Will oil prices keep falling?
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 15 August 2022
⏱️ 9 minutes
🧾️ Download transcript
Summary
Saudi Arabia has agreed to renew a three billion dollar deposit at Pakistan’s Central Bank, Saudi Aramco reported record profits, and an expected US tax on stock buybacks isn’t expected to have a big impact on earnings. Plus, Mexico’s president wants beer makers in the north to cut back due to the region’s drought.
Mentioned in this podcast:
Saudi Arabia renews $3bn deposit to Pakistan
Saudi Aramco hits fresh profit record as high energy prices deliver windfall
Mexico president calls time on brewing as drought intensifies
The FT News Briefing is produced by Fiona Symon, Sonja Hutson and Marc Filippino. The show’s editor is Jess Smith. Additional help by Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.
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. |
| 0:06.4 | Learn more at equinole.co.uk. |
| 0:09.8 | Good morning from the Financial Times. |
| 0:12.0 | Today is Monday, August 15th and this is your FT News Briefing. |
| 0:18.6 | Pakistan has depleted its foreign reserves and Saudi Arabia is stepping into help. |
| 0:24.6 | Oil prices have fallen a lot in the last several weeks. |
| 0:28.1 | We'll look at why and how long this could last. |
| 0:31.7 | Plus, we'll dig into what a major U.S. spending bill could mean for share buybacks. |
| 0:38.0 | I'm Joanna Gao, in for Mark Filipino and here's a news you need to start your day. |
| 0:49.6 | Saudi Arabia has agreed to renew a $3 billion deposit at Pakistan's central bank the FT has learned. |
| 0:57.0 | This deposit will shore up Pakistan's depleted foreign reserves and it comes just as Islamabad |
| 1:02.8 | is negotiating an aid package with the International Monetary Fund. |
| 1:06.9 | Last month, the IMF agreed to increase its loans to Pakistan but on the condition that Pakistan |
| 1:12.1 | received financial support from elsewhere. |
| 1:20.8 | American and European drivers have been getting some relief at the pump. |
| 1:25.4 | Lower gas prices have followed following oil prices over the last couple of months. |
| 1:31.0 | After Russia's invasion of Ukraine, crude oil hit a high of $120 a barrel. |
| 1:36.8 | Now it's below $100. |
| 1:39.4 | We asked the FT's Derrick Brower what's behind this. |
| 1:42.6 | It's really about three hours, I would say recession, fears recession, |
| 1:47.2 | and recessions tend to kill world demand growth. |
| 1:51.1 | Russia, the notion that Russian production was going to collapse, has not materialized. |
... |
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