Biden turns to autocrats for oil
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 15 March 2022
⏱️ 10 minutes
🧾️ Download transcript
Summary
US stocks dip lower on concerns over this week’s Federal Reserve meeting, a star witness in the 1MDB corruption trial has wrapped up testimony in a Brooklyn courthouse, and US president Joe Biden is courting Venezuela and re-engaging with Saudi Arabia to overcome his oil sanctions against Moscow.
Mentioned in this podcast:
US government bond prices drop ahead of Federal Reserve meeting
Tim Leissner’s testimony in 1MDB trial shines light on vast fraud
Having frozen out Putin, Biden is warming to other autocrats
Germany to buy US F-35 jets in first big deal since defence budget boost
The FT News Briefing is produced by Fiona Symon and Marc Filippino. The show’s editor is Jess Smith. Additional help by Peter Barber and Gavin Kallmann. The show’s theme song is by Metaphor Music. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley.
Read a transcript of this episode on FT.com
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Transcript
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| 0:00.0 | The FT News Briefing is supported by Equinole, the UK's energy partner. |
| 0:06.3 | Learn more at equinole.co.uk. |
| 0:09.8 | Good morning from the Financial Times. |
| 0:11.4 | Today is Tuesday, March 15th, and this is your FT News Briefing. |
| 0:18.8 | What goes up must come down, and oil markets came down yesterday. Equities followed them, |
| 0:24.7 | and the US is turning to unlikely countries in its search for oil supplies, |
| 0:29.2 | but the response has been less than enthusiastic. |
| 0:32.6 | All of a sudden, we realized that some of these countries are actually very close to |
| 0:36.4 | the Putin regime, and this must be quite a realization for the US and Europe. |
| 0:41.9 | Plus, we'll catch you up on the latest in the 1MDB Corruption Trial. |
| 0:46.0 | I'm Mark Filipino, and here's the news you need to start your day. |
| 0:49.1 | The price of oil has been absolutely unreal lately. |
| 0:59.5 | Brain Crude was nearly 140 bucks a barrel last week on fears of a Russian oil band. |
| 1:05.1 | Yesterday, West Texas Intermediate fell below $100 a barrel as fears lessened, |
| 1:10.3 | and OPEC members discussed opening the taps. Equities also dropped, especially tech shares. |
| 1:16.4 | The NASDAQ ended the day more than 20% down since the beginning of the year. |
| 1:20.4 | Here's the FT's Nicolas Magala with more. |
| 1:23.2 | The NASDAQ has had a pretty toxic combination of factors affecting it so far this year, |
| 1:27.7 | and that upcoming Fed meeting is probably the biggest. |
| 1:30.8 | It's certainly the one that started, the sell-off of the start of the year, |
| 1:33.7 | and it was again the main focus on Monday. |
| 1:36.9 | And that's because this is true to an extent of the S&P 500, |
... |
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