The Western Leaders Have Devastated The Financial Future For The Citizens Of The West –
Daily Standup Top Stories
IEA: Russia’s March oil exports hit highest level since pandemic start
Russia’s oil exports surged in March to their highest level since April 2020 as product flows returned to levels last seen before Russia invaded Ukraine, according to the International Energy Agency (IEA). Total oil shipments […]
Oil & gas work ‘key revenue driver’ for DeepOcean, with offshore wind outlook positive
Oslo-headquartered ocean services provider DeepOcean has reported a revenue increase of 13.4 per cent in 2022 said to be mainly driven by inspection, maintenance and repair (IMR) work in the oil and gas sector. For 2022, […]
Russia’s Rise
The West’s sweeping sanctions on Russia following its invasion of Ukraine are shaping up to be the West’s most monumental miscalculation in modern history. The sanctions have not brought the Russian economy to its knees, […]
Rise of the Petroyuan: The End of the Petrodollar’s Reign and the Impact on Global Markets
Did you know that central banks bought more gold last year than any year in the past 55 years—since 1967? Though most don’t realize it, 1967 was a significant year in financial history, mainly due […]
Highlights of the Podcast
00:00 – Intro
02:23 – Oil and gas were key revenue driver for deep of ocean with offshore wind outlook positive
03:38 – IEA: Russia’s March oil exports hit highest level since pandemic start
05:04 – Russia’s Rise
06:51 – The Rise of the Petroyuan, the end of the petrodollars rein in the impact of global markets.
12:42 – Market Updates
14:25 – Outro
Follow Stuart On LinkedIn and Twitter
Follow Michael On LinkedIn and Twitter
Video Transcription edited for grammar. We disavow any errors unless they make us look better or smarter.
Michael Tanner: [00:00:14] What is going on. Everybody, Welcome into another edition of the Daily Energy News Beat Stand Up here on this gorgeous Wednesday, April 19th, 2023. As always, I’m your humble correspondent, Michael Tanner, coming to you from an undisclosed location here in Texas, joined by the executive producer of the show, the purveyor of the show, a director and publisher of the world’s greatest website, EnergyNewsBeat.com Stuart Turley, my man, how we doing? [00:00:37][23.0]
Stuart Turley: [00:00:38] It’s a beautiful day in the neighborhood lots of stuff going on. [00:00:41][2.7]
Michael Tanner: [00:00:41] You do have I mean, there is never a dry day in our world we have a stacked menu for you folks. First up on the agenda, IEA. Russia’s march oil exports hit highest level since a pandemic start. They are just these sanctions don’t work is do is said he will dive into what the IAEA is saying. You shaking his head we know he agrees. [00:01:05][23.1]
Michael Tanner: [00:01:05] Next up, Oil and gas were quote key revenue driver for deep ocean with offshore wind outlook positive. This is a great overview of of an offshore service provider deep ocean Stu will dive into how they’re going. Next up, just two words. Baby Russia’s Rise in a picture of Vladimir Putin. Stu will cover what’s going on geopolitically with Russia at the next The Rise of the Petroyuan The end of the impact of the petrodollars rain and the impact on global market. This will be a long one. I’m sure Stu has lots of thoughts. [00:01:33][27.9]
Michael Tanner: [00:01:33] He will kick it over to me how quickly cover what’s happening in the oil and gas and natural gas markets. We know natural gas is up to $2.37. Baby, drill, baby, drill. We saw a surprising i API draw from the Strategic Petroleum Reserve are estimated as you guys listen to this on Wednesday so we will cover all that and a bag of chips guys. [00:01:53][19.6]
Michael Tanner: [00:01:53] But first check us out online world’s greatest website www.EnergyNewsBeat.com the best place for all your energy and oil and gas news Stu and the team does a great job of curating that website and making sure it is up to date with all of the latest and breaking stories Dashboard.EnergyNewsBeat.com the Dashboard.EnergyNewsBeat.com. I can’t speak today. We might need to just get this over with Stu Dashboard.EnergyNewsBeat.com I’m done I’m out of breath I can’t talk, where we’d like to be? [00:02:19][25.8]
Stuart Turley: [00:02:20] All right, let’s go ahead and go to Oslo I love me some Norway and Oil and gas were key revenue driver for deep of ocean with offshore wind outlook positive. Deep ocean is a very good oil and gas or a service company and they’ve reported revenue of 566.1 million and they’re up 13%. [00:02:44][24.1]
Stuart Turley: [00:02:45] But they’re an ocean services provider in headquartered in Norway and they delivered a solid 2022. Were the important KPIs pointed in the right direction? The IMR work in the offshore energy industries remain the key revenue driver there, supporting both oil and gas and offshore wind. So I just wanted to really shout this out is a nice thing that, hey, you can work together in oil and gas and as well as wind. I just thought that. [00:03:19][34.5]
Michael Tanner: [00:03:19] We don’t give investment advice. [00:03:20][0.9]
Stuart Turley: [00:03:21] I don’t. [00:03:21][0.2]
Michael Tanner: [00:03:22] Im gonna Have the stock all day. [00:03:22][0.7]
Stuart Turley: [00:03:23] I would. [00:03:23][0.5]
