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tv   Boom Bust  RT  August 10, 2021 9:30am-10:01am EDT

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version, the british and american governments have often been accused of destroying lives in their own interest. while you see in this, these techniques is the state devising message to end essentially destroy personality of an individual. lifetime. means this is how one doctors, theories were allegedly used in psychological warfare against prisoners deemed a danger to the state. that was the foundations of the method of psychological interrogation, psychological torture, disseminated within the us intelligence community, and worldwide among allies for the next 30 years. been to the victim say they still with the consequences today. the
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3rd boom bought the one business. so you can't afford to mit branch your board and i'm rachel blevins in washington. coming up. oil prices continue to fall. just as opec water starts increases output, we'll take a look at how the latest drop in demand is having an impact on the industry. what could europe or versus policy allowing travel from us tour? it will bring you a live uptake from one of the countries requiring a green pass for indoor activity. and china's economic recovery has begun to slow down as inflation. emma delta variant take it for later on we'll go into the data and what it mean for the global supply chain. we in fact show today what's dive right. and we leave the program with oil as prices continue to fall monday due to uncertainty surrounding the increase in new cases of the cove in 1900 delta. very
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both brent crude and west texas intermediate slate as much as 4 percent at points throughout the day. following last week's losses of more than 7 percent, the worst week for oil since october of last year. one major factor taking a toll on the commodity is demand china, the world's largest oil importer and 2nd biggest consumer. so the importance of $9700000000.00 barrels per day for the month of july, the 4th consecutive month below $10000000.00 barrels per day. now the concern about demand come following opec plus members agreeing to an increase output 540-0000 barrels per day. starting in august, if you will remember, the cartel made record cuts in april of last year as a panoramic grip the globe. now of course, despite the recent losses, it should be noted, prices are up considerably since the start of the year when they were very low. so what is the outlook for oil amid these latest concerns? let's bring an add more. he's a senior market analyst with atlanta at a pleasure to have you back on the show. i know it's been quite
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a while. i want to start with the price action over the last week. it's all about this concerned due to demand from the co delta variant. well, it's a combination. i think the delta variant has really started to weigh on the outlook for asia. remember at the beginning of the month, we saw malaysia, indonesia vietnam, all in contraction territory. when it, when we saw those manufacturing pmi readings, china barely hanging onto expansion territory. so there's a lot of weakness right now hitting the global economic recovery story. and right now that is really being driven by the covered very don't the variant and you're probably going to see prices are going to remain. i'm pretty heavy in the short term just because this market has come. so it's rebounded so much. you're probably going to have, i think a lot of investors remain cautious as we probably approach this period on wall street where there's a lot of risk that needs to be taken off. and i think there's nervousness over tapering, and that's gonna price the oil prices be
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a little bit more vulnerable here now, and i want to bring china and all of this. how are they a variable when it comes to the current oil prices that we're seeing? and is there concern the import will continue to fall? well, i think right now what we've seen from china, they, for the most part, they've really not stepped up their support measures. i mean, the, the crackdown that's been going through beijing just seems like it's going to intensify and right now they're not depending on foreign direct investment. so the outlook right now seems a little bit, i think, on shore in china. and you're probably going to see investors are going to look at these recent c, p, p, p, i readings and suggest that these are supply chain issues are going to probably remain in place and it just doesn't point for a very strong growth outlook for the 3rd quarter, which means demand for crude is going to be pretty, pretty vulnerable. i think of these coming months. and now as we all remember, the opec class members took
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a while to agree on ramping up production due to kind of conflict between the u. a and saudi arabia, as this demand continues to weighed, do we anticipate the cartel will change its policy and go back to those production cuts that we've seen up until this month? i don't think so. i think right now we, we have to remember where the or how the oil market was positioned before. at the end of june we were so heavily and after that it was close to around $2000000.00 barrels. even if we bring on that 400000 this month and given some of the short term hits to the demand, i think we're still gonna see this market is going to be type. so i think you're probably looking at limited downward pressure here for oil prices. we're me and we're breaking through some key technical levels for debbie t i 65 holds. i think you're probably see a healthy consolidation around the mid sixty's for right now. i think this market is still going to remain tight and you're probably going to see that i think the
