production or about 5% in global oil output joining us now on the phone in an exclusive interview, michael wirthhevron. michael, good afternoon. thanks for joining us. >> you're welcome, wilfried. good to talk to you. >> it's good to have you with us on a day like this i wanted to start by asking you, during the course of your career, gauge for us the scale and level of precise of this attack relative to other geopolitical shocks that there have been. >> well, it's a retirement that risks are always present in our business and it's been some time since we've seen a major event in the middle east like this. you have to go back to the gulf war, the invasion of kuwait. so it's been quite some time, but we prepare for these things. this is a feature of our business and so while you can never predict when an event like this might occur, you always need to be prepared. so we plan for these things and i would say when they happen, we're surprised like everybody at one level, but at another level, we've actually thought about it >> how do you think, michael, it's going to affect u.s. oil production >> w

chevron chairman and ceo michael wirth joined "closing bell" yesterday and here's what he told us about the saudi attacks on global supply. >> 5% of global supply coming off unexpectedly has an impact on the fundamentals that derm prices and the question is how long is the supply off, what does this event suggest about a risk premium that perhaps has not been as evident in the market, and so, you know, the backdrop, the fundamental global macro economic backdrop hasn't change i think a lot of the supply fundamentals haven't changed in the long term. >> joining us now, jpmorgan head of oil research and strategy, abi, and nasdaq energy analyst tamar. good of you both to be here. everybody has their sources right now and trying to read reports and figure out what's going on with saudi production what are you hearing >> i think there has ban lot of knee-jerk reaction over the weekend as we've seen already in the press. when we did our own analysis we put out a report early on monday and had three scenarios, one in which 50% is cut off one week, second in which 50% of oil from saudi arabia i