AIRLINES REACHING A DEAL FOR FINANCIAL AID.
FINANCIAL AID. MORNINGS WITH MARIA LIVE.
STRIKING A DEAL OIL PRODUCING
COUNTRIES AGREEING TO CUT OUTPUT
BY 9.7 MILLION-BARRELS A DAY IN
AN EFFORT TO STABILIZE THE PRICE
OF CRUDE.
OF CRUDE. PRESIDENT TRUMP WEIGHING IN ON
MUCH ANTICIPATED AGREEMENTS.
>> COUNTRIES AROUND THE WORLD
WILL CUT OIL PRODUCTION BY
APPROXIMATELY
APPROXIMATELY 20 MILLION-BARRELS.
20 MILLION-BARRELS. PEOPLE ARE SAYING 10 MILLION BUT
WE THINK THE NUMBER THAT THEY’LL
ACTUALLY HIT IS CLOSER TO
20 MILLION-BARRELS A DAY.
THIS HISTORIC ACTION WILL HELP
AMERICANS SUPPORTED BY THE OIL
AND GAS INDUSTRY.
SAUDI MINISTER SAY THE CUTS WILL
AMOUNT TO $20 MILLION A DAY AND
CONFIRMED WHAT PRESIDENT TRUMP
JUST SAID WHEN TAKING INTO
ACCOUNT POLICEMENS BY OTHER G20
NATIONS AND PRESERVES.
PRINCE ABDULAZIN BIN SOLOMON
SAID HOW BIG A DEAL THIS IS.
[INAUDIBLE]
[INAUDIBLE] MARIA: I’VE SPOKEN TO THE
PRESIDENT AND SUGGEST TODAY ME
IT’S MORE LIKE A 20% CUT OR 15%
CUT NOT NECESSARILY 10% CUT.
10 MILLION-BARRELS A DAY OR
20 MILLION-BARRELS A DAY, SIR,
WHICH ONE IS IT?
[INAUDIBLE]
[INAUDIBLE] >> THE PEOPLE AROUND THE
PRESIDENT ARE EXTREMELY HELPFUL
AND ALSO TO MENTION OTHER
DEPARTMENTS OF RUSSIA.
I WOULD ALSO HAVE TO MENTION THE
KING HIMSELF WAS ENGAGED.
THE PRINCE WAS THE HERO OF THE
WHOLE THING.
WHOLE THING. HE PUT TIME AND EFFORT.
[INAUDIBLE]
[INAUDIBLE] MARIA: WHEN YOU WERE SEEING
PRICES MOVE LOWER, YOU DIDN’T
HAVE COVID 19 ISSUE AND COVID-19
HAS SHUT DOWN DEMAND AROUND THE
WORLD, WAS THAT PART OF AN ISSUE
KNOWING THAT GLOBAL DEMAND HAD
DIED UP BECAUSE OF THE VIRUS?
>> EVER SINCE THE 23RD OF
JANUARY, WE HAVE BEEN WARNING
PEOPLE THAT THIS IS GOING TO BE
BIG AND THIS IS NOT GOING TO BE
--
-- [INAUDIBLE]
[INAUDIBLE] >> UNFORTUNATELY WITH ALL THE
MESSAGING EVER SINCE 23RD OF
JANUARY AND MARCH, OUR WARNINGS
WERE --
WERE -- [INAUDIBLE]
[INAUDIBLE] >> PEOPLE DID NOT FIND THE SPACE
OR THE BIG CUTS.
MARIA: YOUR HIGHNESS, ONE OF THE
REASON IT IS MARKETS ARE NOT
REACTING TO THIS,
20 MILLION-BARRELS THAT YOU’RE
CUTTING, THIS IS A BIG NUMBER
AND THE MARKETS DO NOT BELIEVE
THAT CUT WILLS ACTUALLY HAPPEN,
I GUESS.
I GUESS. THERE’S REALLY NO ACCOUNTABILITY
HERE.
HERE. IF -- IF MOSCOW DOESN’T CUT, ARE
YOU STILL GOING TO CUT?
WHAT’S TO KEEP YOU GUYS FROM
CONTINUING TO KEEP THIS PROMISE?
>> SO YOU HAD 23, 24% EVER SINCE
LAST WEEK.
LAST WEEK. YES, IT IS GOING TO BE
CHALLENGING TO ALL OF US,
PRODUCERS HAVE COMMITTED TO THE
WORLD AND TO THOSE WHO ARE
ENGAGED IN THE MARKET THAT WE
MEAN BUSINESS.
