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Aren't just what is getting hot and bothered America shale -- is pushing US oil output to the highest level in two decades.
But -- oil minister.
Just listen to what mr.
Ali -- response at Friday's OPEC meeting he says quote.
Why are you all excited about all all of a sudden about -- you know why.
Because you like to chitchat.
You -- in Egypt a disturbance.
Leave us alone and meet all these issues we had enough of shale oil -- talks of -- please talk about anything else.
And let me switch from -- and -- was -- -- Arabic Chris Rock there is the CEO brightening energy company that specializes.
In discovering and extracting oil and gas here in the US.
What -- This Chinese response Vanity Fair I've been to many OPEC meeting and I've been abused by the minister myself if he does like to get out there and sort of beat the reporters that are brought -- -- But even for him I'm not dairy test -- -- -- do you think they're threatened.
I mean I was in the Middle East all last week and I can tell you that you know at some level they're worried they're worried that what happened between 2005.
With qatari natural gas no longer be in needed to import into the states they're afraid it's going to happen again with the oil but more importantly.
-- produced a separate half million barrels of oil a day there at ten and a -- well it on the road here quickly.
To surpass them as the biggest oil producer in the world that's a better that they want to keep in their cap but I think in some way.
You know he's jealous of barber 20% increase in production over the last year in Saudi themselves.
-- rely on oil to pay their budget and pay out most about what he's been in that country.
And I think they're -- themselves less relevant and OPEC in general having less control over oil that they become to enjoy the last you know 34 decades.
So let me take the other side of the debate for a moment I mean we are far from being totally energy independent and even if that happened.
There is demand for crude oil all around the world I mean Asia.
Is the biggest market they're not discovering new production as readily as we are isn't there are still huge appetite for their oil.
Usually -- a huge appetite I think I think the folks that didn't involve the OPEC that should be concerned are Angola and Nigeria those countries.
Algeria they have light sweet crude like what we're producing here in the states are still -- need for heavy crude.
-- -- -- by no means are they becoming irrelevant themselves I think what's happened it is.
Is that this world oil puzzle if you -- started to shift in America's getting more power in the world oil game and I think that that's what concerns them.
And it's all because of fracking that's why doesn't want to discuss fracking they don't utilize that -- they don't need it they -- conventional resources.
But I think in some way they are threatened and I think that's becoming more and more apparent.
Yeah that's true and in the past I know when mr.
-- Amy has been asked about alternative sources of energy.
You know -- was battery power cars or solar power wind energy he always sort of laughed it off it was like good luck with that.
You don't let me know how that works out right you guys.
This time around his response.
I say -- -- is very different.
I mean he does seem like.
This is more of a real and substantial threat.
And there are a lot of economies in the Middle East that have not.
Developed a plan B even you know the saudis have tried but come up with another industry that can support their economy in the same -- -- right -- severe real crisis for a lot of countries.
We have the -- they don't know -- one of most of these countries over there don't have another planned they have an economy built on one commodity oil and -- natural gas or both.
And that's a big conserving them Saudi -- himself that at 85 dollar oil just to meet their budgetary -- so they can't.
Turn on production.
In -- surprise to boil down to sixty dollars for example which they've threatened or someone had threatened to do saying we can stop the shell boom.
If we had cheap oil the reality is they can't afford cheap oil they have to pay their own bills and so you look at these countries over there -- -- look at it say hey the United States Nigeria beat a great example.
Putting good -- not that I'm oils that lead candidate that really true I mean because what is their well -- -- Isn't it only like nineteen dollars and something to get it to the service is Saudi Arabia what price do you think they were driving down to to -- and flood the market because that's the only option.
Whether caught the cost is not the price -- that it cost to deliver the oil out of the ground and find the real -- is what they need.
For their budgets to pay for all the bills of that country and if you look at our budget that they have today -- it about 84 dollars a barrel to pay their bills so they're gonna go down to sixty or 45 -- -- that can make their own obligations of their cars stuck in a catch 22.
-- 85 dollar oil we can make money over here all day long -- yet you're right at the great point Chris thank you so much for coming on the show really interesting staff.
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