in terms of demand and consumption, the things are going to cooling off as they typically do with the, this time of the year. and but, you know, a lot of uncertainty, you know, looking to the end of the year and not gonna have to 2024 for sure, but yet there's no increase in oil prices. yeah, i mean, you know, i mean, november a seasonally is, is always, you know, is typically any, not always the worst month for oil prices storing some service or not, depending on who you are. of course, who you are. yeah. i do the basketball. absolutely. a price, yes, it is always a, uh, you know, a tough month to get the price to go up. it's typically a month where the price goes down. and there's always some drama, you know, with the, not always the, usually some drama which we little bit plus heading into thanksgiving weekend. so there's that as well. but all those countries, but didn't want to cease fact, any confident that there wasn't going to be a why the conflagration that would effect oil prices. i mean, they were confidently saying,

we don't want to cease fire. all these children are dying, it's fine, they're all being killed in terms of its effect. boomer, i'm impact on the economies of western europe and the united states. yeah, i mean love, you know, the, the, the conflict of the situation is, is obviously, uh, you know, pretty, pretty dire and tragic in many ways. um, since the early days, you know, after october 7th, so we were looking for is this one you just mentioned, which is, you know, the possibility of, uh, an expansion of the, uh, because like, you know, pulling in other countries. boeing in, you know, has a lot of dental or the item playing a role on particular directly to the conflict with israel. this, but also we do have relate to some of the other countries in the, in the regions. i know that never happened. right. and, you know, as every week went by, there was increasingly clear that, you know, you're on wiley may have been indirectly involved in sparking the conflict and indirectly did not want to get involved. and even with the others, you know that,

that, that never really, you know, kind of, um, uh, gotten worse. um and even, you know, even be able to us and then other, you know, have these real allies were pretty keen on keeping their, on a particular out of it as of, for supplies to apply. we haven't really seen much of it as an option. you know, there's obviously that kind of the initial concern and worry and spicing oil prices, the quickly evaporated. and then we're kind of back down to, you know, typical november season. now it was a big fan. i mean, obviously the conflict began decades ago in, in the 1940s. but it was a theory that iran, which i'm denied any involvement in october 7, said the they, they could be a big in. but i mean, i sort of senior is really officials are quoted as saying israel once in the usa, to diplomatically work the pressure as will do with drawer. it's a troops from the outer rad when unit on the, on the outskirts of the golden lights. clearly the united states, i don't know what connections they have with as well. but clearly iran was the big

energy factor here. the energy factor uh again with you is, uh you and every side you know, kind of wanted to stay out of it and not really get involved in any kind of escalating the crisis. and that, you know, and that should be around the oil prices that they kind of come to market down even just kind of from a, you know, from the standpoint of equity markets and other markets over a little bit. you know, i'm usually about the consulate in the beginning, but everything just to calm down and then they obviously saw, you know, sort of desolated in any way, but it has not, you know, kind of become a broader regional issue, which is what we were looking for to see there was actually gonna be some flying back. but if it hasn't had an impact directly on the, on the groves of the brand and 9 mix it over the dead bodies of these thousands of children, biden's and his energy security, advisor, aimless hochstein to israel. while this was happening, i mean,

i mean one way i go to as why, um, uh, the united states as one hi, royal braces because it isn't, it exploded, but in another way. well, it was the doing there. and why with these really papers talking about tons of in gas in gaza while we were watching the pictures of all these muddy children? yeah, i mean look, i mean, i think she, you know, i think there are those oil and gas, you know, kind of issues or play. i mean, from the, you know, from the us standpoint that i know the focus, you know, has been on to keep things. one is not letting the situation escalate and finding, you know, sort of offer as findings and, you know, some middle ground where hostages and other things to be video shaded us. that, you mean, you know, ask, i obviously is escalating because every day you monitors more children were being killed, you mean not escalate geographically? it was contained within the 2000000 people living in the message, gaza strip. right?