Michael Tanner: [00:03:24] I would stack all day if I could. [00:03:24][0.6]
Stuart Turley: [00:03:25] They go, you know, it’s kind of like they go there and they got a foot in each goodness there. Alright. Let’s go to the next story here. You know. Hey, Michael, are you surprised? I was positive. Okay. Let’s go to the next one IEA: Russia’s March oil exports hit highest level since pandemic start. You said it best, Michael sanctions don’t work. And all the sanctions since the pandemic, since Russia invaded Ukraine, they’re pumping out just as much as they possibly can. [00:04:03][37.7]
Michael Tanner: [00:04:03] Yeah, I mean, right here, total oil shipments in March increased by 600,000 barrels a day to 8.1 million barrels per day with products, which is, again, refined products climbing, slated to rebound by 1 billion to 12.7 billion, what burned down 43% from a year ago. So revenues are down, but oil flows up. [00:04:22][18.7]
Stuart Turley: [00:04:22] Right. And part of that is revenues are down because they’re selling it at a discounted rate through India and, you know, selling it under the $60 supposed ceiling there. [00:04:35][12.8]
Michael Tanner: [00:04:36] So interesting. I love this. Most of Russian’s EU seaborne exports totaling 110,000 barrels per day are destined for Bulgaria, which is exempt from the embargo. I wonder how they got exempt from that. [00:04:48][11.8]
Stuart Turley: [00:04:49] Very good politicians and they got lucky. [00:04:51][2.4]
Michael Tanner: [00:04:52] On that one. [00:04:52][0.4]
Stuart Turley: [00:04:52] Yeah. And then it’s turn around and ship it right around to somebody else the tankers in port for about 15 minutes. All right we’re going to the next one here. You’re going to see a pattern here in just a minute with Russia’s Rise. And you’ve got to love Putin sitting there with a pencil out going, you talking to me the West like keeping. Hey, you talking to me? The West sweeping sanctions of Russia following its invasion are shaping up to be the monumental miscalculations, the West’s biggest miscalculation in modern history. [00:05:25][32.9]
Stuart Turley: [00:05:26] This total Western suicide of sanctioning Russia is proven by our first story. The second story is really saying this quote here According to the IMF, the Russian economy will grow faster than Germany’s or the UK is this year. Next year it will also grow faster than that of the U.S., Japan, Italy and much more of the rest of the West. Its growth in GDP per capita will exceed that of the advanced economies as a whole. I kid you not. [00:06:04][38.5]
Michael Tanner: [00:06:05] That’s absolutely insane on the end in terms of their recent economic performance, which is which is crazy to think about. We were supposed to be able to shut them down with Swift we were supposed to be able to do all this stuff to shut them down. It’s clearly not working. [00:06:19][14.3]
Stuart Turley: [00:06:20] No. And I’ve been adamant all along. The only people that are going to get hurt by these sanctions are the United States citizens and all of the other citizens in the EU and the EU and everywhere else only ones that get hurt. Politicians are lying in their cells. [00:06:40][19.5]
Stuart Turley: [00:06:40] Okay, let’s go to the next one that one sets the tone for this next one The Rise of the Petroyuan. This one is really kind of frightening here, Michael. We’ve been talking about The Rise of the Petroyuan, the end of the petrodollars rein in the impact of global markets. Michael, this one is really today’s episode I have to put down as one of our most important episodes because it really does not have it where you have three stories separate people, separate around the world, separate locations, and they all have a different key impacting comments to this one bottom line. [00:07:21][41.4]
Stuart Turley: [00:07:22] Rise of the Petroyuan end of the Petroldollar. Okay, let’s start with some of these quotes. Do you know that central banks bought more gold last year than any year in the past 55 years since 1967, most don’t realize 1967 was a significant year due to the events at the London Gold Pool. 1967 the gold pool collapsed due to a shortage of gold. [00:07:53][30.8]
Stuart Turley: [00:07:54] Here’s where it really got bad the point is a large global gold flows can sign a paradigm shift in the international monetary system is imminent. Then in 2022, China has bought more gold than anybody else according to the Financial Times. I’m down in that paragraph. Michael. Right under it says the real reason for China’s massive gold stash according to the Financial Times, the buyers of gold in 2022 were China and Middle East oil producers. Not a coincidence these countries will be at the center of the changes of the international monetary system. This is now happening. [00:08:39][44.8]
Stuart Turley: [00:08:40] And today it is clear why China has an insatiable demand for gold. Beijing has been waiting for the right moment to pull the rug out beneath the US dollar. And now is that moment the key to understanding it is President Xi’s historic visit to Saudi Arabia and other Gulf GCC states to launch a new paradigm of all-dimensional energy cooperation. There are about three more quotes here. I’m in a region and we’re going to open it up for your thoughts. [00:09:13][33.3]