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outlook for oil prices, you know, to finish the year are still for probably close to that. $80.00 range. and i know after study, ramco reported earnings recently, they basically talked about ramping up production. does that play into this at all? it doesn't. i think the saudi stories pretty expected for a lot of investors. the big question mark is iran, and i think you're probably going to see depending on how those nuclear talks evolve, your, you know, we could see an extra ww, a half barrels of crude come to market by the end of the year. so i think that's the big question marks. saudi arabia has done everything possible to stabilize prices. i think they have had a measured approach as far as bringing on additional production. so i really don't feel that is going to be the a big threat to i'm crude rebounding eventually. once i get past this delta, very concerned. now there's another story here that hasn't gotten a lot of coverage that i want to bring out. and that's, that russia has quietly become the number 2 oil supplier to the us. now they're
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behind canada. after edging out mexico imports should be us from russia. we're up 23 percent in may to $844000.00 barrels per day. why are we seeing this increase in imports, especially amid all of the tensions between these 2 countries? it's fascinating. well, because the, the different weights of crew. that's why we need it. we, we've seen the us really kind of come down hard on venezuelan oil and you're probably seeing, they thought they were going to be able to force my door out. so basically russia is taking all the oil that was coming from venezuela, and that's probably gonna remain the theme, i think right now the u. s. is still focused on keeping the pressure tight against the venezuela president. so that is a story that is probably still supportive for higher prices. i think you're probably you're going to see opec plus is going to remain confident that the u. s. is going to still be a net importer of oil and i think that's why
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a lot of people are still bullish, long term for oil. and one more thing before we go ad, there's one angle that i wanted to hit on here. and that's the new report released monday from the united nations calling the climate crisis. a code read for humanity . now this prompts the calls for cutting back emissions, which we've heard a ton recently. will this along with the biting administrations push for electric vehicles, have any impact on the outlook for the oil industry in the near future that all years away? i think that's years away and remember big oil has been really focused on shifting their revenue streams. so big oil has been they've been preparing for this for quite some time. i think we were a little i think the energy sector saw some relief under the trump administration. we are able to really allow production to get those record levels above 13000000 a day. but i think right now you're probably going to see big oil is just going to keep, you know, maintaining their balance sheets calculated dividends are going to be expected. but
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there's still, i think, a lot more disciplined to be exercising. that's why we're not going to see, i think output, you know, rate go up that much more, i think in the coming years. so you're probably going to see prices are going to be fairly supported because of this clean energy initiative. and i think that's very positive for the oil outlook ad moyer, the senior market analyst with atlanta. thank you so much for your analysis today. thank you. thank your opinion is preparing to review its list as states from which non essential travel is allowed. undercurrent of virus restrictions and it could reconsider the inclusion of the united states. the current you list is made up of 2 dozen countries, including the us, japan and australia, which are considered safe from a health perspective under the ongoing pandemic. but that could change as a nation, such as italy and france are now imposing a green path, has a requirement for public indoor activities. so joining us now to discuss the latest
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on rome, italy is boom, co husband font. now then we see you've got a great picture out there, but we want to start with what's going on in italy specifically and all around the you. why would they reconsider travel from the united states? well, essentially the e u was doing guys. and by the way, can i say it's so much better here in italy than it was increase or we were, or those wildfires are raging right now so much better in terms of the signal. so glad that we're doing it from here, but yeah, what's essentially happening is you're looking at the numbers of cases per day that are added. essentially, the standard is that if you get $75.00 cases per 100000 inhabitants in your country, within the last 14 days new cases, then they don't want to allow admission into the you, if you're coming from another country will right now, the united states is around $270.00, not $75270.00. so way, way over that threshold. and so the e u is talking about this very quietly. the problem is,
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you don't want to like make the united states angry by saying your, your citizens can't come to europe. and so they're doing this very quietly and everyone who's spoken about it so far as done. so anonymously there's no one going on the record saying that, but it is leaking out. and now been you being in italy there. where on friday the new green past with. how are people responding there? yep. yeah, it's been really interesting. i got to tell you guys so, so the 1st day of the green pass, i actually arrived here the day after it was 1st instituted. i was told that there were long lines of people getting it. since then though, it's been very interesting, i talked to so many people and people are telling me the other don't want to get it right. they don't want the vaccine. so they'll just go ahead and get tested. i've heard from a number of people who are saying, see what the green pass by the way i should mention. it's either you get at least one dose vaccine or you get p. c. r tested every 48 hours in order to go into indoor dining and to theaters into museums, or you are able to prove that you've had cobra in the last 6 months. right?