and then also try to find a way to come up with, you know, with, with, with some ways to address the civilian casualties. this relation address, often situation suffice, middle arise from, from all sides. and i think the 2nd point is directly the energy, right? i mean, i think this, this administration is, is very, is hypersensitive of our energy prices because of the general and then the presidential election. you mean? yeah, exactly. you know, it's, it's holiday season and a lot of those are for our hang of this going to for him. you know, it's out of the year. so there's that. and then of course, looking at did range money for right. we don't want, you know, we don't want us to turn into a big, you know, brought original issue and then you have a $110.00 to the dollar oil prices like you had last year. you know, when the rest of your big conflict 1st broke down so, so definitely want to avoid that. now what interesting is, when the oil side, you know, the supply destruction on the natural gas side, as you did right, i is 0 to down to tomorrow. feel that i have uh, you know, how does that matter? egypt and then uh, i know other areas um, no, that was the kind of been you know,

approximately reverse and, and in recent lease i was also part of the, you know, part of the, the, the discussion, you know, part of the, the service your mind just where this island g comes from a process through israel and they shut it down after october, 7th to egypt. that's right so, so this is as an officer of the deal uh off of the off of israel. uh, so when i get past it in israel, some of it actually goes into egypt, which gives we export it out and we just don't wanna use in june domestically yet and solve it gives we export it out then. so that would shut down for a couple of weeks and then you know, is now back on the value of that was that was also part of it. why, why does egypt be dan and g, off of the coast of palestine or israel, where the occupied territory is kind of hidden elsewhere. why is it collaborating so closely with a government video on paper? they say they disagree with the edge cause of genocide about yeah, why don't they can't really get it anywhere else. i do. yeah, this is a pry,

those kind of, you know, code developed and co commercialized in an easy, it was an outlet for, for the gas getting develop, you know, huge. it was, it was kind of an outlet for her getting that a gas, you know, a home, you know, through elegy exports to jr up and other sources or. so you know that, that, you know, it was kind of a commercial business decision that they came out of for many years. uh, and you know, and, and run, and we'll kinda see what we'll see to your points. i know, obviously there's this kind of this big push back or i guess the, you know, kind of the civilian situation and you've got, uh, we'll see what the future of eligibility. like. yeah, it seems strange to me talking about uh, oil revenues, future revenues which is reported and is really bad press from energy resources given there. are people probably dying 10 i children dying to night because of the cold in gods who god hate them, their homes. what exactly is the extent of energy reserves in

this area where people kind of hate themselves tonight? i mean, uh, is it uh which one even hundreds of millions of dollars with billions of dollars worth of gas from gaza. i mean, you know, to reserve your reserve standpoint, there are millions of dollars of, of gas there. i think the likelihood of it any time soon getting commercialized right here. and you kind of have to go through the process of bringing in an operator as would be interested in developing these resources, you know, figuring out, you know, the, the partnerships, the revenue sharing with, you know, local government, things like that. all of that. and you know, seems like, you know, a very, very distant type of potential situation. i mean vps rece around how to act. so reports about b p's, the lease on the expiration. right. so i understand, yeah, this is a run out. i mean, that's the thing, right? the, the producers, the operator is,

you don't need to cause the political stability they need to, you know, see a security situation that stable, they're not, you know, is obviously now things are, you know, quite a messy but you know, they're not good. they're not likely to kind of g lives in the eyes. why was this guy being sent and then a most hochstein. i mean, he worked in texas gas. my markets, you'd expect proper diplomats to be visiting israel to discuss the legend aside. not oil people. the main um energy advisor to the by the administration being sent to mid, slowly uh, all the attending what, what was the last 4 of them as well as you understand is the diplomat that, you know, has gotten quite a few deep relationships in the region. he's been in the region and worked there many times and this ministration over the last, you know, couple of years, you know, and then even kind of creating this administration. you know,

he's been there and he's got, you know, going to a relationship, you know, pretty advisor and all that. but he's spent, there's going to be a much, i'm inside the room. yeah. you know, did you're buying in the am or as another part. so, you know, so leveraging those relationships, you know, and again, trying to the ideas, less about energy and more, uh, trying to find some offer on the 0 to the situation. is this role and of course, you know, there's, there's an energy piece to it as well. you know, given the, the instructions or the find mine or are they getting is really kind of warranty of the security uh, you know, and then and then stability side. um, so yeah, i mean, you know, from, from, you know, from an american standpoint of sending emails that are kind of makes sense and, you know, given the, you know, energy is pretty, you know, tied into this whole situation in the region. the higher and some of that expertise does all be rejected, and i'll stop you that more from the head of global markets in research at energy intelligence. after this break, the,

the, the only one main thing is important for not as an internationally speaking to that is of nations such a allowed to do anything, all the mazda races, and then you have the mind. and nathan saw the slaves, americans,

rock obama and others have had a concept of american exceptionalism. international law exist as long as it serves the american interest. if it doesn't, that doesn't exist by turning those russians. and so it is dangerous boy, a man that wants to take over the world. that was a culture of strategy. so some of the new one exist v i v, i not leashed. it's often zuba and tablet block. nato said it's ours. we move east . the reason us, hey jim, it is dangerous, is it the law? the sovereignty of the countries, the exceptionalism that america uses and its international war planning is one of the greatest threats to the populations of different nations. of nature. what is founded shareholders in the united states and elsewhere in large arms companies would lose millions and millions, or is business businesses good?

