scott sheffield of plantar natural resources.ore on oil, i am joined from london by jeff currie, head of commodities research at goldman sachs. the rhetoric is that there was a -trump call putin yesterday, and that envoys will potentially talk about oil curbs , etc.. what are you hearing about that? jeff: the noise suggests there could be a potential cut between u.s.i, russia, and the of about 10 million barrels per day. i want to go back and really talk about the magnitude of the demand shock we are talking about. currently, 96% of the world's gdp has some type of social distancing measure in place. in oil is far greater than the economic impact. why? .ecause oil is the cornerstone we bottoms up approach that do comes to a number of roughly 26 million barrels per day as of yesterday morning. that is probably bigger. japan has relapse. brazil has cracks down harder. surplus isude of a going to overwhelm the infrastructure. we heard from scott just now that you are at region storage capacity already. made cuts.dy this is due to th

what is the scenario that keeps scott sheffield up at night?if we have low oil prices for two years, the world will balance supply and demand, and we will easily be back up to $50, $60, $70 oil at that time. alix: scott, really appreciate catching up with you. scott sheffield, pioneer natural resources ceo. romaine: still with us is tony scherrer of smedes. thanks for standing by -- of smead capital. thanks for standing by. what is the correlation here in your mind between where prices are now and what impact that could have on global gdp growth? , looking at the stock , the entireinstance energy sector right now is right around 2.5% of the s&p 500. it is far more important, gdp basis i guess is what i'm saying capitalization or investor basis, which could be more attractive for energy going forward because it is so disenfranchised from what goes on in the market cap stuff today. on a gdp basis, it is far more important. on the positive side, it is a good natural economic shock absorber that helps consumers. that an interest rates pave the way

scott sheffield, thank you very much for joining us and the straight talk we needed to hear.'t a straight line. and sometimes, you can find yourself heading in a new direction. but when you're with fidelity, a partner who makes sure every step is clear, there's nothing to stop you from moving forward. a partner who makes sure every step is clear, at&t has connect us every day for over 100 years. and we're here for you - especially now, doing everything possible to keep you connected. through the resilience of our network and people... we can keep learning, keep sharing, keep watching, and most of all, keep together. it's the job we've always done... it is the job we will always do. when yowhat do you see?itical issues facing our world, see breakthrough medicines getting to patients in record time. we see harnessing natural gas unleashing the promise of clean energy. we see engineers simulating the future to improve today. at emerson, when issues become inspiration, focusing core strengths to create a better world isn't just a result, it's a responsibility. emerson. consider i

was president and ceo scott sheffield.t to take a look at how markets are opening because we do know that in new york on tuesday, we ended with a wild quarter. looks like some of those losses are extending now into the futures market. s&p 500 futures now off about one point 2%. you are getting some positive uptiment over in australia, 1.8 percent or so and you are continuing to see some yen strength. it is small but you were starting to see a little bit of the dollar weakness. you had a lot of dollar funding issues. you are getting some relieving the pressure on the dollar and going into some safe haven yen here is another sign that you are starting to get some of those traditional safe havens that are starting to come back and work the way in which they should. i do want to bring in our correspondent, selina wang, because a lot of the disruptions that have been caused by this pandemic, and despite those, trying to continue to open up this financial services industry . we enter april as part of the trade agreement signed w

we will speak to scott sheffield, ceo of pioneer natural resources, and jeff currie of goldman sachs.break: americas" on this tuesday, march 31. congratulations. we made it through a terrible first quarter, and we could be ending on something of an up note. futures dipping into positive territory after the first quarter since 2008. yields down by about three basis points, but in europe, still seeing some selling.

after its own companies exxons and the bigger ones according to scott sheffield of pioneer and globaldisruption and 13 to 20 million barrels a day being taken offline. oil at 20 bucks. the problem is what happens when oil's storage runs out and it is starting to fill up? let's talk more about this side of the story and bring in clay seigle and they specialize in offshore, storing oil on ships clay, it's a pleasure to have you on the fact that so many ship owners or oil owners are willing to pay ships high rates because rates have gone up to store oil offshore says a lot. where do we stand in oil storage right now? >> hi, broadwian. thanks for having me we believe there are tankers worldwide. is that a lot? that sells about the same amount of oil, and their highest point a couple of years ago, so it is a lot. the question is what does that buy us in terms of a buffer to balance this very skewed, physical market we're seeing today. >> yeah, well the stuff i'm reading onshore suggests we're probably anywhere from 30 to 60 days roughly between pretty much filling up every tank, every pipe