MEAN BUSINESS. NOW TALKING ABOUT SAUDI ARABIA,
I THINK WE HAVE RECORD --
[INAUDIBLE]
[INAUDIBLE] >> FIRST TO SIGN UP AND THAT WE
ARE THE LAST TO LEAVE COMMIT
COMMITMENT.
COMMITMENT. IT’S GOING TO BE THERE FOR QUITE
SOME TIME.
SOME TIME. PEOPLE KNOW EXACTLY WHAT WE ARE
DOING TO HALT LACK OF
PERFORMANCE.
PERFORMANCE. [INAUDIBLE]
[INAUDIBLE] >> WE HAVE A SYSTEM THAT ENABLES
US TO SEE HOW EVERYBODY IS --
THE OTHER SIDE OF THE STORY, WE
STILL, FOR EXAMPLE, EIA AND GOOD
MEMBERS, AND WE HAVE G20 AND WE
HAVE JUST ASSIGNED ANOTHER TO
CONTINUE MONITORING AND CONTINUE
--
-- [INAUDIBLE]
[INAUDIBLE] >> SO NOT GOING TO BE LEFT FOR A
CHANCE HERE OR A CHANCE THERE.
MARIA: IF YOU DON’T SEE THE
KINDS OF CUTS THAT YOU’RE
EXPECTING FROM RUSSIA, MÉXICO,
EVEN THE UNITED STATES, ARE YOU
GOING TO KEEP YOUR COMMITMENT?
>> WELL, I THINK WE ARE IN
MAINTAINING OUR COMMITMENTS.
NONE OF US WILL GAIN IF WE DON’T
CONTINUE WITH OUR COMMITMENT.
WE WE WOULD NOT HAVE SIGNED TO
IT.
IT. MARIA: OKAY.
MARIA: OKAY. >> WE ARE THE LAST TO LEAVE.
MARIA: YOUR PRODUCTION COST IS
$10 A BARREL.
THAT’S, OF COURSE, OBVIOUSLY ONE
IN THE WORLD, WHERE EXACTLY YOU
NEED TO BE AT TO BALANCE YOUR
BUDGET?
BUDGET? WHEN YOU LOOK AT FISCAL BUDGET
ELSEWHERE YOU NEED MUCH HIGHER
PRICES FOR THE SHELL COMPANIES
TO MAKE MONEY OR THIS.
DO YOU NEED 70-DOLLAR A BARREL
OIL?
OIL? >> I HAVE A STORY TO SHARE WITH
YOU AND SHARE WITH OUR FRIENDS.
ALWAYS AS PRODUCERS EVEN SAUDI
ARABIA.
ARABIA. WE’VE BEEN CUTTING BUDGETS AND
WE’VE BEEN DOING LIKE EVERY
OTHER PRODUCER IS DOING.
IN FACT, EXPOSED TO ARABS.
THAT DOESN’T MEAN IF YOU HAVE
BUDGET THAT YOU CANNOT HAVE THE
LIBERTY TO RECONFIGURE TO MAKE
SURE THAT YOU BECOME AN OFFICIAL
PRODUCER AND BEING PRUDENT --
[INAUDIBLE]
[INAUDIBLE] MARIA: PEOPLE GO THROUGH THESE
SITUATION.
SITUATION. LOOK AT EXXON MOBILE, SHELL.
SHELL AGREED --
[INAUDIBLE]
[INAUDIBLE] >> SEVERAL COUNTRIES GO THROUGH
THESE PROCESSES.
THESE PROCESSES. WE HAVE RESILIENCE.
I WOULD REFER YOU TO MODI AND --
MARIA: THE RATINGS AGENCY.
ABSOLUTELY.
ABSOLUTELY. I UNDERSTAND WHAT YOU’RE SAYING.
LET ME ASK YOU THIS, THIS WHOLE
COVID-19 SITUATION, CORONAVIRUS
HAS STOPPED THE WORLD IN ITS
TRACKS AND, OF COURSE, WE ARE
EXPECTING A SEVERE RECESSION IF
YOU LISTEN TO JAMIE DIMON THIS
WEEK SAYING IT’S LIKELY WE WILL
SEE A SEVERE RECESSION.
OIL IS TELLING THAT AS WELL
CERTAINLY WITH WHERE THE PRICE
IS.
IS. WHEN WOULD YOU EXPECT GLOBAL
DEMAND TO START INCREASING
AGAIN, WHEN DO YOU EXPECT THE
WORLD TO BE BACK IN BUSINESS AND
THE PRICE OF OIL TO START MOVING
ON JUST SUPPLY AND DEMAND
FUNDAMENTALS LIKE THE AIRLINES
NEEDING TO BUY MORE OIL?