and that is the reality of what, what we're facing, which especially the, in the early 1880 brands decided to subjugate madagascar. however, the mother got the king, refused to submit in 1883. during the 1st franco mail against the war, the french sent a punitive expedition divorce submission on the island. the aggressors ships rudely bombarded the coastal settlements. the invaders managed to forcefully indulged control over a man, a gas cars external affairs, but the french wanted more. a few years later, they started a full scale village, airy invasion ended 18. 95 captured the capital tent and other evil. the commonest

exiled queen, run of all on the 3rd, under prime minister writing a letter of une abroad. then the invaders began to clear the island from the malcontents, with an iron and blood in 18. $96.00 france declared a protector at over man, a gas guard, and in $1897.00, annex the island. the suppression of the liberation movement erupted several merciless massacre. the capture of madagascar are led to tragic consequences. natural resources were in the hands of french corporations. all local schools were closed and the french language was imposed on the population. the care lasted 15 years and resulted in the death of at least 100000 mile against the people. the colonial regime left an open wound in the history of madagascar. but violence was never able to suppress the malagasy striving for freedom. the

welcome back to going underground. i'm still here with the global markets and research and energy intelligence, ivy ridge, andrew and ivy. we were talking about the complex getting bigger and that might say effect energy prices, which it hasn't sofa does not mean that given the in the lebanese context, we've heard the iran say, well, it's up to 11 and what it wants to do. the control of energy markets in a sense, across the world depends on what happens in south lebanon. yeah. you know, we, we, we really, we're talking about this briefly before. i think that is, you know, sort of your, your a spar to a, you know, potentially bigger conflict. right. and i think obviously from, you know, us or israel or, you know, allied side they don't want that. but it doesn't really seem like the, you know, the, it has bella and, you know, kind of the, the, you know,

indirectly the river onside really wants that either. we've been watching this closely for, you know, for, you know, nearly 2 months now doesn't really seem like there's any sort of, you know, a minute, you know, mobilization to a bigger with right now the, by the ministration certainly hasn't been happy about previous opec plus meetings and to the blinking being sent to beg, a saudi arabia to increase production and so on. we had expected the oh, big plus meeting. and this week, what do you think behind the postponing of a such an important subject critical, oh, big plus meeting. and it will be in around the time of cop 28th as well here in dubai. yeah, interesting timing. the reading and reading delayed to the start date of, of, of cop 28. so that's the, obviously we're going to be interested in classroom messages by the time, be strongly cutting production is good for the environment as well. and, but also have issues, you know, as an artifact on prizes and inflation. and,

you know, in an investment in that new energy to right. so, so again, it does have both ways. the plus look, i think the, they have, you know, sort of 2 key, you know, messy issues to work through. the 1st is the, you know, salary right? yeah, it's kind of taking the burden of, of, of cutting on behalf of the group, you know, disproportionately, while that has happened. i know you had one, you know, some, you know, some pretty unreliable lies from russia, which is the, you know, the, the other big coffee that matters. you had to be wrapped up in production from the wrong. uh and you know, it's kind of a slow, steady ramp up from the lady when you're analyzing this. where do you get the figures from? because as you imply there, there's a grey market now for oil ever since the south sanctioning of european governments in the sanctioning in the united states. have you ever seen the statistics in such

a malays as we may right now when it comes to oil production, oil, transportation, oil services, generally given? no one seems to know who's selling, who's buying, and what price they're buying and selling a. yeah, so i mean, we are, you know, we're one individual, secondary source back in energy intelligence. you know, we, we, we've got it in over a 100 bucks or boots on the ground. we talked to trader a super, as other folks who are in the oil industry in or from and, and, and so we try to piece together a lot of the story ourselves and get our own full way. lean secret meetings by the dark side as cuz they kind of say the, we built our services right here. we got those on the dock side or we can pick up the phone and call with those. you know, i'm just, just so we can do the phone and call you guys most, you know, of course i'm of the 1st floor you know, for these sections and price, scabs and things like that. who are, who are contract so. so it was a while easy to do, you know, a great job, you know, handing up as much information as they get rid of it. as you mentioned, there is

