan President Biden

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Speaker 2: is scheduled to make remarks before this seventy eighth session

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Speaker 2: of the Assembly. Stay with Bloomberg for full coverage, and

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Speaker 2: Secretary of State Anthony Blancin met which China's Vice Premier

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Speaker 2: Han Jung on the sign lines of the Assembly. The

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Speaker 2: number two official and the Chinese government says China US

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Speaker 2: relations face a lot of difficulties and challenges.

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Speaker 3: I Meanwhile, Karen Treasury Secretary Janet Yellen says ending America's

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Speaker 3: trade relationship with China is a no go. Yellen spoke

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Speaker 3: at a fireside conversation with Hillary Clinton.

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Speaker 8: It's in many areas a win win relationship in the

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Speaker 8: sense that our trade and investment flows produced gains for

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Speaker 8: China and gains for the United States, and much of

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Speaker 8: it is uncontroversial, should thrive, and it would really be

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Speaker 8: disastrous to try to decouple from China.

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Speaker 3: Jenny Gellen's comments come as relations between the world's two

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Speaker 3: biggest economies remain tense over everything from semiconductors to Taiwan.

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Speaker 5: Well Nathan.

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Speaker 2: The US is less than two weeks from a government shutdown.

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Speaker 2: House Speaker Kevin McCarthy's planned a slash agency spending and

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Speaker 2: resume border wall construction is already facing pushback from at

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Speaker 2: least ten hardline conservatives he can only afford to lose five.

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Speaker 2: Republican Senator Ted Cruz says he does not want to

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Speaker 2: see a shutdown, but he thinks it's likely to happen,

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Speaker 2: and he's pointing the finger at Democrats.

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Speaker 9: Joe Biden and Chuck Schumer both believe politically it is

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Speaker 9: in their best interest to have a shutdown because they

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Speaker 9: believe that in a shutdown that the press will eagerly

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Speaker 9: blame it on Republicans, and I think Biden and Schumer

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Speaker 9: think they get a political benefit from it.

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Speaker 2: Takes as Senator Ted Cruz spoke with Joe Matthew and

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Speaker 2: a Marie hor Dern on Bloomberg's Balance of Power, Catch

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Speaker 2: the show live weekdays, five pm Wall Street Time on

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Speaker 2: Bloomberg Television.

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Speaker 3: Finally, Karen debries been found from that missing USF thirty

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Speaker 3: five fighter jet. Bloomberg's Ed Baxter has the latest.

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Speaker 10: An intense hunt has been underway for the one hundred

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Speaker 10: million dollar jet near Williamsburg County, North Carolina. The pilot

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Speaker 10: ejected during a training mission on Sunday. Teams now from

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Speaker 10: the Marines, Navy, civil Air Patrol, local law enforcement on

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Speaker 10: the search. The F thirty five is the most advanced

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Speaker 10: of the US fleet. The Marine Corps has ordered a

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Speaker 10: pause in air operations to review safety and best practices.

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Speaker 10: A statement cited three Class A mishaps in the last

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Speaker 10: six weeks. I'm Ed Baxter Bloomberg Radio.

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Speaker 2: And it's time now for a look at some of

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Speaker 2: the other stories making news around the world. For that,

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Speaker 2: we're joined by Bloomberg's John Tucker.

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Speaker 11: John, Good morning, and Good morning Karen.

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Speaker 12: That deal is struck with a ram to release five

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Speaker 12: American prisoners has brought about controversy as well as confusion.

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Speaker 12: Not only did the US agree to a prisoner swap,

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Speaker 12: they also agreed to release billions and sanctioned money. Republicans,

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Speaker 12: including former Defense Secretary Mark Asper, have lashed out of

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Speaker 12: the deal.

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Speaker 3: Tarran is going to learn from this lesson that there's

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Speaker 3: incentive to taking more Americans wrongfully.