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and so that's one thing that's very different from the united states, by the way, is the fact that they are allowing for that. the u. s. doesn't even consider that, you know, having had coven and having natural antibodies. but what i'm hearing from people is essentially they don't necessarily, will they get it the people who have taken it, it's because their job has required it of them. but in terms of and this was an interesting experience today to different restaurants that i walked past, had signs up and said no indoor seating at all. and so i stopped and asked them why no indoor seating. i thought if you had a green pass, you could go in and what the owners told me in both cases was actually you can, but we don't want to mess with having to check green passes and verify. so we're just shutting out all indoor dining and only eating outside. wow, that's interesting that they are turning to that alternative. now i know another thing that we've talked about has been the fact that a lot of people aren't traveling because they aren't quite sure about the restriction. so how are non citizens or tourist affected by this green path? well, so far, the way it works for tourists is if you are in the country,
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as i said, you have to have the p c r tests. you can have your vaccination status and i will tell you this coming into italy. there were other folks who were trying to get in as well, and they were saying were vaccinated and they were still being told you need to show us your p c r test that was been mussman swan thank you so much for your time and insight on this one the and india supreme court has ruled against amazon and walmart in an ongoing fight over whether the 2 retail giant should be investigated for abusing their dominance in the countries online marketplace. no, according to a 3 judge panel. amazon and wal mart's flip cart are expected to volunteer for inquiry in transparency, and the 2 companies were reprimanded for their attempts to do the opposite. now the competition commission of india announced plans to investigate both firms last year
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over claimed they were using their dominance to stifle competition and offering preferential treatment to certain vendors. while the companies have denied the claims and attempted to fight the investigation in lower court, they have indicated they will comply with india's legal system. notably the retail market in india is expected to hit $200000000000.00 by 2026 up from 64000000000 dollars this year. and amazon and flip cart are 2 of the biggest players in india. now this is absolutely fascinating to hear the judges response here because we think about major corporations like amazon, like walmart, or even like apple, where tim cook called up members of congress when he didn't like what was in their legislation. and yet we're hearing a judge in india saying that these major corporations should volunteer to be part of an investigation that, that something makes you want to do well. and it is interesting when you look at those big numbers of how e commerce in a retail is in india. look,
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a company like amazon, a company like wal mart, they are a little more likely to comply and to work with regulators and be a little more transparent when you start looking at those big dollars because they need that market one. and they've learned anything from lawmakers here in the us. they're probably hoping that they can kind of get in there to just enough to make everybody happy. and then go on being a part of that massive $200000000000.00 market time. now for a quick break, when we come back, how is the us mission to decouple from china actually playing out and how have the ongoing tension between the 2 countries impacted their relationship when it comes to trade, we'll discuss next hand as we go to break the numbers out the clothes, shoes, me we'll go with
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a lot of what we've got to do is identify the threats that we have. it's crazy going from station let it be an arms race is often very dramatic. developments only personally, i'm going to resist. i don't see how that strategy will be successful, a very critical time. time to sit down and talk with the
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i the welcome back forecast for china or taking a hit after the latest report. sharon unexpected export slow down in the world's 2nd largest economy, while consumer prices were muted, rising just 1.3 percent year over year. in july. factory gate inflation rose 9 percent. the rise and commodity prices as a result of supply shortage is taking
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a toll and it's raising questions about whether beijing will move to increase monetary support for its economy at a time when other countries are signaling that they are ready to pull back. so joining us out of this guys are assume most co host, christy i and octavio moran z. c o of openness. i'll see kristie. let's start with you here. now china isn't seeing inflation in the same way. the u. s. is right now, but there's still a lot of concern about arise and cobit cases and a decrease in growth expectations. so how is beijing responding, and do you think that there will be any change to their policy in the near future? there certainly is some concern as businesses continue to face pressure from high raw material costs, china is still on track to expand more than 8 percent this year now, but outbreaks of the delta vary and threaten. he threw to throw everything off track. so consumer inflation slowed slightly. invasion is kind of echoing us as