a great market. there is some of you know, basically and give me information, but we try to piece it together as much as we can. we, you know, we produce monthly stops on redone trees production, exports, you know, as we, you know, what we see is, you know, kind of free market like market type of volumes. so we try to account for all of that into our intelligence right into our, you know, kind of our, our bigger picture looking what's going on. and we markets in terms of, of supply demand prizes and whatnot. and this is actually nbc, this into a back itself is, is on the invoice that they use when they go into big decisions like this. and, you know, the father's eating is kind of in line with all we're seeing is that there's a lot of, you know, kind of, you know, choppy compliance. there's a lot of, you know, you know, countries that are, you know, write down production. you know, there's some cheating here and there, and that's, you know, hard to do. so there's going to have to be some official production cuts and now, so the next, so banks plus the meeting, given this environment. i would say our in our expertise is in the door officially

we have official crossing cuts. now i think we're gonna have to one see a better focus on compliance, you know, kind of reading some of those producers that have, you know, that have been kind of leading volumes. i just thought you realistic and way volumes back into the market. and i think the 2nd pieces was, which was the dimension was, was, you know, so it was more or less countries. i'm not pushing back on their production quarters . they're saying is too low. it needs to be higher. that's another piece. you know . yeah. these are smaller are members to, it's not the big ones. that's another thing that needs to be addressed at this meeting. but, you know, there's really, really isn't uh, as i really, i thinking the, you know, the, the wording of this production costs. i mean, the kind of rain is somebody's producers that are, you know, kind of doing the wrong thing, you know, otherwise, you know, sort of threatening that, you know, that they're going to, i'm one of their thoughts and that everybody loses lower prices as a result. because saudi arabia, very vocal about calling for an alms about go against israel, and

a goes the amount of military weaponry and so on, in the east mediterranean using vital energy resources must have some kind of impact, doesn't it, to the law. just ahmad isn't history. one of them vitamin is sent to re submitted uranium all these wall plains, aircraft carriers, military equipments, and the ends of the south china sea. isn't that affecting energy prices to? so i think the answer to russian is not really uh, basically not at all. i think the obviously, you know, there is this, you know, there is this big, you know, having to push back against, you know, the beauty is really response and the situation advisor. but at the same time, i think there's a lot of the bad showing going on within the, you know, the idea of world. but also, you know, kind of, you know, maybe through the other sources. you know, between the west and countries like on the radio in particular on how is sort of

registration from getting worse and then finding, offer items to, you know, to, to, to maybe, you know, you know, the, it's unlikely that you know, some permanency as far as when that happens to be time soon, but you know, at least we have some, you know, some, some, some temporary ones that are getting shipped now to, you know, to, to sort out hostages and things like that. so i do. yeah. search or, you know, this person, you know, army is real of these like that, but more, you know, more broadly, i think the concerns of continuing the situation and letting it get, you know, to the original conflict. i think many people might have been surprised by how quickly the off to have a bite and said no and stream would and, and stop. and of course it was destroyed allegedly, by the by administrator. and we saw l. n g terminal stop popping up in western europe so quickly. we know hundreds of thousands of people poor people die in western europe. uh, in terms of excess debts. do you think of the united states we filling in that gap

on the l. n. g to stabilize prices of this winter for west and you're the united states has been de number one because the gas for, for, for missing gas line was for, for your, uh, uh, you know, over the last couple of years i should be known back even predating the, the rest of the rangers in europe out of gas prices. uh, back in 2021. uh, services bracket, gas. right. from texas. right. yeah. well, and uh, from violation you have to come up to and he talks about yeah, you know, for, for the most part, um, uh, shell gas. yes. uh so, you know, for actual gas, but uh, you know, this is, this is what your needs. uh, and then despite, you know, some of the gas being filled from the us and, you know, maybe some color and other sources. uh, you know, your more broadly, um, but certainly in particular, countries like germany continues to the industrialize right there. you know, they have massive issues in on t industries like our goal is agriculture,

