we have seen to date quite an extraordinary willingness to participate up with iea and non-iea members to participate including the indian government today so the work of diplomacy and in gaetz with their partners aims to make sure that continues. >> united states china and india when you are looking at these consumers of oil. >> when we talk about collective releases the issue is who are the countries that have the largest reserves and not the root largest consumers of the largest reserves and that is the iea. in terms of releasing supply to the market that the function. >> what is a guarantee for american consumers in the mists of covid and in the midst of this war. >> what the president has said in terms of guarantees he's going to stay at this even in uncertain. max to do everything within his power to try to provide relief to families and we can now commit that we will deliver 1 million barrels a day into the market consistent with the president's directive across time. >> curious if there has been any more conversation with venezuela saudi arabia about how we can potentially see

we have from that iea, these consumers around the world, that the u.s.l tap -- the second time they have done this under president biden, the fourth time that iea as a whole has done this. the u.s. will make up about 30 million and the rest will come from others. as a whole, that 60 million. we heard from press secretary jen psaki after the iea confirmed our reporting on the fact is she says this is about what president biden has talked about in terms of working in lockstep with the european and other allies around the world in asia and north america and making sure that at the same time they can try to protect american businesses and consumers. when you see elevated oil prices, that trickles down to gasoline pump prices. matt: to put this in perspective, and correct me if i am wrong, 60 million barrels of oil is just over half of what we use in a day globally? i think 100 million is roughly what we use in a day. the 30 million that is going to come from the spr is about 5% of what we have in total. do we have about 600 million barrels in the spr? annmar

at the same time, i indicated — of the iea a. at the same time, i indicated in — of the iea a.nce of the basic principles of safety — observance of the basic principles of safety and security, starting with the — of safety and security, starting with the physical integrity of the facilities — with the physical integrity of the facilities, can be observed. basic elements— facilities, can be observed. basic elements of these initiative proposals have already been shared with ukrainian counterparts and the russian _ with ukrainian counterparts and the russian authorities which are at this point — russian authorities which are at this point. we believe that, having received _ this point. we believe that, having received a — this point. we believe that, having received a direct request for assistance, it is our duty as the iea a_ assistance, it is our duty as the iea a to — assistance, it is our duty as the iea a to try— assistance, it is our duty as the iea a to try to provide assistance. needless— iea a to try to provide assistance. needless to say, in particular, madam — needless

and the rest from iea members in europe and asia. global news 24 hours a day on air and on bloomberg wick powered by more than 2700 journalists and analysts. i'm vonnie quinn. haidi: sanctions continue to mount. how investors are reacting to the release of emergency stockpiles of oil. haidi: and up next, we hear from port shelter ceo richard harris who says the war in ukraine may hasten the next recession. stay tuned. this is bloomberg. ♪ >> tonight, bloomberg brings you live coverage of the state of the union address hosted by joe mathieu. reaction, analysis, and what it means for wall street. >> we did leave this door open. those are the words that democrats wanted to hear. >> the state of the union address followed by the republican response. coverage because tonight at 8:30 p.m. eastern. >> i think we are at a very, very -- inflection point. it comes down to if the russians will be satisfied by extending their borders in ukraine. will they take he of? -- will they take kyiv? will they extend beyond the borders of ukraine? the las

the iea confirming what you told us, a massive coordinated release of oil from strategic reserves.rth time ever in their history they are doing this once again, a drawdown of reserves. what is going to happen is that 30 million will come from the united states.

it may be looking at the strategic reserve with the coordination with the iea. francine: it would do a lot to maybe temper a little bit of inflation across the board for european producers. this is the picture for sectors. energy down one .5%, telecoms all the way down, but we have auto parts gaining, construction, travel, material, and media. they're looking at the bond rout and what happens in europe and what happens firmly on oil prices and the correlation between that and equities. tom: some of the individual names, h&m, what a group of earnings for this retailer. they have exposure to russia and china and they are talking about the pandemic affect. continue to watch this one. the estimates have been above a billion so i big miss for h&m. it is still blocked in china. losses there of more than 7.5%. abb, the industrial company gaining 1%, adding to their share buyback program. brewin dolphin, this is an rbc takeover cash deal that they are looking at and it has been agreed at more than 60% premium so we will see the how that opens. let's go over to mark cudm

