meta_pixel
Tapesearch Logo
Log in
The Intelligence from The Economist

Crude awakening: the Arab world after oil

The Intelligence from The Economist

The Economist

News, Global News, Daily News

4.53.7K Ratings

🗓️ 14 July 2020

⏱️ 20 minutes

🧾️ Download transcript

Summary

Historic price fluctuations are hastening a post-oil transition that many Arab countries were already contemplating. That could foment plenty of unrest, but also some much-needed reforms. Not many Americans had, until recently, relied on midwifery. Now business is booming—and that has big public-health benefits. And a much-needed update to the old saw that work expands to fill the time available. For full access to print, digital and audio editions of The Economist, subscribe here www.economist.com/intelligenceoffer

Hosted on Acast. See acast.com/privacy for more information.

Transcript

Click on a timestamp to play from that location

0:00.0

Hello and welcome to the Intelligence on Economist Radio. I'm your host, Jason Palmer.

0:09.9

Every weekday we provide a fresh perspective on the events shaping your world.

0:18.0

In America, midwives don't normally tend to be very busy. In the COVID era, their book

0:23.4

Solid is expected mothers try to avoid hospital trips. The trend ought to outlast the pandemic.

0:29.5

Statistics show midwifery has serious public health benefits.

0:35.2

And you've probably heard of Parkinson's law that work expands to fill the time available.

0:41.0

Given that so many workers are clocking in at home, our columnist has updated the law to include

0:46.5

two versions, one for the workaholics and one for the workshy.

0:53.9

But first, when the pandemic struck, a world that had run on oil for more than a century

1:04.8

was thrown into disarray. As industries shut down and commuters stayed home, oil supplies started

1:11.4

spilling over. By April, many producers had nowhere to store the stuff and actually paid buyers

1:17.8

to take it. Some oil was for the first time on record less than worthless.

1:23.5

Yesterday, the price of West Texas intermediate crude fell below zero for the first time in history.

1:30.2

Simply people can't store the stuff anymore. This is unprecedented. I've seen a lot in my 40-year career,

1:35.4

but nothing like this. Prices have been ticking back up, and when the club of oil exporting

1:40.9

countries known as OPEC Plus meets this week, they're likely to nudge production back up again.

1:46.8

But that's not to say that all the oil turmoil is coming to an end.

1:53.0

Early on, the pandemic basically has people stop traveling and going to work,

1:57.7

demand for oil plummeted and so did prices. Roger McShane is our Middle East editor.

2:02.9

Now, prices have come back a bit since they're low as in April,

2:06.1

but it seems like relatively cheap oil is going to be with us for the foreseeable future.

2:12.4

And that has enormous implications for the Arab world, which produces more of the stuff than

...

Please login to see the full transcript.

Disclaimer: The podcast and artwork embedded on this page are from The Economist, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of The Economist and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.

Copyright © Tapesearch 2026.