for the upcoming two matches in a reworked germany squad devoid of many of the big names of the past record. this is due to be news up next the crude poker game documentary about the geopolitics of oil for now though from a brand thomas the entire team here in berlin thanks so much for being with us. stand for. language courses. video. anytime anywhere.

there was a time when the automobile was a symbol of freedom to care for a days when a full tank of gas could be had for patients but then pain the first oil crisis when the price of crude oil. black gold for oil producing countries it became a political weapon and a potent tuneful blackmail and threats. to. our dependence on oil cost us dealing the day when the world's oil reserves will run dry and now appears within science that this was just the start.

the oil crisis did not foresee the events that opened the door to the exploitation of a new resource shale oil and unprecedented boom propelled the united states into the ranks of the world's largest oil producers. consumers benefited from cheaper prices this time it was the oil producing countries that bore the brunt of the price of oil collapsed between june twenty fourth chain and january twenty sixth in the price of a barrel of crude declined by seventy percent. it is destroying major producers the united states russia and saudi arabia continue to five for power and control shifting strategies and alliances helped turn the global economic and

geopolitical order on its head. at the same time a global transition to renewable energy is underway oil is still king but is its room now drawing to a close. here in the heart of paris the kepler company keeps a sharp pile on the global oil economy. by so you know. alexandra and lawyer is an oil market analyst. to release numbers showing saudi arabia's exports are rising a bit and venezuela is still forming. about one hundred thousand barrels a month so i'd say that's having an end. act right now.

in september twenty twelve early in his career and lawyer published a study that predicted a major drop in the price of oil many experts disagreed. on their new solution put in twenty twelve the price of oil was one hundred dollars a barrel to their own thoughts he could only go up to two hundred dollars a barrel is on when i said all the prices would collapse they thought i was crazy and yet he could be taller and he should jump twenty fourth. in january twenty fourth chain until his predictions began making headlines. when facing a technological revolution that could change the world as we know it today.

black gold a recurring theme in the modern american dream the country's oil taps seemed endless and oil exports billions to. the industrial revolution helped make the united states a world power but to maintain a standing new sources of oil would need to be found. a row of saudi arabia. in february nine hundred forty five the americans and the saudis meet on board the u.s.s. quincy to discuss oil. have you a doctor security miter a sickle socrates or there was a bilateral security pact which is what the saudis called. dogs who lay said to the americans loserville we have an ocean of oil and will assure that you have a secure supply. why news of it in return we ask you to ensure our security.

security. wasn't done for so as it alone my understanding each other problem brings east and west together far better. the friendship would soon proved to be a rocky one in nine hundred sixty the oil exports of the middle east joined with venezuela to form a cartel that would defend their interests and stabilize prices. from that point on the organization of petroleum exporting countries opec would be a powerful force. look up i mean it's office on. some longer madeleine israel i. think be.

worried about its own oil supply the united states hopes that its exports. the carefree years when a tank of fuel costs next to nothing had ended well have become a political weapon. in the. us over this one of the ninety's we've forgotten that oil crisis people were euphoric. they thought everything would be fine that we had the geopolitical situation under control and that we would retain a firm grip on the middle east with these about them it later we realized that wasn't the case but at the time that's what people believed book received. the terror attack. on september eleventh two thousand and one was

a profound shock to the u.s. government and its people. fifteen of the nineteen hijackers were saudi nationals. it all said after september eleventh we saw the close relationship between saudi arabia and the united states began to disintegrate somewhat. but the u.s. was very dependent on oil imports from the middle east including saudi arabia. we began to see american companies such as exxon mobil chevron and texaco shift from saudi arabia to africa which at the time was still relatively untapped. they focused on angola nigeria and the other countries along the gulf of guinea must. not only. in the wake of nine eleven the u.s. began to pursue a new oil supply strategy africa was just the beginning was. saddam

hussein and his sons must leave iraq within forty eight hours iraq held nearly ten percent of the world's oil reserves the u.s. had taken another step in the direction of reducing its dependence on saudi oil in any conflict your fate will depend on your actions. do not destroy a wells a source of wealth that belongs to the iraqi people the americans would prove to have a keen interest in iraq's oil fields the weapons of mass destruction supposedly possessed by saddam hussein were little but a pretext in two thousand and three oil costs thirty dollars a barrel. the wounds of wall street got into the act the big american banks had the scent of