we are expected to hear from the director general of the iea. it will be interesting to hear what he has to say following that incident overnight. do stay with us, michael. let me go to nic robertson. as michael is pointing out, the very act of attacking a nuclear power plant should send shivers down the spine to any country, including the neighbor russia. how is putin's mental state being covered where you are? >>. >> reporter: yeah, his mental state is never in question on state media. his control and authority over what is happening in ukraine is portrayed. yesterday he was on state tv, president putin, letting the nation know that the military -- special military operation as they call it in russia is still on track, that it's going according to plan. that they're there to help the civilians and it's the ukrainians who are the problems, who are fulmenting the war here. it's something that's repeated time and time again on state media that russia isn't starting this war, it's merely ending the one that ukraine started with the backing of nato

the iea is tapping 60 million barrels.hat's around 12 days of russian crude exports, not enough for the market to rebalance, especially because we are in such a tight market now. demand is high and supplies are tight. that is not enough. we use about 20 million barrels a day in the u.s. globally. it is just a drop in the bucket. of course, that is released over time and comes along the oil we produce and the saudi's produce. in terms of energy independence, how much does that shield us as americans from rising prices at the pump? i was filling up the other day at $5.5 per gallon in new york? julia: analysts are saying rising rises that the pump will continue. we are still in a tight market supply so it will not matter this month -- this much. as we get rising prices whether from opec or u.s. shale producers you will see prices rise especially through the summer. matt: i have been hearing a lot of reports that companies are self sanctioning. they are not doing it even though they have not been told not to. shale on the othe

a -- we get iea crude oil inventory reports.ow much do we see a response to what we are seeing in the price action, the highest levels going back to 2008? at noon, the world agricultural report. food security all around the world. we are seeing wheat fluctuate. the volatility has been absolutely unprecedented. soybean oil futures i have been watching, especially given china's dependence on some of the ukraine and russian imports for some of these products. at 1:00 p.m., the u.s. is planning to sell $34 billion of one your notes -- of one year notes. still far below where they should be if you believe the inflation expectations, and you can see that in the real yield, still deeply negative, down more than 1% below zero. jonathan: thank you. hearing from prime minister boris johnson in the u.k., speaking in the house of commons, going on to say they will unveil the u.k. energy plan in the coming days. this report from interfax, the russian president vladimir putin to meet with government members tomorrow, march 10, to discuss mini

undeclared sites and traces of men majoring the iranians have until march 22 provide written responses and ieaen week to two to review, send question back and forth and by early june this issue is supposed to come to a head at the board of governors. demand that has come up. we know the russians and chinese have acted as iran's lawyers against the u.s. and the europeans in this negotiating mechanism, given the worn ukraine, the russians are using to look the iran as a sanctions carveout. they want written guarantees due to crippling economic sanctions they are facing from the americans and the western bloc. they are trying to get a written guarantee there will be no economic pressure that touches any vector of russia-iran trade, whether it is economic or any other touch point that might exist between those two countries. the treasury department in the u.s. has no history of actually going about bending over backwards to accommodate such aggression, giving these written guarantees. you could said the talks have not broken down but there is more than cold water being poured on the timeline, bein

even making up the russian oil, math favors the iea. neil: there is a lot of speculation that president biden might say no more imports of russian oil, taking russian oil off the market. neil: absolutely. stuart: that is why the oil is at 105, 106, but i can't explain what you're saying, 60 million barrels of oil going on to the market. you would have thought it brought it down but it didn't. neil: to make up, to your fine point it would make up for the lost russian oil but obviously they're looking at things escalating. as you said the flight to quality, interest rates. people want to buy a home, refinance the one they're already in, have a second chance here but outside of that, man, it is scary stuff. stuart: it is. neil: thank you, my friend. great show. i will try to follow your great lead here. the dow down about 670 points but look at oil as stuart been saying here up better than 10 bucks. this is on news, stuart right to point it out, right for president to say we don't want anymore russian oil. it is not a big player in our ove

except for the iea.ace talks, pretty shocking there, to try and get access to chernobyl. we've been talking about this a lot, there is no power to chernobyl, they want some engineers, ukrainians, to that site, and reconnect the power, and russian defense industry, and we'll find out tomorrow, and it is here very concerned. on the very concerned front, we have continued discussions today of a possible false flag attack by russian troops, and chemical weapons. we've heard, from the state, the director of the president of ukraine, who reflected russian media is saying. it is these biological sites, and the secretary is here of course. d.o.d., ukrainian officials, that is false, that is a false narrative, and it is to prepare themselves for the possibility to attack, and chemical weapons. these are individual places without this gonna happen. this indication here, finally, that they are taking this intelligence seriously, and they're concerned that this could happen in coming days. >> this is been doing phen