fertilizers and in other areas. because even when you know somebody, the, the gas caps being filled, they are sort of energy or they're finding energy that's too expensive. just take that scale. you know what the shelves government says they say they're doing fine, the coalition and of itself, the sanctions a was a great great policy of to the ukraine conflict. now winding down, i'll give you the yeah. the shows government is not the government these days. so i was just looking at my vision, people uh, you know, make a decision on that one ends and the so you, so you're saying that things are going to be really tough. and on western europe, given the decisions they'd be making unless they change the sanctions policy then yeah, these are going to be jobs. i mean, you know, as always, you know, especially in winter seasons are kind of depends on how cool the winter is. you know, you're up, they know kind of got off with a relatively easy winter last year,

but that's, you know, every year it'd be different this year. and, you know, i mean, you know, i mean, you know, as well or, you know, kind of extreme, whether it's nice, you know, that i can kind of change things so, so you know, is, is still kind of in, in, on certain place. yes, they have basically full gas reserves, right. are your yes, inventories, but you know, but you know how that works. you know, in a couple months, you know, in march, april, you know, movie a key to one to watch. so if it's a very severe winter, can your organization estimate how much? uh, the sanctions are having tons of effects. how many people are being killed effectively in west, in europe, by the sanctions. if it has a severe winter top number to come by and europe has a cold winter this winter, i think you'll be ok because they do have kind of inventories that are over and beyond even you know, have normal winter low. so i think this winter will be okay. i think the,

the question then becomes, i, the, the inventories again, you know, into the spring months, you know what, what impact does that have for, for them next year? again, i'll have to go back and buy expensive gas, expensive l g m, for us, you know, or, you know, kind of keep those manufacturing in other sectors needed, you know, not long demand to come back too much to, to be able to maintain, you know, supply and just finally, the expansion of a v, electrical vehicles, we expect a massive mining expansion of minerals that help help put in power the batteries of all these electrical vehicles in the global south in africa and latin america. and so so 2 things are happening in the house. you got a lot of occasional roll, letting one your hosting. uh, you know, a little bit of a, uh, an adjustment process. and the adoptions are for, for any of these, uh, i know reviews. you're going to try to doing better than expected europe is doing a bias, as well as expected in terms of the adoption. but the biggest part in the world of

us is going much lower. and then many seconds. as a result, we have, we borrowed from the electric world and because of that, a lot of no prices for some of these metals and minerals and other materials that you mentioned have come down quite a bit. lithium, rough, i, you know, cobalt and other things. you know, and do this kind of is realignment going on with the demand and supply. so i guess you will need a lot more money. you're gonna need a lot more extraction and processing, you know, for batteries and other inputs. and you use the next, you know, deacon decade and beyond. as these prices come down that it hasn't been attacked all the time. you know, supply things get pushed out of delay. but it also has an effect on maybe, you know, spring demand a little bit because prices are lower. cars are cheaper than they were in or year or 2 years ago. oh, really kind of the discount and miles play out over the next several years. i mean, you know, they were finding generally that, you know,

easy adoption curves are going about as well as we expected, but uh, no overall, but that's lower than many the, you know, we've kind of address on the line you for. but once you've got to get into mass adoption and you know, that gets harder just because of all the kind of the, the, the consumer preference. there's other things that, that you have to work through. so, so that's kind of where we are with, with, with the these will be a key thing to watch in the next couple years savvy ridge engine. thank you. thanks for out of me. and that's over the show will be back on monday through talk through the us government for the chief economist of the department of agriculture. joe's and global about why hundreds of millions are still facing a food. great. isn't a world full of food until then. keep in touch 5 or less actual media, if it's not a sense within your country and i do i channel going underground tv hon, they'll come to us new and old episodes of going underground. see you monday, the

the society of the or credit accounts offensively, you know, it was a fire that arises serious souls, probably lucian's on the, on the west and ukrainian side issues about their own strength illusions about the strength of the russian opponents. basically the, you know, the took their to rush or, and your crime was a door that just had to be kicked in and the whole structure would come, come some come into those looseness. i've been shopping with the

columbus police. there's another group of hostages, including their thing is released. they were transferred from joseph to egypt. the wall in the west bank. the 2 people have injured in the shooting outside and these valuable and prison in the west bank. that's as 39 policy minions offsets were released from the facilitates also it has the, the bought in. so itself is role in securing the release of the how about the cost to just as the process is on the streets reminded of the other side of the complex on the top ukrainian official. sometimes that's a deal with russia could have been.