may and that's fine if you're looking for permian at 20 you're getting $10 for it which is why scott sheffieldlso on bloomberg this morning talking ten companies make it, 64 don't no consolidation because of the debt if you're buying one of the stocks today, remember that unless the government, if president trump calls president putin and they make a deal, even if they do that, there's still again no demand. it's a demand problem. keep coming back to the idea, we think our policymakers should do something. they can't create demand oil is still in the ground the prices you're seeing, west texas midland is $10 a barrel. that's the actual price for our oil companies, and nobody makes money there. nobody so we can look at those big posted numbers and you can buy the stocks all you want but in the end, david, occidental, it's not the old ok diessentialccidet conservative company. >> we discussed that many times. they took a huge risk and hasn't worked out >> well, david, sometimes you just get had there's mike wirth bidding against it >> well, jim, what do we make of the headlines regarding trump a

strong words from scott sheffield.me statistics to back it up and say if the market, the equities side any way, maybe pricing this in the average return of a company's stock that operates in north dakota is negative 87% over the past year six companies where that's their primary operating region, a higher cost area and the stock's around 87% they're effectively getting wiped out along with their investors, guys. it has been an impossible situation. not only because the price of oil has fallen down again today but also because we've talked about extensively the crushing debt loads i've said it before. oil is a four letter word. it's spelled d-e-b-t i think what the fed is doing, buying corporate dead sh, was sort of a wink and a nod, semi bailout to oil and gas because the bonds of these companies are also getting whacked and you know a lot of those are held by the banks that you talk about every day >> that's true, brian. sorry to interrupt, to jump in there, sara, didn't know if you were about to say anything, but whe

. >> excuse me >> no, there's people that think it will go to $5 scott sheffield yesterday from pioneer with brian sullivan, he was talking about a handful of oil companies making it. listen up. go back on cnbc.com and listen to it. it takes your breath away. scott told me, you know, 8 million barrels a day that we would go to 13 we were headed to 17 i just feel like people have to keep their eye on oil. it's the wildcard. it's the thing that no one seems to be able to stop it's deflationary not in a time we want to see deflation it feels so 1928 >> it is worth reminding people, of course, it is connected to the current economic crisis given the incredible decrease in demand from world economies. but it is also completely separate because of this fight that continues between the saudis and the russians. you have said for weeks you want the president to call up saudi arabia's leader and say cut it out. but that hasn't happened, jim. it appears that's not going to happen >> the president -- i spoke to the president for many, many years about opec he hated opec. opec is on the one now gaso

the scott sheffield interview last week with brian sullivan was really incredible. he's talking about tremendous consolidation based on the idea that a lot of oil companies won't make it. we are seeing retailers where they won't make it oil companies, and then the stock market doing well. there's a disconnect, but maybe the answer is there's a lot of companies in the s&p that are truly service oriented companies, maybe the services won't take a hit even if oil goes much lower, which could be good for them. >> though, carl, it is always important to point out, not that we don't know it, maybe we don't mention it enough, it's not just our economy that's like this, india, the uk, spain, france, germany, italy, the list goes on and on here, major economies in this world that are more or less shuttered at this point. >> it's one of the things that -- there's so much to absorb domestically, you forget that the mass migration that's going on in india now and the public health implications of that kind of migration would be mind boggling in a regular world, we would be payi

joining us now are two frontline workers — kirsty scott, a senior care home assistant from sheffield,an to you in something like that happens? around the country, people like you, andi around the country, people like you, and i will get you to tell us what you do, sacrificing your time and safety, to some extent, to do this and care for people that need you? it just felt amazing. we felt appreciation. where you are at the moment things have changed, haven't they, since self isolation was announced, the measures were brought m, announced, the measures were brought in, could you tell us what you're working two weeks looks like now? we are now working seven days a week, 12 hour shifts. 0ur manager, sarah harrison, and the home manager, angela drake, put these into place a few weeks ago, when they realise it was becoming a pandemic, with the support of the home owner. we are asking for volunteers to come and minimise the risk of the virus coming into the home. full respect for everything you do. let's speak to dr patel. we expect from doctors lots of composure, common sense and all of tho