. >> reporter: boris and christian, the iea is sounding the alarm about a global energy crisis caused here's a sampling of some of the proposals in this emergency energy plan. lower speed limits on highways by at least 6 miles per hour, work at home up to three days a week, car-free sundays in cities, using high-speed and nighttime trains instead of planes, avoiding business air travel when possible. how realistic are these proposals? that's another question. it's easy to see how this could be very unpopular with the public, be very disruptive to society just as people are trying to get back to normal after covid and it could slow down the economy. but the iea is saying that all of that is better than the alternative, which would be skyrocketing prices and energy shortages. the goal here would be to slash oil demand, try to cushion the blow from the feared loss of nearly a third of russia's oil production due to sanctions. this is an acknowledgment that there really are not many good options right now to increase supply. opec has signaled it's probably not coming to the rescue, neithe

but we start with the iea. a major announcement coming. romaine: the big question is what can oil companies do? what can oil suppliers do? we talked about the release from the strategic petroleum reserves around the world. after we got that announcement, we still saw the rising crude prices above 106, in fact above 107 on the day. we had a great interview with the ceo of devon energy who talked about the idea that for his company, he is willing to pump more energy but he needs political cover and questioned why the white house had not reached out to him and other companies and whether there would be willingness to allow these companies to do more on the production side. at the big question is what effect would that have in the short term? caroline: precisely. let's begin with our key executive in the energy space. joining us now is mike wirth, chief executive officer at chevron. joining us on investor day when you celebrate more than a 100 year legacy at chevron and we are back at $100 oil. i wonder if the price is strong enough now that y

the iea actually coming out with a ten-point plan to ask people to reduce speed limits, work from homeless. on that medical debt story, you're looking at equifax, tr transunion, and others will wipe away medical debt. this will help improve people's credit scores. >> thank you. >>> coming up next, bill is tracking heavy rains across the south and the east. >> and the deadly and untraceable trend, the investigation into the growing threat of ghost guns working at it's best taking metamucil everyday can help. metamucil psyllium fiber, gels to trap and remove the waste that weighs you down. it also helps lower cholesterol and slows sugar absorption to promote healthy blood sugar levels. so you can feel lighter and more energetic metamucil. support your daily digestive health. and try metamucil fiber thins. a great tasting and easy way to start your day. i lost 26 pounds and i feel incredible. with the new personalpoints program, i answered questions about my goals and the foods i love. i like that the ww personalpoints plan is built just for me. get started for just $5 a month at ww.com h

the iea showing that inventories were stronger than expected -- bigger than expected i should say. the most important thing to be watching outside of the war in ukraine is central-bank action. in less than one hour the fed is expected to raise rates for the first time since 2018, with investors focused on how aggressive chair powell plans to be in tackling the hottest inflation in four decades and the unwinding of the balance sheet, trying to get some mechanics about how that is going to work. let's bring in danielle dimartino booth. she is the ceo of quill intelligence. also the author of "fed up." what do you expect to hear from jay powell today, beyond a .25% increase? danielle: thank you for having me. i think investors are going to be focused on those dot plots. they want to see at least five, if they see at least six or seven expected rate hikes or a wide disparity in that dot plot, i think there is going to be concerned that there is dissent on that committee and the onus is going to be upon chair powell when he is at the podium to be very explicit and specific about how the

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i will be discussing all of that with the head of the international energy agency, the iea, and the formal—former boss of oil giant bp. also on the show, with energy prices on the up, the aviation industry is facing a another tough year. so, i speak to the bosses of delta air lines about the cost of flying in 2022. wherever you arejoining me from around the world, once again, a big hello and welcome to the show. events in ukraine are continuing to reverberate around the world. and as the death toll grows, so do the calls for further punitive sanctions to be placed on russia. western allies, well, they have so far acted with unprecedented coordination to hit everything from russia's central bank to its wealthiest individuals. but so far, sanctions on the country's most valuable exports, oil and gas, have been more uneven with europe unwilling, for now at least, to turn off the taps. here is why. russia is the third biggest producer of oil in the world. pumping close to 11 million barrels of the black stuff every day. more than half of its oil exports go to europe. russia is also the world's

