aramco by the saudi government. the government suppressed these strikes and arrested or exiled leaders. the groups, such as the national reform front, formed out of these uprisings. labor leaders and other dissidents regarded the u.s. airbase and aramco itself as constituting a colonial presence in saudi arabia. this was the era of anticolonial nationalism, decolonization in the arab world of the authority, influence, and popularity of the egyptian president. a movement for a constitutional monarchy, supported by workers, some government employees, and even some members of the ruling family, was defeated in the 1960's. the u.s. government closed ranks behind the king, who opposed the constitution, and in 1964 deposed his half-brother. a third -- this is the most recent body of scholarship on the relationship -- has to do with the 1970's and the period subsequent. the scholarship that examines the 1973-74 oil embargo, its consequences, and the way the relationship was reconstituted following that embargo. prior to 9/

of aramco by the saudi government. the government suppressed the strikes and arrested or exiled the leaders. the groups such as the national reform front later called the national liberation front, formed out of these uprisings. later leaders and dissidents regarded the u.s. air base and aramco itself as constituting a colonial presence in saudi arabia. this was the era of anti-colonial nationalism, decolonization in the arab world. a movement for a constitutional monarchy supported by workers, by some government employee and technocrats, and even some members of the ruling family was defeated in the early 1960s. the u.s. government closed ranks behind the king who had opposed the constitution and who in 1964 deposed his brother, his half brother. so a third and sort of most -- this is sort of the most recent round of or body of scholarship on the relationship has to do with the 1970s and the period subsequent to the 1970s. so the scholarship that examples the 1973/74 oil embargo, its consequences and then the way that

think pull those 2 things together for me if you would the idea of falling demand a company like aramco needing to look elsewhere but then saying looking for loans billions of dollars in loans to buy a chemical company yet doesn't make a lot of sense you know obviously from the business side of the equation aramco needs to become as dominant a gas as it is today in crude oil and petroleum products and i think this is a push for the diversification yet boy the timing couldn't be any worse really we're sort of knocking on wall street banks stores pretty much at the end of the line here because they think could be front run by the airline industry and apply through the u.s. oil producers and it is just a bad time all around to be trying to ask for money in the markets right now when banks are a locked in to land especially in asset class such as oil where prices are just continue to plummet so aramco and saudi arabia as an extension feeling the pressure here the end of this situation of being a you know an almost one commodity economy. very much so you know the lack of petrodollars has rea

taylor: exactly, so walk me through, how long do saudi aramco shareholders put up with this?s, the goal is six months, coming up in june, actually. saudis who have purchased the shares have been encouraged to lock their shares and don't sell those before six months. obviously the people on the ground in saudi arabia, they may be worried about the value of their shares, and by june, which is six months, the deadline coming up, if the value starts dropping, you might see saudis starting to sell off the shares, which is going to have a greater impact downward, downward impact on the value of the aramco shares an ipo. the other major issue i want to mention is currently we are seeing all this onshore storage and inventory filling up, as well as the tankers for transportation, really increasing significantly. even a political consensus, all of the structure, the facilities, storage may fill up and there may not be anymore -- enough capacity to store the additional oil. that might push prices even to negative, which we saw in the u.s. oil used mostly had already gone to negative pr

they announced in a vicious saudi aramco deal -- an ambitious saudi aramco deal that was delayed becausessues. the other was a facebook deal. this is the third one. -- it is expected this will help the company bring down its net debt level 20 by next year. -- level to zero by next year. lost theink we just line. a technical gremlin. these things happen on tv. the latest on reliance. in terms of what investors will be looking at when it comes to these reliance earnings, what else will they be focused on? p.r.: they will be looking on the potential of the saudi aramco deal, which is very critical for their ambitious program of making a net debt level to zero. they will be looking for additional commentary on the facebook deal. they will be looking at the ratio for the proposed big rights issue announced why the company. company. yvonne: our india conglomerates reporter in mumbai with what to expect with reliance. taking a look at the next hour, we will dig into more earnings and uncertainty and speak exclusively with elizabeth gains. we have the copresident for asia-pacific mastercard join