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Speaker 12: The Biden administration says the unfrozen Iranian assets can only

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Speaker 12: be used for humanitarian purposes. Former New York mayor and

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Speaker 12: Donald Trump personal lawyer Rudy Giuliani now being accused of

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Speaker 12: being a deadbeat. He's being sued by his lawyers. More

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Speaker 12: from Bloomberg's Jeff Bellinger.

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Speaker 11: The law firm that represented Rudy Giuliani sued him for

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Speaker 11: one point four million dollars in unpaid fees racked up

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Speaker 11: over the course of various lawsuits and investigations the former

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Speaker 11: New York City mayor has faced, even as he has

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Speaker 11: claimed to be close to broke David Off Hutcher and

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Speaker 11: Citron Bill Giuliani for one point fifty seven million dollars,

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Speaker 11: but he has only paid two hundred and fourteen thousand dollars,

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Speaker 11: the firm said, and a complaint filed in New York

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Speaker 11: State court Giuliani has broken the retainer agreement he signed

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Speaker 11: with the firm. According to the filing, the latest payment

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Speaker 11: was made September fourteenth for ten thousand dollars. Giuliani faces

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Speaker 11: a slew of civil and criminal complaints, most stemming from

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Speaker 11: his efforts to keep former President Donald Trump in office

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Speaker 11: after he lost the twenty twenty election. Jeff Bullinger, Bloomberg Radio.

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Speaker 12: It's a new low in diplomatic relations between Canada and India. India,

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Speaker 12: rejecting allegations by Prime Minister Justin Trudeau that its government

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Speaker 12: agents were behind the assassination of a prominent Sikh leader

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Speaker 12: in Canada, India has now moved to expel a Canadian diplomat.

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Speaker 12: The Wall Street Journal reports China ousted its foreign minister

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Speaker 12: after an investigation concluded he had an affair and fathered

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Speaker 12: a child while serving as ambassador to the US. China

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Speaker 12: strip Queen Gang of his post in July, just seven

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Speaker 12: months after he started the job, the shortest stint in

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Speaker 12: the role in that nation's history. No explanation was given

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Speaker 12: at the time. Global News twenty four hours a day,

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Speaker 12: powered by more than twenty seven hundred journalist and the

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Speaker 12: analysts in more than one hundred and twenty countries. I'm

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Speaker 12: John Tucker, and this is Bloomberg. Karen.

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Speaker 5: All right, John, thank you.

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Speaker 2: Now get the latest news whenever you wanted with Bloomberg News.

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Speaker 2: Now it's the top story from our global team of reporters.

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Speaker 2: At the click of a button. Get Bloomberg News Now

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Speaker 2: on the Bloomberg Business app, Bloomberg dot com, and anywhere

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Speaker 2: you get your podcasts.

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Speaker 5: On his Time.

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Speaker 2: Now for the Bloomberg Sports Update, we bring in a

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Speaker 2: John Stash Hour.

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Speaker 5: John.

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Speaker 2: Good Morning, Karen.

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Speaker 13: There were two Monday night football games in NSC South

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Speaker 13: Battle in Charlotte, New Orleans, improving to two and oh

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Speaker 13: for the first times in twenty thirteen, beat the Panthers

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Speaker 13: twenty to seventeen, Saints one thanks to their defense didn't

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Speaker 13: give up a touchdown until a minute sixteen after the game,

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Speaker 13: and that's the first TV New Orleans is allowed on

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Speaker 13: the season. They sacked Carolina's rookie quarterback Bryce Young four times.

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Speaker 13: They held them to one hundred and fifty three yards passing.

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Speaker 13: In Pittsburgh, Steelers and Browns had six turnovers, four in

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Speaker 13: the first order, and Pittsburgh had two defensive touchdowns one game.

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Speaker 14: Early watch it awaiting post six direct snap and here

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Speaker 14: it is.

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Speaker 5: He wants to throw it.

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Speaker 14: He does, and he throws it up to the.