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i take this opportunity to re trade the sector general support for efforts by the iea. yay! to establish a framework on the safety and security of ukraine's nuclear facilities and arch or parties to work towards this end with the president. i wish to also highlight the terrible tall this conflict is having on civilians. the civilian casualties continue to rise. as of 16 march, the officer for the high commissioner for human rights heart recorded 2032 civilian casualties. including 780 killed, of whom, 58 were children. the actual number of casualties is believed to be much higher. most of these casualties are caused by the use of exposing weapons with a wide area impact. these include attacks using heavy artillery, multiple launch, rocket systems, ballistic and cruise missiles and air strikes. i also want to rate rate that attacks directed our civilians are prohibited by international humanitarian law. we must find a diplomatic solution to this war. to put an end to the violence of sector general good terrorist set, and i quote, we need an immediate succession of hostilities

nuclear watchdog a iea which has spoken with ukrainian officials. still u.s.rgy secretary went on alert over this and president biden was in touch with president zelenskyy. it happened russian troops moved up south. the locations that this happened that is about 100 miles north of crimea, 350 miles south of kyiv and started shelling the plant. and the administrative training building, that caught on fire. five or six nuclear reactors were shut down and pretty massive concrete casing. but in fact the last couple of days, they tried to block it and they knew what the dangers were. they stood on the street with thousands in front of the tanks, but at the end of the day, the fire from the russian troops proved too much. there were fears that one reactor had been hit. there were fears that shells hit in the opening cooling pools with the facility, but again, this did not happen and again, the nightmare of chernobyl on top of everything else that is happening in this war did not go down to. it shows you, trace, the many dangers out there in all sorts of forms to hum

the head of the iea says other oil producers must step in, and make up the shortfall. i think there are countries around the world who have a significant amount of spare oil, especially those in the middle east. they have been in difficult times in their history, they have been responsible, they brought oil to the markets but on this occasion i am unfortunately not seeing them being as responsible as before. it is a really does economic situation if we are going to see a major decline or a recession as we have seen in the 1970s, this will be bad news not only for the consumers but also for the producing countries and for all of us, so therefore i'd urge all the producing countries to bring oil to the market as soon as possible in order to prevent significant supply shock. on thursday the bank of england raised interest rates again, for the third time in four months. borrowing costs are now at their highest level since the pandemic struck two years ago. it's part of the bank's attempt to control the soaring cost of living, it's predicting the inflation rate could hit mo

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we actually need to move forward, and i will tell you around the iea table of ministers, there wasn't"we need to accelerate the energy transition to ensure "that there is greater energy security in the world." and we are not in a situation, like we are, or many european countries are right now vis a vis russia, so we have to actually act to ensure that people — that countries in europe have the ability to have mobility, that they have trucks that are going to carry goods, that are going to distribute groceries and everything else, that people are able to heat their homes and that industries are able to produce the goods that we all need, so we have to act to do that. and, minister, when you speak to your colleagues in the g7 group of leading economies, how worried are they that these soaring energy prices means that inflation could possibly be a long—term problem for all of us? well, i think you have to be concerned about the elevated energy prices, in part because of the potential impacts on inflation, in part because of the impacts on affordability for people — particularly for peop

there is also concern there is conflict growing between the iea and opec allies in that they are wantingection from iea's, and that allows them to more control what they see as the future picture of oil. they maintain a think there is more than enough oil on the market to meet demand. shery: coming up, baidu groans adjoining -- joins a growing list of companies that make it kicked off -- this is bloomberg. ♪ shery: here is a check of this business flash headlines. sources tell us bp has reach out to state-owned firms in asia as it dries to find a way to offload into question assets. the energy giant a citylab approach sinopec and trident national petroleum -- try not national -- china national petroleum. it is understood the efforts are being hampered by the grainy work. the company will continue its long-standing business in the country. the giant as wrapped up a review of its shareholding in two large russian firms and wider trading operations in the company. current contractual obligation while meeting executive requirements. china's biggest augsburg driller is planning share buybacks

we hear the russians have swift shots on mobile networks and turn it inside the plant and that a iea says they cannot communicate with anybody inside. so are we had a situation where ukrainian staff at the power plant essentially russian hostages, and what does that mean for the security and electricity situation on the ground in ukraine? >> in a word, yes. they are hostages to the russian forces who control what is the largest nuclear power plant in europe. they have surrounded it. they have taken control of it. one of the workers reportedly said last week when the russian forces moved in that they were being forced to work at gunpoint. so it is a great concern but obviously is the concern that the russians could do something to compromise the nuclear reactor and the kind of disaster we have not seen for 36 years. with the meltdown at chernobyl, the more immediate concern is the power supply that you rightly point to. if they can turn off the power, the russians or they choose to turn off the power, that is about 20-25% of the entire powers supply for all of ukraine. that would furt