we know saudi aramco -- how were investors and shareholders reacting to this?difficult issue for saudi arabia, because not only is there budget dependent --, they have hundreds of people who bought into aramco. oil prices were higher in december, when the aramco share prices were higher. now they are looking at a loss. prices upnnot get oil or the stock price up come june, when a lot of these people, the ends in june. if they have not gotten prices up by then, they could be faced with a lot of very upset people who took the government's advice and invested a lot of their savings into this company and have lost money. that could create a political problem for the monarchy. what is the upside potential? if this big gamble pays off, what does it look like two-year? ellen: the demand numbers for april look really high. of china picks up the slack, you get a huge demand coming out of saudi arabia and the market will say hey, there actually is more demand than we thought. oil prices might go up. i think people will question what price saudi arabia had to pay to peopl

especially now iran call it that traded on the exchange and we've seen in the couple days how this aramco share has tumbled and all the world that. actually projected this is going to be the stock that's going to bring saudi arabia back into into the market and use all the wealth and investment from them or go to rebuild sudan arabia or is in a deep deep trouble and the sudanese in deep trouble i think my best estimate they they miscalculated they should be gone along with the russian coordinating their fruit that will be more healthful at this point you know let's go to toronto i was under it's very interesting because it is public knowledge public knowledge that russia has planned for something like this and they have a budget set separate budgets a certain price of oil i mean you can go as low as 25 in the russians can can ride it out ok i mean they don't want it to be that low but they've made budgetary considerations to be able to deal with that the saudis should have known that it's not a secret go ahead in toronto. yes well i think the saudis have no idea what they're doing and i.

because that gamble at this point a doesn't help him it doesn't help his reputation it doesn't help aramco stocks and it doesn't help that international economy in the end yes the international economy needs some economic boost but you have to remember these these stocks have basically a lot of countries live on them including the united states i was looking at some research there is 6 states depend on the price of oil and gas and today probably some of these jobs millions of jobs that were created by shell gaza revolution probably probably going to see a treat for that revolution and defeat for the revolution probably a lot of those lobbyists are pointing at mohamed bin settlement as us probably the screaming that happened at the white house just recently. as. jews day because they came and met with the president and they have a lot of and that baggins mamak been some man because they accuse him of being responsible for the crash of the oil and gas market yet and it's going to take a while to rebuild it they reverse here let's go to toronto you're. nodding your head in agreement there go

aramco isht, so saudi the biggest oil exporter in the world.ced their official selling prices to their oil customers by the fifth of the month. they did announce after the delay of the opec-plus meeting that it will defer its release to later this week, and prices are expected to come sometime on thursday. of additional selling prices from saudi arabia is important to the market because most of the middle eastern producers will follow suit and also set prices in line with saudi arabia's pricing. this month will be a very difficult month for aramco. they are setting the prices for may. it is because of the global and domestic demand being totally wiped out because of the spread of the coronavirus. some of their customers are now waiting to see how much oil they would attempt to buy in their long-term contracts, depending on aramco's pricing. there is a lot of wait and see. yvonne: if they are ready to escalate this price were even further. sharon cho, our oil reporter joining us.take a look at this function. you see a risk rally. we did here pau

haslinda: we are waiting for saudi aramco to price. what docique aramco -- you see aramco doing? have to follow through. if they don't, someone else will. announce hasthey to be completely in line with the agreement just struck. market is the oil going to be in trouble. agreemento reach this and instantly be the ones to flake on it. rishaad: i just want to get to what you were mentioning. the cease-fire may not last, , the smokeexican cut and mirrors has some have argued. the saudis or the russians did not want to come in monday or tuesday morning. what is your take ? guy: there is nervousness because obviously the saudi increase itself came out of that, one could argue, quite extraordinary time. it seemed to be a time in order to crush the market. beenusly, it has really the u.s. that has been the trying to force this deal through. previously i was saying, there is a reason why cartels are illegal. they work for the members of that cartel. while members would try to cheat within a cartel, the truth is that most governments are desperate for revenue. you would need quite a strong

