With Bloomberg you get the story behind the story, the story behind the global birth rate,

behind your EV batteries environmental impact, behind sand. Yeah, sand, you get context.

And context changes everything. Go to Bloomberg.com to get context. Welcome to the Bloomberg surveillance podcast. I'm Tom Keene.

Daily, we bring you insight from the best in economics finance investment and international relations

find Bloomberg surveillance on Apple Podcasts soundcloud bloomer.com and of course on the

Bloomberg. Chinese oil demand, as you said, dropping by about 3 billion, 3 billion barrels a day, 20% of total consumption,

the largest demand shock the oil market has suffered since the global financial crisis of

2008. Why are we seeing oil prices getting a bit of a bid today? Why are they

having a lift? Why are they slightly up? Because everything was down so bad last

last week I guess. But is that really pricing it in? I mean last

week was not a bloodbath. Last week was a sell-off, but it was not. Let's be clear, people don't know

what to price in. They don't know how long this will go on for they don't know how much

worse it will get so let's ask the economists what to do John Riding bring capital

chief economic advisor joining us around the table here in New York good morning

to John good morning Johnson What do you tell clients? Well look what

has to try I think recognize first of all the coronavirus it's like all illnesses it's terrible it's spreading

rapidly

But what has to put it in perspective so what what is it analytically? And I've argued that it's more a

supply shock than it is a demand shock, at least for the rest of the world. We have an integrated

global supply chains. We had a shock to the supply chain last year from tariffs in the trade wars.

We got that behind us and now we have a supply chain shock coming out of the

factory staying closed which is a Chinese decision in terms of limiting the spread then of course the travel

...