brent crude, that story about the iea released, not confirmed yet, up by 7%, nearly eight percent rightey: 16 million barrels, a coordinated move is what we are looking at according to the report. a great scoop from our bloomberg team here. yet they broke through 103 dollars per barrel and it's remarkable as something the president is going to have to address in the state of the union speech tonight, talking about what americans are feeling at the gas pump. it seems that the inflationary forces at the central banks are reckoning with that. guy: seems that they are looking at that. we will talk with -- talk about this coming up with mark anderson, co-cio. that's coming up. this is bloomberg. ♪ guy: european equities on offer with a huge bid coming into the market. dealing with the details in a moment. the countdown to the close starts right now. >> the countdown is on in europe, this is "bloomberg markets: european close," with guy johnson and alix steel. guy: selling in equities, the real action as i say is in the bond market you're in europe. 29 minutes to go with a focus firmly on wha

coming up later today, we will be speaking to the executive director of the iea.is bloomberg. ♪ dani: it is "bloomberg daybreak: europe." u.s. president joe biden is expected to sign an executive order outlining the government strategy for cryptocurrencies. bitcoin has slumped to below $38,000, slightly higher this morning. we have president biden reportedly planning to sign an executive order, it would outline the u.s. strategy for crypto. what are we expecting from that? >> probably something that says we are really looking at this, thinking about it. a lot of these things have been mentioned or started to be dealt with in other areas, but this is from the white house. it is going to say we are making this a priority, we have had senators asking about crypto. it has been getting attention because of russia's invasion of ukraine, all sorts of things. they want to now look like they are paying attention. mark: -- manus: we went through the media, bitcoin is inflation hedge, that got busted. bitcoin as a flow of billionaire money, that has been questioned. so where

i don't want to say i told you so, but the iea has finally sai this. time. hears what he told us. >> you have to keep in mind thi is an agency they just a few months ago was telling the worl to stop investing in fossil fuels we don't need to do that anymore. the only way we will get to net zero is to stop all of the investment in fossil fuels. and then just a few months late commit where faking the world for more oil supplies? >> yes, and the reaction from democrats on the subject of the high prices, white house and th congress now, the chairman of the said in a letter to the oil producers, i am deeply concerne the oil industry has not taken all actions within its power to lower domestic gas prices. instead the industry appears to be taking advantage of the crisis for its own benefit. that echoes a tweet from president biden yesterday. people don't realize that most of the gas stations and the u.s and there are about 150,000 of them, they're mostly not owned by the. they are the people setting the price at the pump. as you know, sandra, recovering it a

on oil, we've seen new records yet again despite the fact that the iea have messaged don't worry, there be a short fall. doesn't reflect on the markets. >> they could add 6 million barrels on the market -- sorry. 60. the world will get through that in 6 hours. the world can use 100 million barrels a day. could they flood the market with more oil? more oil would bring that price down. they're not going to. they're going to keep up, i think, with the steady, steady increase. 400,000 barrels each month steadily increasing it to where it was during the pandemic. the prices are high and it is spiking pretty much every bit of volatile news we get out of russia which is every day. brent was up. multi-year high. >> for both of those. we're seeing more barrels of oil flood into the market. let's talk about corporates because the impact here could be huge in terms of the long term for russians and potentially for putin himself. >> yes. every day we see more businesses backing out of russia. the list just keeps growing. some of them are a result of sanctions. the others are taking a stand but the

and the iea talking about strategic reserves releases. 6 million barrels.t will have some impact, but it is less than two thirds of daily global crude consumption. it is not likely to have a massive impact. we also have the iran talks. that could put some more oil onto the market. i think goldman just a few days ago forecast brent at $115. we have already blown through that. there doesn't seem to be much that can stop it. hard to say exactly when. dani: $150 is a prediction of where oil could get with sanctions. andrew, thank you. let's turn our attention to the broader commodity picture with wheat soaring to a new 14 year high. joining me now is the head of research at ed&f. i want to pick up on a point that andrew left off on. short of demand destruction, it does not seem like oil prices are going to be able to come down. do we have any idea of what level we need to see in this energy space for fertilizing companies, industries to start experiencing demand destruction because of prohibitively high cost and the energy sphere? >> we are possibly getting to

i will be discussing all of that with the head of the international energy agency, the iea, and the formal