my pleasure sadly old john aramco is seeking $10000000000.00 in loans to buy a major chemical company it wants a 70 percent stake in saudi basic industries corporation currently owned by saudi arabia's sovereign wealth fund according to reuters news agency the acquisition is a crucial part of aramco future expansion plans the oil giant raised billions of dollars last year with a record breaking debut on the stock market but oil producers have been struggling with a plunge in demand for crude the corona virus outbreak libya's u.n. recognized government says it now controls the west coast its forces have taken a number of towns and cities from war. and then our settling their sights setting their sights rather on a nearby airfield zero's mahmood of the $100.00 ports one of the seized towns so proctor. life is gradually getting back to normal in the coastal city of subbranch in western libya forces loyal to the internationally recognized a government are taken control civilians who fled the city when half the forces seized it 3 years ago are now returning home. we don't want military rul

i have just been going back and forth, minutes ago, literally, with somebody inside of aramco to talk about this a little bit. and it's very clear that -- and not taking anything away from the president's tweet, because he was on the call and he knows what they said and i'm sure dan would agree with this, 10 to 15 million barrel a day cut is simply not possible it's not mathematically possible the price of oil didn't go up 50%. they would still come out worse. and they said, this is what go it from somebody inside of aramco a few minutes ago any 10 million cut or more must include u.s. producers so know if they were saying mathematically it must, but here's the reality, you're not going to take half of saudi and russia production offline. no country could physically do that it would have to include u.s. producers. and my guess, tomorrow at the white house, there's going to be a, you know, you guys need to roll back your production kind of conversation. >> brian, let me jump in there i have a piece -- kelly, i don't know if you have it yet, that just went up on foreign j foreignaffairs

world's largest oil producers agreed to the biggest output cut in history on sunday saudi oil giant aramco is seeking $10000000000.00 in loans to buy a chemical company it wants a 70 percent stake in saudi basic industries corporation currently owned by saudi arabia's sovereign wealth fund according to reuters news agency the opposition is a crucial part of our own coast future expansion plans the oil giant raised billions of dollars last year with a record breaking debut on the stock market but all producers have been struggling with a plunge in demand for crude after the coronavirus outbreak. so even in this is chief global market strategist for axing coal services company he says multi-billion dollar loans during this financial crisis are unlikely the timing couldn't be any worse really we're sort of knocking on wall street banks stores pretty much at the end the line here because i think the big front run by the airline industry and a plethora of us oil producers and it's just a bad time all around to be trying to ask for money in the markets right now when banks are elected to lend es

like in the case of saudi arabia or where they fully own all production from saudi aramco and you know the russian companies are quite reluctant to keep keep production back because you know that they've got you know a number of objectives to reach they've got bills to pay and they've been balking at the you know holding a production as they've had to do for the last last 3 years jeff on the consequences of not finding agreement more severe than if you was a fine one. well i think alex and mikhail are right that to be skeptical about this meaning today it's possible that there will be some sort of deal in quotation marks but this is largely a political game rather than something that's going to change the fundamentals of the oil market and. what we're seeing is yes of course producers around the world are looking to react to a low of prices and where it's possible to scale down they're going to do so in that where you've got very high cost production but as mikael points out lots of conventional oil wells cannot simply be stopped you can't put a cork in this like a bottle of wine and t

would have helped -- to saudi aramco would have helped, but was halted as markets collapsed. week not looking too good. going nowhere when it comes to the asia benchmark. flat now. -- flat now. seeing decent gains out of jakarta. we are watching malaysia given the growth was slashed the government to 0.5% to a contraction of 2%. csi 300 factory, lower now. the pboc saying they have to do a complete evaluation before they move the deposit rate. that is disappointing investors. u.s. futures continuing to head lower. nifty heading lower after the holiday. we watch crude. seems like those gains are petering as we speak. a lot of doubt about the broker-deal between russia and saudi arabia. tom: can trump bring the two sides together? some skepticism from the guests we spoke to earlier. the pboc striking a balance when it comes to liquidity and stimulus. plenty more ahead. this is bloomberg. ♪ yvonne: a grim milestone in the coronavirus pandemic. one million people have now been infected worldwide. 50,000 have died. >> china rejects u.s. claims that it deliberately hid early data o