Stuart Turley: [00:09:14] During his visit, he made the following crucial remarks china will continue to import large quantities of crude from GCC companies the Middle East countries expand imports of liquefied natural gas, strengthen cooperation upstream oil and gas development, engineering services, storage, transportation refineries, and make full use of the Shanghai Petroleum and Natural Gas Exchange as a platform to carry out one settlement of oil and gas trade as President. XI. [00:09:50][35.5]
Stuart Turley: [00:09:51] Okay, let’s go down to the next one here. Sardi’s. After Xi’s historic visit, the finance Minister Saudi Arabia is open to discussions about trade in currency other than the U.S. dollar, according to the kingdom’s finance minister. [00:10:06][15.6]
Stuart Turley: [00:10:07] Okay, let’s come on down here even the Wall Street Journal admit. It’s such a move would be disastrous for the U.S. dollar. The Saudis move away would chip away at the supremacy of the U.S. dollar in the international financial system, which Washington has relied on for decades to print Treasury bills it uses to finance its budget deficit. [00:10:31][23.8]
Stuart Turley: [00:10:32] Ron Paul says the end of the dollar homogeneity, where he points out one thing that would precipitate the dollar’s demise this is Ron Paul. The economic law that honest exchange demands of only real value as currency cannot be repealed. The chaos that one day will infuse from our experiment with worldwide fiat money. Fiat money will require a return to money of value. We know that that day is approaching when oil-producing countries demand gold or its equivalent for all their oil rather than dollars or euros. Here’s the bottom line. The end of the petrodollar system is imminent. [00:11:20][47.6]
Michael Tanner: [00:11:21] Yeah, I mean, I’m not going to disagree with Ron Paul. I think he’s fairly spot on here it is. I think the scariest part is the fact of the U.S., of the idea of that we use the supremacy of the dollar because it’s used to trade oil to help fund our global debts. Does this make it That’s the scary part of going to the petrodollars that we have basically leverage the fact that we will always be the world’s reserve currency and we’re learning in real time that may not necessarily be true. So. Right. It’s where you’re at. We’re in a pickle here. [00:11:50][29.3]
Stuart Turley: [00:11:51] We’re in a big pickle in the the political powers that be of Republicans and Democrats have absolutely. Do you remember the Sean Connery movie Hunting for Red October? [00:12:08][16.8]
Michael Tanner: [00:12:09] Yes. Okay. Go to the Red October. [00:12:11][2.4]
Stuart Turley: [00:12:12] Go ahead and disable the torpedoes so that you can fire them closer and then. [00:12:18][6.4]
Michael Tanner: [00:12:19] It’s the Russians. [00:12:19][0.3]
Stuart Turley: [00:12:20] The Russians and then the Soviets the torpedoes come back around and he goes, You fool, you’ve killed us. That’s exactly what we’re going to be saying to our politicians. You fool, you have killed the U.S. dollar anyway. [00:12:35][14.8]
Michael Tanner: [00:12:36] I think you said that best stu Do you have anything else for your segment? [00:12:38][2.6]
Stuart Turley: [00:12:39] I’m wiped out and I got I hit the road, man. [00:12:41][2.0]
Michael Tanner: [00:12:41] Yeah. So we’ll keep it quick on the oil and gas finance side. Oil prices up to $81. Catch off. A couple of good things. We saw dollar index move downward, which was good. A softening of the dollar will always help. Chinese economic data drops really good economic data. Looks like there are growth in imports as we just covered in the EIA section and specifically around the Russian influence they’re importing as much Russian oil as they can get imports and refined products up in China so growth in China means good for oil prices. [00:13:08][26.5]
Michael Tanner: [00:13:09] We’re currently trading about $80 or $81 right now. Natural gas just off the back of a little bit of cooler weather, $2.37 that’s up about four and a half or two and a half percentage points off from earlier yesterday so great news all around for natural gas. [00:13:24][15.1]
Michael Tanner: [00:13:25] I thought the only thing interesting, Stu, are two things which I thought were fascinating. We saw the the API released 2.67 million barrel draw that’s their expectation for the crude oil stock on Wednesday. [00:13:36][11.2]
Michael Tanner: [00:13:36] So mind guys when that number comes out tomorrow, gauge it against 2.6 million barrel draw and see what happens. The only other interesting thing I saw was Furgal Energy this is a geothermal company working to drill subsurface geothermal wells. They got a $10 million investment from Devon, never going all in on geothermal Stu. [00:13:57][20.6]
Stuart Turley: [00:13:58] I love it. Geothermal into the oil and gas space. Perfect! oil and gas guys know how to drill geothermal, get to learn how to drill. [00:14:07][9.0]
Michael Tanner: [00:14:08] They do need to learn how to drill, so we’re going to let you guys get out of here with that. Appreciate you guys. Checking us out. World’s Greatest Podcast for Stuart Turley, I’m Michael Tanner. We’ll see you tomorrow, guys! [00:14:08][0.0]