brent crude stores pass $110 as the iea warns that the invasion threatens global energy security. gasoline spikes. opec-plus meets today. it's a market that's coming to terms with the war that has entered a more brutal phase. coming to terms with a second-order impact to the economy. throughout the market yesterday were historic moves as the specter of stagflation becomes more real. you are looking at 10 year german bond year roots -- yields here. dropping 30 basis points over the past two days. the biggest drop. the fifth biggest move in all of history, nearly unwinding all of the moves higher in yields that happened off of the back of the ecb hawkish turn last month. the move similar across the u.s.. the issue is that you have bonds rallying, stocks falling, inflation print still coming in hot, and commodity prices continue to move higher. check out what oil did yesterday. rent crude up 10% yesterday. it's up another 5% today alone, trading at $110 per barrel. all of this pointing to a stagflationary environment where central banks lose control of inflation. those are the moves

we know the ukrainian nuclear operator had informed the iea that the personnel and management of thet to this military occupying force that, yes, a new shift of workers were allowed to come in after the shelling, after the power plant was taken over. the previous shift had worked there for almost 24 hours under the shelling. this is extremely dangerous. we can imagine these people who are operating, you know, a radioactive and nuclear facility and they're working under duress. and not only that, they are clearly concerned about the safety and well-being of their families that live in the town nearby. i mean most of the town is the actual, you know, families and the workers of the power plant themselves. >> yes. such good points on the crisis there. now, earlier, cnn spoke with anya makandushi, former adviser to joe biden when i he was vice-president and the during the annexation of crimea by russia. she feared something like this would happen especially as the russian president continues to isolate himself. >> 2014 this wasn't something we were foreseeing. we, of course, feared he wo

david: the only thing i know is i know we were working with the iea to have a coordinated release.ar to me right now that we have not waited for that. that could take time and i think president biden wanted an immediate response. judging the price of oil today, i think he is getting some. guy: the issue will be, david, and the barrels just showing up at refineries now, this will take time. what if this does not work? what happens then? david: [laughter] then, he has a really big political problem. the issue is what americans are paying at the pump. this is one aspect of inflation that he much every american who drives a currencies nac had at least once a week when they go to the pump. it is different paying more for bread or milk. that is more vague. you see this posted as you drive down the street. guy: thank you very much. the european close is next. this is bloomberg. ♪ if you're a small business, there are lots of choices when it comes to your internet and technology needs. but when you choose comcast business internet, you choose the largest, fastest reliable network. you choo

100 the international energy agency said barrels may not find their way to the market next month the ieaer russian domestic demand as well for oil products. >>> back to our top story and tech stocks like alibaba, tencent, jd.com, among others bouncing back in a major way you can see here alibaba closed up 20% 36% gains for jd.com trading so big moves there much more mooted action. some are seeing real unusual "options action" on the heels of this morning's news. let's bring in jon najarian, co-founder and cnbc contributor. i have to say whenever you see ridiculous moves, the options market has to start taking notice what kind of activity have you seen are people jumping in to buy the dip? >> definitely, dom in fact, yesterday in kweb which is an etf that attracts a lot of the stocks you mentioned, tencent, alibaba, they traded 23,000 like ta very, very quickly at the april 25th call strike and that was when it was trading at near the lows of the day at about 23. we, of course, made up that by the end of the day, and in the premarket you said these are screaming higher kweb in particular

>> we saw the iea releasing 60 million barrels of spr and prices rallied by six dollars on the back oflls you, i have been talking to traders and they are like, if you read one of those make a difference, you need 200 pounds. lisa: what is the pricing mechanism? this is a completely tight market where people gain it -- where people can't get physical delivery, and there are those that are kicking up pricing. which is? amrita: it is the former. the russian oil is there, but if you don't want to touch it, then you don't have that oil. i think it is very important to understand particularly for europe, this is very short-haul barrels. if europe needs to go and get something to substitute for russian oil, they may get u.s. oil or rest african oil, the saving time is a lot longer, but there will be a period of no oil coming for europe. that is why the mechanism is high prices. demand has to come down. lisa: people have been arguing for, for example, the u.s. to support the shale industry, to support the local, domestic energy industry. other people have wondered out they could increase prod