just becoming increasingly more indebted whether you are that the government or the so are saudi aramco. the tank is heading towards the u.s. but the problem is bigger than just that it's actually creating a strange spectacle off the coast of california as rob rattled reports from the sentence. a sign of global economic breakdown floating offshore dozens of huge oil tankers sit it anchor outside the port of los angeles each vessel up to 365 meters long is brimming with tons of crude oil but there's no place to put it or what we have right now is a significant balance in supply and demand in the oil markets be asleep driven by significant demand contraction as a result of the economic slowdown translated from corporate economic speak that means that in the global lock down fewer people are driving to work or anywhere else as evident in these shots of near empty streets in los angeles with so many out of work people are buying less so fewer goods are being trucked from place to place and check out this near empty airport hardly anyone is flying so who needs jet fuel u.s. consumption of pe

producers start to feel that pain or move towards that >> caller: we don't have a single producer like aramco or like in russia we have hundreds or thousands of producers in the united states ranging from some guy with a well in his backyard to exxon. first off, you are bordering on illegal price fixing they went ahead and asked the texas commission some think we'll see the demand drop to 30 million a day. you drove in, i guarantee you saw two cars >> i did i filled up for the second time in the last month, my gas bill prices keep going down there is obviously a demand component to this whole thing. that is probably the bigger component to this than anything else >> be sure to the cnbc special report tweet us your questions using the hash cnbc path forward still on deck, throw cautious to the wind as it launches the $350 billion small business lending program. watch or listen to us live or on the go othn e cnbc app "worldwide exchange" is back in a moment yes. it's the first word of any new discovery. but when allergies attack, the excitement fades. allegra helps you say yes with the fastest

if that is good for all of the shale producers, why isn't it good for saudi aramco?ed higher prices. the texas railroad commission is one organization that perhaps through someate kind of apportionment to scale back in texas. other state organizations perhaps could do that in other oil-producing states. the federal government made have a role to play in the federal off shoring of the gulf of mexico but without some input from the united states, this deal will not happen. francine: is there an ideal price that saudi arabia and others will be targeting? what is the price where everyone would kind of manage? julian: i think it is always impossible to find a price that suits everybody, even in normal conditions, and these aren't normal. -- first off, it is not so much about price at the moment as about the physical store the consume and oil that is being produced. this is, if you like, much more the logistics problem at the precise moment then a price problem, so i am not sure anyone is looking at a price target. what they are very much more concerned with is a volume ta

ramping up its production to $30000000.00 barrels a day where saudi arabia just yesterday with saudi aramco announced that it is going full steam ahead with its ramp up in production and in less than 24 hours it has to swallow a lot of pride and if you look at the statement that is coming from the saudi state agency it is saying that it is not going to be just calling for a meeting of opec but other nations as well perhaps signaling that it is not saying non opec but it is seeing other nations which might include a major producers such as the united states canada and brazil as well so it is an extraordinary turn of events that we find ourselves in where oil prices have in some places fallen to less than $10.00 a barrel you've got floating oil tankers and people quickly running out of places to put this oil because it has become so cheap and not just cheap oil demand has fallen tremendously as well about $20000000.00 a barrel have been wiped out because of less fewer demand by various developing as well as developed economies and that is putting a strain not just on the economies such as the

saudi aramco -- you were mentioning it -- the oil supply surging above 12 million barrels a day, according to an industry official. that comes on the back of russia saying they could be willing to talk, but they are not doing it yet, tom. tom: very good. we welcome all of you again worldwide, a very early morning in america. what we are trying to do is give you conversation, yes, cross economics, finance, investment. but we will also look at some of the social issues of this crisis through all of "bloomberg surveillance." we begin with the depths of the market. a huge depth of the major currencies, the dollar, the euro, the yen, but also the seenesting things to be in a triangulation between the --or currencies and the more with us to give us good interpretation, jane foley of rabobank. jane, how strong is the dollar now? is it a stronger dollar even if it does not break out to record strengths? jane: that depends on who you are measuring it against an which currency you are measuring it against. one of the winners in my view of this crisis against dollar strength has been the euro. the eu