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Speaker 13: Third's intercepting on a tip put that football. Alex Heigh

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Speaker 13: Smith to.

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Speaker 12: The Goline touchdown.

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Speaker 14: Pittsburgh on the first play a thirty yard interception return.

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Speaker 14: Find the young man on his Charlotte alex Hei.

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Speaker 13: Smith Deelers Radio fourth quarter TJ Watta fumble return for

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Speaker 13: touchdown and Pittsburgh beat Cleveland twenty six twenty two. Both

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Speaker 13: teams are one and one. The Browns lost their star

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Speaker 13: running back Nick Chubb to what's been called a significant

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Speaker 13: knee injury. Michigan State says it plans to fire football

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Speaker 13: coach Mel Tucker after the allegations of sexual harassment. Red

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Speaker 13: Socks ended a four game losing streak four to two

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Speaker 13: at Texas. The Orioles won eight to seven at Houston,

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Speaker 13: a possible playoff preview. Nationals lost to the White Sox

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Speaker 13: six to one. The eight shut out by Seattle five nothing.

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Speaker 13: John Stash Edward Bloomberg sport.

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Speaker 14: From coast to coast, from New York to San Francisco,

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Speaker 14: Boston to Washington, d C. Nationwide on Syrias Exam the

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Speaker 14: Bloomberg Business Appen Bloomberg dot Com.

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Speaker 11: This is Bloomberg Daybreak, Good morning.

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Speaker 5: I'm Nathan Hager.

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Speaker 3: Can consumers withstand a spike in oil prices? And exactly

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Speaker 3: how high will they go. The recent surge in crude

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Speaker 3: costs is raising those questions now. Chevron CEO Mike Worth

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Speaker 3: joined Bloomberg Z Alex Steel and Guy Johnson for a

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Speaker 3: conversation on oil supply and robust global demand. They began

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Speaker 3: with the question, will oil reach one hundred dollars a barrel?

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Speaker 5: Sure looks like it. We're certainly moving in that direction.

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Speaker 6: The momentum, you know, supply is tightening, inventories are drawing.

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Speaker 6: These things happen gradually conceded building, and so I think

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Speaker 6: the you know, the trends would suggest that we're certainly

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Speaker 6: on our way.

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Speaker 5: We're getting close.

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Speaker 15: What impact do you think a hundred bucks a barrel

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Speaker 15: will have on the US economy? What impact will I

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Speaker 15: have on the global economy?

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Speaker 6: Certainly those are higher prices than we tend to see

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Speaker 6: out over the long term, and so I think it

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Speaker 6: will have some effect on the economy. But you know,

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Speaker 6: we've had relatively higher oil prices here now for most

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Speaker 6: of this year and certainly.

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Speaker 5: All of last year.

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Speaker 6: The recession that everyone's been talking about hasn't arrived, and

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Speaker 6: so I think the underlying drivers of the economy in

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Speaker 6: the US, and frankly globally remain pretty healthy. So I

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Speaker 6: think it's a drag on the economy, but one that

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Speaker 6: thus far, I think the economy has been able to tolerate.

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Speaker 5: Have you adjusted your price deck?

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Speaker 14: Meaning that's my question being like, are these higher prices

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Speaker 14: sustainable for the long term.

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Speaker 6: We take a very long term view on supply, demand, policy, technology.

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Speaker 5: We haven't changed our long term.

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Speaker 6: Price but we really don't change that very often, and

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Speaker 6: not in response to it.

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Speaker 5: Are short.

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Speaker 6: We've been in a volatile market really going back to

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Speaker 6: the pandemic when things came down, the recovery, when it

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Speaker 6: was high, the war. So this has been a period

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Speaker 6: of time where prices have been unpredictable, involidile, and not

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Speaker 6: what you would call mid cycle.

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Speaker 15: Mike, if I worked for you and I work for Chevron,

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Speaker 15: would this be my cue to say, Mike, can I

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Speaker 15: have a pay rise please?