black gold which had become an attractive commodity on the global market. in my personal trading experience is in the oil but at morgan stanley at the time on my trading floor we traded all commodities so it included agriculture metals freight shipping natural gas power all commodities. and then tire commodities market was booming and demand was fantastic for oil worldwide in china and particular and asia were growing a lot so very very positive didn't make a lot of money yet a lot of money was made and because we had new market players and so then that creates more opportunity. over the next three years the price of oil more than

doubled to consider to do this development of this banking business originated with american investment banks we need to ask are these two actually banks or are they perhaps financial institutions that engage in trading. the kids into goldman sachs and morgan stanley became major players. there were years when goldman sachs and over a billion dollars from a commodities trading bubble. the commodities. financier's. the banks the speculators realized that oil especially crude oil was a fungible good. kind of substitute for money if you will. the most fungible good is money which is traded around the world next come crude oil petroleum gasoline. it's also bought and sold all over the world the banks used oil as a way to engage in speculation. the speaker of. the

financial industry had free rein they traded in future is legally binding contracts without ever seeing so much as a drop of oil. in the oil price is directly related to speculation it has nothing to do with the actual product anymore because it's when the time when the crude oil is extracted and when it arrives at the refinery its price will have tripled. about thirty intermediaries will have all taken their cut it's completely crazy for me as a poor industrialist this is the key point fortunes have been made without any product behind it simply by means of trading souls of poetry is some promoted typically. the rise in oil prices was not only due to speculation global demand from emerging and threshold countries and from china was also a driving force. it was very

exciting because it was a new world and asia was developing so much that was. just very exciting that the entire world was growing it was wonderful. in two thousand and eight the price of oil hitting a new record. when the oil price even went above one hundred dollars it was crazy hey it was so exciting as you know it when up and then it went straight down again and then it went higher again. so it was very exciting but still we had buyers so so long as someone wants to buy the oil it's ok. meanwhile american engineers and entrepreneurs were hatching a new plan to exploit the immense oil and gas reserves in shale and other rock formations while conventional oil deposits are for the most part easily accessible shale oil is trying to grok so dense that it must be fraction to extract it the

process is expensive but at a price of over one hundred dollars a barrel it becomes profitable. the start of shale extraction extraction from unconventional reserves in the u.s. sensed an opportunity. lift is unique you merely years explain you as was an oil exporter and the later they became an importer and signed agreements with the gulf countries some of us with here but now they thought maybe we could escape the clutches of those bothersome countries in the middle east to suit the more you know your dog will build. the permian basin in the heart of texas contains an immense oil reserve estimated at some thirty five billion barrels the first oil rigs went up here in the early

one nine hundred twenty s. in the city of midland the childhood home of george w. bush oil is king. the development of the technology for crack and in the bill is a get it out that the permian basin was fabia ready if for any other reasons our city eagle ford shale that was in the is not a new bit bizarre element and barnett shale but the shale play here you have so many advance individuals i hear and as for geologists and engineering groups they were already there could well rate if not a lot of play right here we have in some areas over twenty different pace that are stacked on top of one another this resource here is enormous he sank of the size of the permian basin it's it's bigger than the state of alabama that's how big

it is. and xander came in twenty fourteen the shale oil revolution was at its peak and. you can. use it. to that everybody was in full swing. during the first half of the united for prices and one hundred dollars a barrel drilling rigs were everywhere. everyone was euphoric there was a real estate boom years it was a true oil rush but that was structurally speaking shale oil extraction is a completely new and different industries look at all this with just five million dollars you can start extracting oil within three to six months and more reserves elsewhere in the world it takes several hundred million dollars and

a much longer time between two and four years was that it was very surprising how quickly things went teeth and how little money was needed that this up for all. this shale oil windfall allowed the americans to come school imports as a result of global demand stone. there was a glass on the market for one hundred million barrels of oil with no buyout. accidents at those it will show that one fourteen oil crisis wasn't triggered by the americans it was triggered by the saudis it had a political dimension the u.s. had long been an ally of the saudi monarchy. she said yeah and. they had an understanding with the saudis that they would turn the tap on and off in order to regulate market forces. but the