just becoming increasingly more indebted whether you are that the government or the so are saudi aramco. again a 2nd night of protests in lebanon's golden city of tripoli demonstrators set fire to a bank and security forces there responded with tear gas and rubber bullets the protests are growing as the crosses state economy crumbles further because of the corona virus outbreak monday one protester was killed during the blitz in lebanese capital beirut tells us the government has failed to produce any sort of economic rescue package. the state this close to bankruptcy this country spends more than it earns there's a huge step in for the 1st time in lebanon history defaulted on the debt now that there was a leaked document which really caused a riot because the government looked at the thinking of touching people's deposits in the banks and of course there are informal capital controls now you cannot access your savings and the banks said they were going to touch these deposits to fund the state there was an outcry even politicians raised the concerns because the prime minister said 2 pe

seen this morning the stock exchanges down i would be struck a teen years down the value of saudi aramco is down and this is talking about the deputy i an index which largely impacts the u.s. markets and these these are stumbling impacts that we've seen so far in the middle east and markets and obviously as you said that this is a and essentially especially in the g.c.c. economies are tied to hydrocarbons that is the oil exports which run these countries and that is why they wanted to get very closely we've heard from reports that saudi arabia would be considering bringing up its cuts from mid to as soon as possible and that's something which came about when the saudis and the russians agreed to cutting or production and it is a really interesting time that we live in that them cutting 10 almost $10000000.00 barrels upping plus decided that it is going to wipe out and 1000000 barrels off of the oil supply chain and it didn't have an impact why because the world demanded we're not driving cars you're not getting into planes major industrial centers are closed and that's why there is not n

you are just becoming increasingly more indebted whether you're the government or the so are saudi aramco. to lebanon where violence is escalated during a 2nd night of protests in the northern city of tripoli demonstrators set fire to a bank and threw rocks at security personnel they fired tear gas and rubber bullets back protests have been growing as the crisis hit economy crumbles further under the coronavirus processions with more from tripoli. hunger and hopelessness are driving lebanese to the streets the economy is close to collapsing protesters vent their anger at banks for preventing people from accessing their savings and a long serving political elite is being blamed for mismanagement and corruption in recent days the local currency has sharply devalued against the dollar there were casualties among protesters and soldiers during confrontations that began monday night. news that follows model went to the streets because the jobs children are asking the parents for food and they don't have money to buy them any the young man who is mounted it was a father he had nothing to lose i

if you read what is being reported from aramco, they are saying saudi arabia might have to shut production not have buyers buyers who had contracted do not have storage for the oil. if they are going to cancel, what is saudi arabia going to do? i think the big question will be is saudi arabia going to curb production sooner than expected or more than they have committed to? just help the storage issue but it would send a message to the market that saudi arabia is really committed to dealing with, or helping stabilize, the overflow situation. to see u.s.e need producers move more deeply echo they've taken steps but how far they could go to shutter production? ellen: there is a lot more that could be done. the numbers are not always accurate but they did report a drop in production to 12.3 million barrels per day which is a drop of about 100,000 barrels per day from the previous week. i think we can expect these numbers today continue to decline. there are a lot of small producers out there. we have got producers doing 20,000 barrels a day, 7000 day and they have to make these calls on an in

supply from saudi aramco surges above 12 million barrels a day. brent crude, more allied to what is happening with saudi, down by 4.5% today. more next. this is bloomberg. ♪ ♪ live from london, i'm guy johnson, with vonnie quinn in new york. this is "bloomberg markets." saudi arabia stepping up oil production, now pumping more than 12 million barrels a day. russia says it will not boost its own out put. president trump says he has spoken to both the russians and the saudis about ending the price war. let's bring in annmarie hordern in new york to get some analysis on this. saudi's pumping 12 million barrels a day. what happens when all of the storages used up? annmarie: they're actually right now supplying more than 12 million barrels a day. with the opec+ deal dead today, the 2016 historic deal not happening, all of the producers can pump as well. but you make a very good point. where is all of this crude going? if you look at the jet fuel market, for instance, we are weeks away from running out of storage on that. this is all being pushed to sup