>> at this hour, we understand that the plant is secure, as the iea has said that the central equipment was secure. we understand that it took 40 people and ten vehicles, now, from the ukrainian special services, to put out the fire. the fire now, we understand, was in a training building behind the plant. but look, not any less alarming when you look at that video, and you the plant. the other thing, there is nothing to, to guarantee that won't be some kind of russian counter attack. we have seen this time and time again, two russian tanks, two armored personnel carriers and it took civilians standing in the room to stop them from progressing and came back 12 hours later and we saw the sustained fire fight. in the last few minutes, we're hearing from the united kingdom prime minister boris johnson, in the last few hour, putting the entire continent, putting all of europe at risk and similar words from the ukrainian president, releasing a video on telegram saying it was time for europe to quote wake up. we've seen sustained attacks on civi

and the iea need to announce a release of 120 million barrels from the strategic petroleum reserves.> he needs to go to saudi, take a trip immediately, and re-establish relationships with saudi. secondly, he needs to support our industry only the u.s. shale industry can help solve this long term, and the saudis and the uae >>> and joining me now with more is jerry baird good morning >> good morning. >> what can we do in the u.s while it's only 8% of imports, it's clearly having an impact on the global energy market what can we do to mitigate the impact of rising prices? >> the first thing is action was finally taken yesterday. i was disappointed it took so long for the administration to announce the ban of russian oil. that sends a good signal but primarily we need to reopen our own industry it's a shame that we're sitting on so much oil and so much opportunity, and the administration has held us back. we have people that are ready to go to work we have plenty of resources. we need to get that oil into the market thirdly, we need to release the oil from the ex-el pipeline. most comes

other members of the international energy agency referred to as the iea offering up another 30 millionscenario. this is about the highest oil has been in more than a decade. enter senator john thune, the minority whip. good to see you. >> nice to see you, neil. welcome back, by the way. >> neil: thanks very much. i appreciate that. what do you make of the president? he didn't pivot as some of you and your colleagues at home, my last guest, the former home depot chairman bob nardelli hoped to open up domestic oil production. instead, tap the petroleum reserve. he says that's enough. what do you say? >> no question about it. as you know, pricing has a lot to do with expectations about the future, not just what is done in the immediate time frame. that was a band aid. releasing barrels of oil from the strategic petroleum reserve is a little bit of a relief valve. this is a long-term structural supply and demand issue that only gets fixed by america becoming once again energy independent. your previous guest talked about this. there's no question that we have the resores here if we're will

last week the iea, the international energy agency, said russia may be forced to cut oil production by to a slump in demand. russian oil is struggling to find buyers and is actually now around $30 a barrel cheaper than brent. according to russian state media outlet tass, alexander novak warned monday that if russian oil was rejected from global markets, prices could skyrocket to $300 a barrel, even $500. that is far above estimates from any analyst or expert cnn has spoken to. mr. novak also said europe does not have a substitute for russian oil. on that point, he may be right, at least for now. but the eu has made clear it wants that to change so russia can no longer wield the weapon of energy dependence. anna stewart, cnn, london. >>> well, countries around the world are pitching in to help ukraine. but as aid pours in, delivering it throughout the country is becoming increasingly more dangerous. cnn's melissa bell explains. >> reporter: from all over the world, boxes of donations, food, medicine, and clothing now piled high and being sorted by volunteers in a disused warehouse in a

right now, iea mn, it's all over.ihabes en -- whh icis the ndseco lgearst citwhy ich is all e way in the stea, that has beiten h vyer hard. kyiver, the'bes en selh,ling obviously, finightg ainnd ound in themu comniesti around rentsideiaeal ars. we've seyoen, u know, trerible, terribomle bbardntmes of residel ntiaarase. i me tan,he images, the sousnd people screami,ng finding children slaerughtedn ithe streets is rdha to ever forget. there's t a loofig fhtinerg, vy intens te inheou sth. 'sthat aig b push fr other toe e saodes. they've seized kheonrs, a small to iwnn the south. but odessa is a town in the south. rtainly what teverhe russian plan was, the reality of the stng othf the ukraianni densfoe rcesnd a thevo lueentrs has been extraordinanary d eaclrly not what russia expecd,te and, so, atheyrele carly vreinisg whatever batpltle an they may have had, that has certainly seemed to ghaveone out the windowow n a tndhe russians are yitrng to, you k, nowit seems, acrdcoing to u.s. officials, that tarhey e just now going