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Speaker 6: I think you're making reference to what's going on in

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Speaker 6: different parts of the world. We're seeing organized labor in

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Speaker 6: many different industries now kind of assertively step forward and say, look,

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Speaker 6: we want to be compensated. We see the inflation in

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Speaker 6: the economy, and when we've seen companies recover, we've had

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Speaker 6: a very strong pay program last year of our employees.

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Speaker 6: We tried to stay very competitive and I would expect we.

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Speaker 5: Will continue to do so. So far, cargoes have not

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Speaker 5: yet been impacted. You're using some non union workers, right,

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Speaker 5: Is there a point where that would change?

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Speaker 6: Well, we certainly hope that what we'll see is a

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Speaker 6: negotiated agreement. Others in Australia have reached agreement with the unions.

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Speaker 6: We've been at the table bargaining in good faith and

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Speaker 6: that's our desired outcome. We do prepare to maintain operations

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Speaker 6: even during an industrial action, and thus far we've been

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Speaker 6: able to successfully do so in Australia.

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Speaker 15: Do you think if I'm sitting here in Europe I

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Speaker 15: should worry about what's happening here? Is this going to

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Speaker 15: be a problem when we get to winter?

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Speaker 5: Do you think, Mike?

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Speaker 6: Well, last winter Europe came through better than I think

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Speaker 6: most thought.

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Speaker 5: Guy.

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Speaker 6: Now, inventories were high going into the winter because Russian

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Speaker 6: gas had been flowing in. Industrial demand really came off,

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Speaker 6: and then it was a relatively mild winter. We certainly

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Speaker 6: can't count on all of those things happening again, but

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Speaker 6: gas inventories in Europe are pretty strong. Right now relative

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Speaker 6: to history, and so I would say Europe is set

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Speaker 6: up much better than it was last year. The weather

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Speaker 6: is always difficult to predict, but I feel like Europe

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Speaker 6: is about as good a place as it could hope

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Speaker 6: to be at this point in time.

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Speaker 2: What are you noticing in China, Whether it's ellen, geer,

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Speaker 2: oil demand Poole.

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Speaker 5: Well, it's been gradual.

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Speaker 6: It's been slower than people expected it, but it is

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Speaker 6: coming back, and I think that's one of the reasons

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Speaker 6: why you've seen crude oil prices tightening. Is that inventory

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Speaker 6: restocking you think, or is that end user demands.

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Speaker 5: Always a little bit hard to tell.

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Speaker 6: The data out of China isn't exactly as transparent as

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Speaker 6: it is in other parts of the world, but I

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Speaker 6: think it's probably indicative of an economy that is finding

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Speaker 6: some traction and is moving forward. We're going to see

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Speaker 6: record oil demand this year, and so as long as

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Speaker 6: the global economy stays relatively healthy, demand for these products

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Speaker 6: steadily marches forward increasingly.

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Speaker 15: It looks like climate change is going to be litigated.

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Speaker 15: Is litigation the right way of dealing with this.

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Speaker 5: No, it's not.

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Speaker 6: Look this is one of many such actions that we've

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Speaker 6: seen over the years. Ironically, a number of them filed

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Speaker 6: on behalf of people who have actually profited from and

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Speaker 6: encouraged energy development. Climate change is a global issue. It

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Speaker 6: calls for a coordinated global policy response, not piecemeal mitigation

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Speaker 6: that benefits attorneys and politicians.

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Speaker 5: So we will, we do have smart lawyers. We will

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Speaker 5: deal with the lawsuits.

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Speaker 6: But more importantly, we're working on finding ways to meet

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Speaker 6: today's energy demand with energy that has less carbon intensity

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Speaker 6: and still is affordable and reliable for the economy, even

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Speaker 6: as we're investing in new technology to build a new

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Speaker 6: energy system over time that is inherently lower carbon.

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