cripple our industry it comes to me -- it's no real surprise if you overlay the charlotte of when saudi aramcoblic. i don't think it's so coincidental i admire that you asked the question, i'll take him at his word for an answer if you don't think watching at home, that the saudis and russians don't want our oil industry to be crippled, i think you're reading the wrong book. >> they certainly might want it crippled, because we have been the price maker over the last couple years, kind of come out of nowhere, from 5 million barrels a day, to 13 million barrels a day, a lot of that is fueled by debt, and there are companies who trade today that i'm confident in saying, and i don't want to editorialize, their equity will not exist in a year oar two, but there will be survivors. are you ready and willing and able to bet on any of these companies surviving this and ultimately making themselves and investors a buck or two down the road >> not yet i mean, i agree bankruptcies are, of course, coming it doesn't necessarily mean that there will be a complete contraction at all in what we produce. i'm wo

companies, because all of these independents were going out of business, and there is a company called aramcoh the russians, exxonmobil, chevron, maybe bp, if that's it, i would suggest that would make a lot of americans really nervous, that that's the only thing -- >> tucker: i agree with that. may i interrupt you and go back to something you said, which is baffling? so the industries on the verge, really come of a collapse, yet we are being flooded with foreign oil, refiners are being flooded with foreign oil. why are we allowing that? >> so you bring up an incredibly important issue. here's what i would do, and i would certainly give this advice to the president. i would -- for the next 60 to 90 days, not from now on, but the next 60 to 90 days, i would say refiners, we are going to provide u.s. crude only. that would give a buffer to the market and sent a clear message that we are not going to let foreign oil flow in here, but our energy industry. i here's the more important than, tucker, i think not only your viewers but everyone the administration i think those. this is about our nation

the world's largest oil producers agreed to the biggest output in history on sunday saudi oil giant aramco is seeking $10000000000.00 in loans to buy a chemical company it wants a 70 percent stake in saudi basic industries corp which is currently owned by saudi arabia's sovereign wealth fund according to the reuters news agency the acquisition is a crucial part of around coast future expansion plans there will giant raised billions of dollars last year with a record breaking debut on the stock market but oil producers have been struggling with a plunge in demand for crude with the corona virus outbreak i'm out of saudi arabia has reportedly been killed by police for refusing to give up his home for a new mega projects near the red sea. state media reports that. are awaiting was killed after opening fire on security forces who claim they found guns and ammunition in his house or who a team of been posting online videos saying that residents in the area were being pressured to give up hope. the world health organization says it's extending its designation of a outbreak in the democratic repu

exchange in dubai dropping by more than 2.3 percent the value of saudi aramco and the world's largest producing come old producing company is is down by 1.3 percent so it is a major doom and gloom scenario all do as you said that this a bloodbath that we saw last night with the barrel dropping to around 40 minus $40.00 a barrel was in the it's not the brant crude the benchmark for the world markets but again that under underlying principles are the same there everybody wants to sell oil there are no buy is everywhere over there would store oil is full of there's talk about $160000000.00 barrels on these giant super tankers offshore and that's after all of the storage capacity was filled on shore so it is going to have an impact as every oil blip has on these economies because they are single commodity economies hydrocarbons is what makes up a bulk of these economies especially here in the gulf cooperation council and the cartel known as opec so not just ramifications for these economies in itself a physical restructuring of the international monetary fund last week before this crisis

seen the saudi stock market which is the largest in the region drop we've seen the value of saudi aramco the largest oil company drop we've seen blips in divorces across the g.c.c. so yes yes it was w.t.r. yes it wasn't brant crude which is the international brant bug but yet that ripple effect has already been felt and it is worth noting that these this region specifically in the g.c.c. is dependent on hydrocarbon exports they run their budgets are based on hydrocarbon there's just too much oil too for for them to sell everybody wants to sell and nobody wants to buy and that is primarily because of a global slowdown be people are not driving people are getting on planes and need an industrial sectors are shut. the biggest buyer of the world in the developing world that is trying in india are not buying as much oil as people had and dissipated and adds up with the sea that we are seeing in excess of 30000000 barrels now being floated around that nobody wants it is going to be a very difficult had to pull a trick to pull out of the hat for these economies to balance themselves and it's no