saudis had no plans to throttle production instead they continued flooding the market hoping to push prices down at under seventy dollars a barrel and they assumed the american fracking industry would fall to the boil went into free fall. made all of. the high stakes game of poker began in the first round saudi arabia urged its opec partners the all powerful cartel of oil producing countries to maintain their production though oil prices were crucial to their strategies. no school issued you

know she did in the summer of two thousand and fourteen the saudis decided to send oil prices plummeting to use high costs to push wreckers and other producers out of the market. we were surprised and start maybe they know the shale industry is on or about it. she stop the ticket is all really hard. after a five hour negotiation opec conceded the saudi position they agree to flood the market and drown out the american produces oil prices continue to fall in. russia the world's second largest oil exporter stood back and watched. the country is not a member of opec and it had a somewhat different take on the american shall revolution.

yarmulkes goes for the technology that permitted the development of shale oil and gas extraction was developed in the schlumberger bar a tree located in the city of najaf a c.b.s. company. that are in the development of this technology took place on russian territory but border if you combine into his head you know we didn't think fracking would be implemented on such a large scale ship that. intense eunice but it didn't surprise us because the united states and canada have significant hydrocarbon reza. so certain other was a.q. . unlike the united states russia doesn't extract its shale oil but even though russia was not surprised by the us fracking revolution moscow did not anticipate the collapse of oil prices. richard issued a new trip to the store in twenty fourteen small the russian officials and the oil and gas analysts believe the prices would not fall below eighty dollars

a barrel. with two thousand years ago we didn't think the saudis would risk that since it would make it difficult to maintain a balanced budget the more looks a bit was all it sold of even the russian president said that the world economy would collapse if prices dipped below the eighty dollar mark foursomes dollar for the work. but the price kept dropping. as the holiday season approached moscow grew worried that the plummeting price of oil could send the country into a deep recession. the downward plunge continued. i. the major players in the u.s. fracking industry working on

a strategy to come up the saudi gamble with no end in sight to the drop in prices who would fall into first. level your last shock that all the shock of the saudi decision unleashed a shock wave i commend it had an almost immediate impact on the shale industry difficult to understand there were massive layoffs in the united states. everyone cut losses cool the price you rock bottom at twenty six dollars a barrel. when it. happened so they're all set up for twenty six dollars was in a serious crisis just some major factors continue to ring in the rebound that was coming at us this notion of financial resources to withstand the lower prices which they figured would last only a few more weeks or months is a dog and they were right as he also said that. i don't think anybody was actually and again during the time actually you know working ourselves back up and everybody

was still watching the price of the all you know met watch in a pretty close and i forget what the exact price was. her. how. every oil producing country was affected by the crisis but norway had an advantage. western europe's largest oil producer was observing the poker game from a safe distance and preparing to the future. no doubt them are already stored intact for many years much of norway's revenue came from oil and gas exports to countries in the region. then before the crisis hit our government had already decided to diversify the norwegian economy. we needed

a broader basis which would make us stronger at concentrating all our growth in one single source of revenue would make us too vulnerable what it would if it's not in . the plummeting price of oil also had an impact on public perception. of their saw. rock fall in a certain sense it had a positive effect at least here in norway although tim on the bill that helped us move forward in the discussion about climate change scope and the oil companies grow a bit more open to alternative solutions i'll get a similar. or a more and more citizens our politicians realized that perhaps we shouldn't believe what the oil companies were say every resource is finite even if they try to launch all these crazy projects like this. that helped trigger a shift a story. so the scope of the nearly. oil extraction

began in norway in one thousand nine hundred seventy one and ninety ninety the country established an oil fund to invest its petroleum revenues this software and wealth fund which has more than one trillion dollars in assets helps finance social expenditures in nov twenty seventeen the fund announced it was considering to vesting from or oil and gas saying the country already had enough exposure to this high risk industry but so far no decisions being made. to see it out when our time in the demand has peaked oil want it worth anything any more people rich saying we don't know. or give it the price of oil might go back up but it could also go down with. a working on a strategy to prepare. for the future. in another sign of the times the norwegian oil companies stop the oil decided to bring

a brand it's been renamed ecuador to signal its shift to a broad based energy company. for several years and our projections and scenarios we predicted a peak in both the man's and oil production around the year twenty thirty. but this is all very uncertain and for this reason we believe that renewable energies will play a role in the future. because come to feel. the norwegian company plans to invest two hundred million dollars in renewable energy by twenty twenty two ecuador develop the world's first commercial floating wind farm off the coast of scotland. the high wind farm is linked to a battery storage system.