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rhetoric right now saying that they believe domestic inflationary pressures is largely controllable. so we expect asian to maintain a mix of targeted tiny and universal eating throughout the remainder of the year. but for now, the persistent inflation and diminishing growth points are slow down, but it doesn't look like there will be a risk that caught expenses will search in the near future. so the live peak largely to non flex unlike that of the us. and in china, it was primarily fueled by fuel and fuel related transport services, which had been suffering from higher global oil. so making is likely going to keep a close on the situation. but for public speaking today will be tightening gradually, but unlikely to overreact. pivoting afraid of recovering it, and now our tabio, the u. s. the u. k. have signaled they're ready to talk about tapering off. monetary aid and russia and brazil have already raised interest rates to comp,
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inflation with all of the talk about trying to continue to provide more economic support, is that likely to have an impact on global inflation? well, i'm not sure there is such a thing is global inflation. i think of inflation really occurs in a currency by currency basis. yes, it is one individually to comes at a termination that there is no, there is no world average that makes sense and test inflation so. so you have to look at each currency. so you put up something i've been told a yes, the fate a signal than that, the bank of england a signal that they intend to increase, right? interest rates at some stage in the future when that will occur is very, very unclear. and whether it will occur, well, i think is unclear. very my boost now seeing a trillion dollar infrastructure spending bill make its way through congress in the us. that's going to have to get finance somehow. i think the treasury is going to look at the fed to finance and keep interest rates really low. i don't think the u . s. government can really afford much higher interest rates with living debt that taken on and continue to take on. so that can be tremendous political pressure on the fed to keep strengths really, really low. and the other thing that i think speaks in favor of more inflation is
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the fact of the u. s. banking sector usage. and i'm a huge pile of deposits in reserve. but they haven't really thought to lend out yet . and as economy, continuous improve, things continue to normalize. the banks will start to do that. so gonna see sort of a wall of cash industry, a trickle, and then really a flood of cash come out of the banks, commercial banks as they start to land out and that will be in people's pockets and about and spend more drive prices higher still. so i don't think we're who was at all and inflation yet. russian trying to look pretty russia and brazil for present pixels. really bad, i think waiting for more inflation to come in in the coming months. and yes, don't tell jerome how that then for sure. now, christie, we hear a lot of talk about the us, the coupling from china, but beijing remains washington's 3rd largest trading partner with trade between the 2 countries. surging 40 percent to over 404000000000 dollars this year so far. so is this just talking that's not even possible that the couple at this point. i mean no, it's not just talk, it's happening,
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but it's certainly something that's not going to happen overnight. so we're talking about the coupling to nations have become so entered in the last $3.00 to $4.00 decade. i mean, you think about how complicated a divorces this is. basically, a divorce only is between 2 massive countries who invested hundreds of $1000000000.00 each in assets supply chain, building infrastructure, it's tre channels. so this going to take some time to do a couple. and before they can do that, they need to learn and build out the infrastructure that they respectively lack so that they can be self sufficient without the other. so for the us, that means the manufacturing sector because the u. s. was all too happy and willing to rely on china for cheap manufacturing, exporting pollution and cheap labor over to china and port china. that means things like some each other high tech goods i. we're cultural products that they've been importing and using from the u. s. and at the same time, they're both trying to guard their own prised assets, an i p and technology from each other at the same time. so i mean, the couple of story that's going to take a really long time to unravel,
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especially as all the corporate they're unwilling to these couple. so right now it's a big political stage where the company's habit corporate don't want it to happen. but between washington and beijing and the political stage, that's something that's entirely up to it's all about politics, or at least it seems though, in some cases at the end of the day now octavio on that note given the increased commodity prices in the supply chain shortages we're seeing isn't this the exact reason the us won't fully be couple from china just yet? i mean, because they rely on beijing for the cheapest exports and times like this. well, i entirely agree with the premise your question. is it a sensible thing that decouple, given the prices are entering higher susan higher? wouldn't you want to maintain those relationships and keep prices, commodities, and manufacturers as low as possible? absolutely, i think the soon the rational thing to do, however, my own experience, i realize that sometimes people don't do the rational thing and i'm not sure we can count on true by and do the right thing. perhaps one is exhausted,