aramco reduced prices. prices to the u.s. and trimming discounts to northwestern europe. slash output in the hope of draining the glut. >> this situation can be mitigated within the next couple of months or less. prevail as will opposed to more uncertainty. once we turn to that curve, away from the descending curve, things will be a lot better. the u.s., the last two democrats chasing the white house have put any rancor them, with bernie sanders endorsing rival joe biden's run. the two said americans of all yaitions should endorse the v.p. creating a task force on shared policy ideas. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. >> let's get to the markets, what's going on in this part of world. we just got japan coming back, extending some of the gains we saw. there we go, nikkei, to the upside. the hang seng. korean market up as well. seeing gains we're right across the board. the southeast asian side of aregs as well, as we heading to a bull market there. more than 10%.

aramco reduced prices for may exports to asia and the mediterranean region while raising pricing to thents for europe. opec and its allies have agreed to slash output in the hope of draining the glut. thee are still hopeful that situation can be mitigated within the next couple months or -- [indiscernible] that once we bend curve away from the descending curve, things will be a lot better. >> a number of u.s. state governors say they will form regional alliances to reopen businesses and schools. that sets up a potential clash with president trump, who says he alone has that authority. california's gavin newsom says he and other governors will be guided by facts and science as he announced a partnership with washington state and oregon. the last two democrats chasing the white house have put any rancor behind them with bernie sanders endorsing joe biden. joint livestream event saying americans should support the former vp. the endorsement comes less than a week after sanders abandoned his campaign. he and biden are creating a task force. global news, 24 hours a day, on-air and at tictoc

saudi aramco is said to have told it ise are working with jpmorgan on a deal which could be worth severalart a formalto sales process. it may wait until the oil market stabilizes and the coronavirus pandemic eases. up next, seeking refuge in the junk bond market. kathy jones tells us what her concerns are feeding through to the corporate debt markets. ♪ beyond the routine checkups. beyond the not-so-routine cases. comcast business is helping doctors provide care in whole new ways. all working with a new generation of technologies powered by our gig-speed network. because beyond technology... there is human ingenuity. every day, comcast business is helping businesses go beyond the expected. to do the extraordinary. take your business beyond. ♪ haidi: we are getting some conflicting information coming out when it comes to the philippines. minutes from -- a few ago that the country was running out of funds. the finance secretary saying that philippines has sufficient cash at this point. trying to get clarity on that. this is not the first time he has made that statement. in the past, he has

do is hopefully help in terms of some tank tops on storage, but also, we should quickly point out aramco was out with their official pricing. they actually cut most of its crude pricing to asia. yes, the price war is over, but we still see major producers going after market share. want to know how much of that is discounted so china can buy discount. i want to know president trump's role in all of this, and what that means on the russian side. annmarie: president trump was really the big winner of this deal. the united states is not even part of opec. turn sincey an about personally, he's been quite hostile to the cartel for years. on one hand, he was able to broker what happened with the talks breaking down on thursday, and that was with mexico. the next can oil minister actually left at the end of the meeting -- the mexican oil minister actually left at the end of the meeting. the president of mexico called president trump. president trump said they would "pick up the slack" from mexico. these aren't real cuts coming out of the market, but clearly the u.s. was able to inflict a lot of

these levels >> all right, mike, let's bring in sada al husseinie, former vice president at saudi aramco, talk about the day after we saw the contract go negative for the first time in its history. sadad thank you for the time as always good to talk to you. >> likewise, thank you >> i just would love to start just getting your reaction to the move we saw yesterday. is it something you ever imagined imagined especially in that short a time frame >> not really. the signs were all there the demand collapsed particularly in the u.s. where the wti finds its hope refinery runs were down to 70% -- 69% as of early april the demand for gasoline was down from 9.5 million to 5 million barrels from just a month ago. jet fuel is down from 1.6 to 0.5. everything demand wise was down in the u.s., and i couldn't see how the april contract could have held out. it just wasn't any more demand for that oil, and they had to get rid of it. i guess the oil had to be unloaded >> right, so at this point, what are the chances that the current front month does the same? >> well, it is tough you know, the opec coun