>> YOU KNOW, THIS IS ONE OF THE
FUNDAMENTAL ISSUES THAT PEOPLE
HAVE NOT YET -- PROBABLY THE
ENERGY SECTOR IS THE MOST HIT
SECTOR.
SECTOR. WHY BECAUSE OF MOBILITY.
I HAD SPOKEN TO SOME JOURNALISTS
YESTERDAY AND I WAS TELLING THEM
THAT THESE BECAUSE OF --
[INAUDIBLE]
[INAUDIBLE] >> SO IF YOU LOOK AT ALL THE
SECTORS AND HOW MUCH OF AN
IMPACT THIS -- THIS IS MAKING
OVER THE ECONOMY, EVEN WITHIN
THE ECONOMIES, WE SEE THE ENERGY
SECTOR BEING HIT THE MOST.
MARIA: YEAH.
MARIA: YEAH. >> I THINK THE MORE YOU SEE THE
LOCKDOWNS BEING RELEASED AND
MORE MOVEMENT HAPPENS AND
MOBILITY START TO THRIVE, I
THINK YOU WILL SEE --
[INAUDIBLE]
[INAUDIBLE] MARIA: YES.
MARIA: YES. >> SHORT OF THAT WILL BE IN THE
END OF CUSTODY OF THAT
SITUATION.
SITUATION. MARIA: I SEE.
FINAL QUESTION, YOUR HIGHNESS.
I KNOW THAT THE U.S. SHELL
INDUSTRY HAS BEEN DOING VERY
WELL AND REPORTS THAT RUSSIA WE
WANTED TO PUT THE INDUSTRY OUT
OF BUSINESS, THIS DOES REPRESENT
COMPETITION FOR OIL PRODUCERS IN
THE WORLD, WERE YOU LOOKING TO
PUT THE SHELL BUSINESS OUT OF
BUSINESS, YOUR HIGHNESS?
>> NEVER.
>> NEVER. I HAVE FRIENDS THAT ARE PART OF
-- WE HAVE GOOD RELATIONSHIP
WITH THEM.
WITH THEM. MANY TIMES SAYING WE LIKE THEM.
WE WANT TO PROSPER WITH THEM.
WE NEVER GET ENGAGED IN SEROSUM
GAME AND THEREFORE -- THEREFORE,
THEY MIGHT GET IMPRESSION BUT IF
THEY LOOK AT HOW WE BEHAVE, I
DON’T THINK THEY WILL FIND A
BETTER PARTNER THAN SAUDI
ARABIA.
ARABIA. MARIA: WELL, I KNOW THAT THE
PRESIDENT THINKS VERY HIGHLY OF
YOU, YOUR HIGHNESS, AND HAS
TALKED TO YOU A LOT DURING THIS
PERIOD.
PERIOD. CAN YOU TELL WHAT YOU SAY THE
PRESIDENT SAID TO YOU?
>> HE WAS TALKING TO MAJESTY THE
KING AND HIGHNESS.
IT WOULD BE A PRIVILEGE.
MARIA: YOUR HIGHNESS, I SO
APPRECIATE YOUR TIME TODAY.
MY FINAL QUESTION HERE AS THE
PRESIDENT AND PEOPLE TRY TO
SPECULATE AND WHAT IS GOING TO
HAPPEN IN TERMS OF THESE
PRODUCTION CUTS, DO YOU THINK
RUSSIA WILL KEEP ITS PROMISE TO
CUT?
CUT? >> I HAVE NO REASON BUT TO
BELIEVE THEM.
BELIEVE THEM. I HAVE NO REASON TO BELIEVE THE
PRESIDENT.
PRESIDENT. I THINK HE’S DOING A GREAT JOB.
I SAID A PRESIDENT IS DOING WHAT
A PRESIDENT SHOULD DO.
IT’S CREATING COMMUNITIES AND
CONTRIBUTING TO GDP AND GROWTH
AND CREATING ISSUE WHEN IT COMES
TO ENERGY SECURITY AND
PROSPERITY WITHIN CERTAIN
STATES.
STATES. I WOULDN’T SAY ANYTHING BUT --
[INAUDIBLE]
[INAUDIBLE] >> I SALUTE HIM AND SALUTE OUR
FRIENDS.
FRIENDS. [INAUDIBLE]
[INAUDIBLE] >> AGAIN, I WOULD REPEAT THAT.
FOCUS AND LOOK AROUND AND SEE
WHO ARE YOUR TWO PARTNERS.
MARIA: MY VERY SPECIAL THANKS TO