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all the other possibilities for come into it, but i don't see an optimistic that i think we might see at the trade will break out between the us and china just at the very worst moment. and now christy, before we go, where are you seeing this trade war and to kind of octavio is point, where were you seeing that going here in the next 6 months, up to 4 years of the vitamin ministration? well as well by administration, they seem to be less more so defensive, less offensive, like what the trouble ministration was. and by that i mean, trump was offensive in terms of sloppy on sanctions, sloppy on tariff being very aggressive in terms of his train negotiations with china by didn't. on the other hand, he seems to take a more defensive approach. he's interested more so in protecting technology, protecting i p, maintain a fair trade relationship and everything. so i think it will slow down. the aggression towards china will certainly slow down, especially if we do have the 2nd wave adult variant virus. i think in that,
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at that point, it's going to be foolish to try to try to pressure china in that respect. so i think when, when the entire gould starts slowing down because of another, another round of coven, i think that's when we will see politics, to take a seat on the back burner. great inside has always been must christy i and octavia mirandi of optimist. i'll see, thank you both for your time. thank you. and finally, private space firm rocket lab has announced that is planning its 1st looter law for some time before the end of this year. now, after initial plans to launch earlier this year from a nasa facility in virginia rocket labs, capstone mission will lift off from the company's own launch complex. in new zealand rocket lab will launch the satellite using its electron rocket and the photon spacecraft will deploy the capstone into lunar orbit. the purpose of the 6
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month mission is to gather data for nasa lunar gateway, which will act as a space station for its upcoming artemus mission. as the space agency look to send the next humans to the surface of the moon. and rachel, i've always found this fascinating because we hear so much about space x. we hear about virgin galactic. we hear about jet basis is blue origin. and right now there is so focused on obviously space x has its mission to the international space station. but we've heard so much about like their space tourism their sub orbital flights. when we hear about something, and this is just a satellite that's going up there, but still it's going to be orbiting the moon to gather data and prepare for nasa next trip to put humans on the planet. well, she's really fascinating to see and you know, you're right, it doesn't get nearly as much coverages, all of that we see richard branson and just and that's it for this time. you can catch boom bus on demand in the portable tv app available on smartphones and tablets. you google play in the apple app store by searching portable tv where it will tv can also be downloaded on samsung, smart tv, and roku devices,
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or simply check it out at portable dot tv. well, see, next me the british and american governments have often been accused destroying lives in their own interest. while you see in this, these techniques is the state devising message to end to essentially destroy personality of an individual lifetime. means this is how one doctors, theories were allegedly used in psychological warfare against prisoners deemed a danger to the state. that was the foundations of the method of psychological interrogation, psychological torture, disseminated within the us intelligence community,
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and worldwide among allies for the next 30 years. been to the victim say they still live with the consequences today. oh, when i was the wrong one, all just don't the room. yes. to shape out the same because the after an engagement equals the trail. when so many find themselves worlds apart, we choose to look for common ground back either a financial survival, no money, there's a girl. i wanted to be the central product support dong could i call them? i know they stopped
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the other stuff and need to talk to someone who actually put in touch with anybody when i'm, when i'm in a position where they need to fill in the room, you know which one you want to do about what it was which would be to me, i was, i got to get how do you think you put in the office and going to be as long food? one me to tell you the other hand that why would you need that? is that quote that we should
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the, the big blow for the me see movement the leader of a child received the support, the victims of sexual harassment quits the she face. she criticism for defending the new york bear under cuomo, who is accused of abusing 11 women wife of an alleged us intelligence officer implicated in the death of british motorcyclist. redone places claims that she may have been on her phone for a district. and when i call cloud into him, we have found these adviser about new developments in the u. s. government are trying to shorten dr. inquiry down. the other side are being evasive and inconsistent about producing the phone records and then the phone themselves today, not 60 years since the us 1st shoes, agent orange in vietnam or her besides.


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