but norway has not abandoned the oil and continues to issue exploration licenses. the oil market remains mired in crisis climate change has become an increasingly important issue on the global agenda. giorgo the south by the six show. i thought. since then president donald trump has announced his own energy policy i here are pursuing american energy diameters them by the. end of this year we will be totally self-sufficient we will be major x. four years of energy we will take in massive amounts of body we will start off by

one of the three hours that. the americans remain steadfast and withstood the price slump. the us fracking industry had proven itself surprisingly resilient alan gilman is a leading strategist in the texas shale oil industry. so how in the world has it as the break even price for an able to drop so much as during that time frame i think that it was the the magic question that no one figured out when they made the decisions to not support the price or the production of oil so i think that it's. against changed the production of shale is very strong in the united states you know starting around forty dollars a barrel and going up and it gets better every year but right now if we're forty

five to fifty five dollars a barrel we're going to produce we're going to continue to produce more oil year over year. the u.s. produces a still drilling for oil engaging in launch scale fracking and raking in the profits. saudi arabia had underestimated the american fracking industry the kingdom decided to shift strategies. behind the scenes at the ministry of energy into him i'll mohannad had long sent as an advisor to saudi oil minister as i would.

get. it. but it. doesn't and then he added the other fees and at the federal both the drop in price and twenty fourteen and t.j. and twenty fifteen was the result of several factors when i was the audits and have first was the increase in oil production outside opec mainly american shale oil. and amulets danny second factor was a slowdown in a row that we had but then the global demand for oil sadhu that it went with that it's. in the door of one to get any third of the opec countries didn't respond quickly enough we saw a drop in oil prices. they did not do what was necessary for the market to regain stability in. the entire saudi economy was affected by the collapse in oil prices for the first time in its history the kingdom faced a record budget deficit of ninety eight billion dollars.

in europe fuel prices were decreasing but in saudi arabia they increased by fifty percent. i. think. the saudi economy is now in the hands of crown prince mohammed bin so man who wants to modernize the kingdom the billion dollars vision twenty thirty project seeks to prepare the country for a future without oil. because that was so nothing with saudi arabia is far too dependent on oil that is dangerous and the demand. for the dollar but that the authorities have started to change their strategy which depended on oil revenue enough in order to diversify our economy to be my summer.

but without it unfortunately the reforms are not being accepted the manderson me know what it wants to turn their backs on the energy sector that's for ten years the kingdom has been trying to prompt a shift in people's mentality which must happen for this new direction to succeed but most of the population has not reached that point yet. when i'm out in the in. my act of. last. little man come sit in washington and fuck a little in love but. you couldn't cut it kept. going up but the effort continues to live as a part of vision twenty thirty the kingdom launched the neon initiative

a new mega city run entirely under a new bill energy d.c. who are doing for it what a little bird with a cut. the cake impact on a fresh round of coca saudi arabia had hoped to force the u.s. to capitulate to no avail now the member states urgently needed to come up with a new strategy to raise oil prices. for the third reich but what exactly is it that the fact is that at the vienna masing opec was determined to maintain its credibility. and we had really a battle then for market share. in

a sense you could make the argument that opec blinked first. because in some ways they might have been better. to allow prices to stay lower for longer because that really would have put a squeeze on supply and u.s. shale and in particular as it was financial pressures became too great for them. in what was called an historic agreement the opec countries pledged to cut for. option to help raise prices nigeria and libya were exempt to the cot g. to underestimate countries some of them would. like to take. in the main time the us had resumed its oil exports opec's production cuts allowed the us to

get a new market share. at the next round in vienna in twenty seventeen opec hope to woo nonmember russia further into its corner and tipped the balance against american shale oil. the russian minister of energy alexander not back attending the meeting. but. until that point russia had never collaboration with opec many wondered whether they would reach a deal with the saudis russia is also an ally of iran a rival of saudi arabia in the syrian conflict the geo political chaos had reached

its high point. we see and then you want to try to recruit said the new russia has a natural alignment with oconee economically and diplomatically committees there are very strong rivalries in the opec world especially between the sunni's and the shia tween saudi arabia and qatar although qatar has now left opec. that's left room for someone to step in. sallisaw sinclair rochelle was a natural in that role from the classroom so for now he has good relations with various opec countries. including arch enemies iran and saudi arabia. there is a just a little like this given the conflicts in the region moscow is increasingly assuming the role of mediator. because the united states has extracted itself over more what is it isn't it. that.

