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Money Talks from The Economist

Money talks: The oil club

Money Talks from The Economist

The Economist

News, Business, Economy, Finance & Economics, Business News

4.41.2K Ratings

🗓️ 20 February 2018

⏱️ 17 minutes

🧾️ Download transcript

Summary

Henry Tricks, our energy and commodities editor asks whether the chumminess between oil producing countries will last. Also, how will Facebook tackle the challenges ahead and the unlikely home for the world’s crypto-valley? Helen Joyce hosts

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Transcript

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0:00.0

Imagine sweeping through green fields, floating five feet above ground, sun on your face as you

0:08.3

slide by on track to your

0:15.0

there,

0:20.0

to care in the world as you simply lean back.

0:17.0

And before you know it, you're there.

0:20.0

This is how travels should feel,

0:22.0

and on our trains it does.

0:25.0

Avanti West Coast feel good travel. Hello, I'm Helen Joyce, the finance editor of the Economist. Welcome to Money Talks.

0:40.0

Coming up on the programme, how can Facebook tackle the challenges ahead?

0:45.0

There's going to be a lot of political pushback going forward, which will be a distraction for the company.

0:51.0

And which snowy country is becoming a cryptonation?

0:55.1

On the surface, it just looks like any other Swiss cute village.

0:59.5

But underneath the surface, it's now become the home of many many crypto-related companies.

1:08.0

First, there are deep changes bubbling up in oil production.

1:11.0

Opeck, the Organization of Petroleum Exporting Countries, which includes Saudi Arabia,

1:16.2

is pressing ahead with an alliance with 11 non-OPEC countries, chief among them Russia.

1:21.1

They are working on a draft agreement which could be signed by the end of the year.

1:24.5

The oil cartel is trying to bring more countries into the club as a way of counteracting America's

1:29.3

shale revolution, which could see America becoming the world's largest oil producer by next year.

1:34.0

Henry Tricks, our Energy and Commodities editor, has been to International Petroleum Week in London today

1:40.0

to see what the industry makes of this sudden chaminess.

1:46.0

I went to the event today, which is a gathering of the great and good of the oil industry. They come not in their hard hats and their overalls but they come in suits and ties.

...

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