in response, iea member countries announcing a coordinating release of 60 million barrels of oil onto the world market about half of that will come from the u.s. strategic petroleum reserves the department of energy says it's prepare today do more as necessary. president biden today spoke to ukraine's president earlier for about 30 minutes president biden wearing a blue and yellow tie, a color many lawmakers are expected to wear at tonight's state of the union. pledging solidarity with the country and pledging more defenses as needed sara >> kayla, thank you. kayla tausche. president biden is expected to address the crisis in europe in that state of the union address tonight. so be sure to watch cnbc's special coverage, hosted by shepard smith, starting 8:00 p.m. eastern >> oil, as kayla mentioned, surnling today to its highest level since 2014, even after the iea agreed to release six60 miln barrels from the reserves. joining us is the founding partner of again capital what is the market telling us here a 9% move higher why are we seeing that right now? >> it's just terrific concern

ukraine telling the iea it has lost all communication with the plant just a day after it lost externaltary, earnest moniz, thank you for being here. ukraine now saying it's lost all communication with chernobyl. what are your concerns there? >> certainly a major concern was the status of the nuclear fuel pools. without electricity coming in but the iaea, the international atomic energy agency stated and they are really experts of this, that chernobyl should have sufficient water and cooling capacity to keep that under control but i am very concerned in general, not only chernobyl but other nuclear power plants as well, that the staff are clearly under enormous stress under the imprisonment, i believe, of the russian military. so if anything goes untoward in any of these sites, i am concerned about the staff being able to react properly. >> i think it's a huge threat when considering the threat and stress they're under, fatigue. russia plans to carry out some sort of terrorist attack at the chernobyl nuclear plant, as we just said, is under russian control. ukrainians are saying they wo

it's not one of the nuclear reactors committed the iea says none of the safety systems were impacted. however, given how scary this situation is its prompting president volodymyr zelensky to press for more help from the west. >> as far as this ominous convoy, were still watching it and still no major development. the information is that they have been flummoxed by bad equipment, flat tires, and mata. the city of mary opal, that's to the southeast of the country, that particular town has been under withering artillery fire for days now. you talk about the people of that town did not have heat, water, electricity. since the billions structures have been hit. if you look at a map, it is to the southeast of the country. key strategic point because it has assets to the water. there's a bridge over the river there that connects it to the crimean peninsula. key strategic point very no independent confirmation that the russians have control over that town. but the mayor says the russians are in control. odessa off to the west of the country. warships are headed there. we anticipate a big batt

supply including the unprecedented step that the president tooks to engineer last week of getting the ieal release of 60 million barrels of strategic reserve around the world. work this issue in realtime with our allies as we go. sgla speaker pelosi said she's all for it. you have bills in the senate from democrats and republicans who support banning russian oil imports. it's not a step that is prepared the take right now. why not now? >> a couple of points here. everything we have done preparing for and up to putin's invasion and since we have been working stabilizing partners. that's hugely important. imposing pain where it needs to be focused. what is our strategic interest? it's not to reduce energy and talk about the upper pressure on gas prices . they are actively engaging. >> what the president promised when he announced the first sanctions was that as the aggressions increased from russia, so would the punishment and committed to that punishment focused on the russian economy . >> why not now take that step? >> absolutely. we are imposing the most historically strong crushing econ

ukrainian foreign minister, or the russian foreign minister, it was the arrival of the head of the iea, who arrived at the talks and basically demanded access to the nuclear site. it's a side that has had no power for nearly two days and they need to get the power back. and allegedly, the russian government is going to allow engineers from ukraine to get to that site. it is these nuclear sites, in addition to the stop of chemical weapons, that has more and more people fleeing. that has hundreds of thousands people now on the move because there isn't beyond a lack of trust toward the russian government, there is an awareness here on the ground that would russians are being told is not just false, it is misleading, it is disinformation. and that it could cause a real catastrophe here, even beyond what we are already seeing, lawrence. >> cal perry, thank you very much for that report starting us off. i really appreciated. and running us now is democratic congressman adam schiff from california. he's the chairman of the hosts intelligence committee. mister chairman, thank you for joining u

oil exports will be smaller than expected disruptions, so a little bit of a disconnect from what the ieaer firms are saying that really gets to the heart of it right now, which is this huge uncertainty in the market. there's a big disconnect between what's being said on the supply side and what's actually happening. so at this point, we really just need some more data, more clarity on how russian exports will be impacted >> in the meantime, the administration has called on u.s. energy firms to ramp up production despite some criticism of the administration on that front. have they -- i know you just don't turn it on, but what have we been seeing >> you really can't just turn it on by any means. if they were to start drilling today, we wouldn't see those new barrels come to the market for another six to nine months so while the rig count is going up and these prese prices are tempting, they're not bringing production back online at the same pace that $100 oil would have meant in the past and that's because they emerged from the pandemic with wholly new business propositions. they're payin