i. have. for the first time russia and opec have arrived at an agreement to stabilize the market and exports do it all this is a first to get a license so. that we expect that these good relations between saudi arabia russia the opec and other countries will continue to head such as kazakhstan azerbaijan and oman was yet will be in and of of course what do what it also does that stand at the rigby journal much. more oil and politics of the ways gone hand in hand russia had ambitions that went well beyond the new opec plus agreement. doesn't mean we shouldn't exaggerate the

importance of all of the energy and political sphere party politicians and diplomats must cooperate with one another on other important questions to know there are other more frustrating but o.l. and gas strategies play a major role in global politics there's no doubt about that by for it that is the base not the tin is head of the presidential commission at the energy sector of russia. but the people in that if school complex where i say. the oil crisis has reconfigured the g a pretty. landscape resulting in surprising new alliances in one nine hundred forty five brought king even the son out of president franklin roosevelt together this time king solomon of saudi arabia traveled to russia to meet with president clinton.

she look at or even russia there are political forces that support the opec plus agreement with the government and the president leading the way but as you. rice there are other forces that are categorically opposed to opec's plus fluids at the not especially our oil and gas companies which have an enormous production capacity we need a girl only for them so that our state is currently controlled by the president and the government so the companies can't do anything now or in the near future by them combining. the new small. opec went into the next round but it seemed the game was drawing to a close. earlier analyst alexander and low yet had return from texas and predicted an up people in the oil market is full cost proved correct and the geopolitical landscape of oil was turned on its head. slumps where they were to have served and

needed care i mean american shale revolution has transformed the market if by the end of twenty nineteen of two of the us will be producing nearly twelve million barrels a day the good book this will be our to our or saudi arabia and russia. that has an impact not only on the energy sector but on the entire global economy shaken learned to news i. opec has turned a new page the future of the oil cartel and of russia and now closely intertwined. to sit back more like the old we don't know how the world energy demand will evolve . but over the next twenty years we'll need to examine our dependence on oil to hit hard regardless of what trump might say for the result history book leadership. since the dawn of the industrial revolution crude oil has made the world what it is

today but how long will fossil fuels continue to be king. the example of norway is a good illustration of how the global energy market might be transformed in the face of climate change. that certainly. norway might remain and major oil and gas supplier us but we want to meet the two degree celsius coal or toward others we instituted important interventions to reduce c o two emissions in much of that our extraction on the norwegian continental shelf is quite environmentally friendly dog i don't believe any other country can match us here to get us in a one on their lawn so mileage. in

this case first also more slowly beginning to grasp that we have too much fossil fuel not so little. that is a challenge because it means that humanity will have to set limits for a new lens this is the great challenge of our time the biggest thing in. us and i want to distort it we must leave valuable resources that we would like to exploit which have brought us a great deal of affluence where they are clean so that we can protect our climate and the environment on the in the lives of future generations. the titans of oil have begun a new ground under the watchful eye of a new play out china is now the world's largest oil investor and has become a renewable energy pioneer. because of being shuffled for the next round of oil

polka. checkoff. max cruises counterattack made all the difference braving beats leverkusen and keeps its heroes liko summarize. the two red cards for hair to berlin and in dortmund scores in injury time after a turbulent match in berlin dortmund has the last laugh. kick

off. minutes from double. germany state by state. the most colorful. long list. of the most traditional find it all at any time. check in with a web special. take a tour of germany state by state on d w talk come. earth home to millions of species the home worth saving. google ideas tell stories of creative people and innovative projects around the world ideas that protect the climate boost green energy solutions and reforestation. losing

interactive content to inspire people to take action google ideas series of global three thousand on t.w. and online. this is g.w. news coming to you live from a cycling brings devastation to south east africa in mozambique much of a city of homs a million is now under water as fear the death toll may topped a thousand in neighboring zimbabwe they're digging graves for the dead also coming up germany's podgy mobile frequencies go up for auction.