Transcripts For ALJAZ NEWSHOUR 20240713

A long political stalemate in israel the Prime Minister signs a deal to form a unity government with the former opponent. We stand with you and we grieve if you. Canadas Prime Minister pays tribute to those who died in the countrys worst mass shooting as the death toll rises to 18. The World Health Organization is warning countries against loosening coronavirus long down restrictions that as governments in europe begin easing social isolation measures germany has reopened some shops and schools Nursery Schools in norway are also reopening to the Czech Republic denmark poland also lifting the shutters on some businesses but European Union Health Experts are warning the battle is fast. Over with infections nearing 1000000. 00 well india has partially lifted its lockdown allowing agriculture manufacturing and construction to resume that says the country reported its highest single day increase in new infections well Health Organization is caution countries the easing of what downs worldwide does not mean the pandemic is over ending the epidemic will require a sustained effort on the part of individuals communities and governments to continue cypress and controlling this deadly virus so called lockdowns can help to take the heat out of a country is a pita mic but they cannot and it alone countries must now be sure they can detect test i usually care for every case and trace every contact. Well paul brown joins us now live from the u. K. Is in guilford in sorry lets start with the u. K. Then and bit of anger brewing there about the lack of supplies. Yes p. P. A. Has been a an ongoing and frankly growing issue for the National Health service here with the affection that people have towards the actual medics on the frontline of this Coronavirus Crisis been tempered with criticism towards the government for what is apparently a lack of preparation and planning p. P. Is this personal protective equipment and what it appears to be in particular short supply are these long sleeve disposable fluid repellent downs that are necessary to be worn in the intensive care units soon acars the chancellor took the daily downing street news briefing today the Prime Minister Boris Johnson is still recuperating after contracting corona virus himself he said that 140000 gallons had just been delivered from men mark however we know that 84 tons some 400000 gallons which were due to arrive from turkey on sunday that yes they still havent materialized we know that the r. A. F. Planes are ready to take off but they havent left the u. K. To go to turkey to pick them up and the anecdotal evidence from the front line here is that there are shortages and that medics are having to compromise reuse what are supposed to be single use disposable items having to use them more than once it is a mixed bag here at the grocery county hospital ive spoken to them they say that their stockpile is ok other hospitals though of gravely concerned that theyre going to run out imminently elsewhere though in the continent of europe of course. It seems some places are confident off to start. Releasing or easing some of those restrictions. Yes i mean from here the u. K. Point of view again 449 new deaths in the past 24 hours the difficulty here in the u. K. Is that testing isnt widespread its only for hospital patients so the scale of the epidemic in the Wider Population is simply not known as far as relaxing the restrictions that have been imposed elsewhere in europe it is a country by country picture and the head of the w. H. O. Expresses grave concern we heard it because there is a vaccine for this virus and the restrictions are essentially intended to prevent local countries well each countrys Health Care Systems from being overwhelmed by too many patients in one go that said there are psychological and economic reasons for the lockdowns to be at least somewhat spain for example the Prime Minister said look we need to get children outdoors theyve been indoors for more than a month now they need to get out and get some fresh air psychologically its damaging to them and so the country by country picture depends on a politics be the scale of the epidemic in the south and where they are in the curve and also the attitude towards risk. All right paul brand that thanks for that now Us Oil Prices have dropped to their lowest level in decades as concerns over coronavirus clips the deal to cut output the may futures for the benchmark felt around one dollar a barrel Global Demand has plummeted due to lock downs and travel restrictions early last month Major Oil Producers nathan vienna to figure out how to keep prices stable opec recommended removing one and a half 1000000 barrels a day from the markets russia refuse the next day the kingdom retaliated announcing plans to flood the market with oil instead prices below 20. 00 a barrel but it took a few weeks for moscow and riyadh agreed to bury the hatchet and gradually cut production by 10000000 barrels a day. Jeff colvin is a professor of Political Science and Brown University and joins me now by skype from providence good to have you with us so clearly these for the auction cuts havent worked some blends of oil reaching one dollar a barrel how much further can it go well part of whats going on here is the collapse of demand of course and the failure of the opec plus deal to stanch the bleeding so to speak its just not enough of a Production Cut to make up for the shortfall in demand but really that the story here is the separation between north american oil versus the rest of the world that there is a storage problem in north america thats causing this sharp decline in prices in north america but not elsewhere so overall is the picture looking any rosea for oil at least in the rest of the world now that were seeing some parts of the world starting to ease their long down measures well unfortunately oil prices are down even in the rest of the world 10 percent i think fortunately but of course thats ultimately good news for consumers and will help the recovery over the medium term but for Oil Producers Oil Companies this is very tough times and indeed and in north america the pain is going to be extreme the question is how fast will all producers decide that they need to cut production and to shot in some of the oil fields that have been producing but theyve already tried that i mean is there anything more that Oil Producers can do if the basic problem actually is theres very little consumption right now because everyone sitting at home. Thats right so theyve theyve had to make this terrible choice between either shutting down oil fields in a way that actually damages the oil fields versus accepting these out low prices and in canada now even negative prices for oil and as the expectation for oil to stay at these very low prices grows then some producers are going to say ok were going to have to shut down the oil reserves even when that does some damage to that well fields and selves even shutting down the oil was all fields how long does that take to impact the markets and prices though its not immediate is it no theres some gap and of course the real question here is about storage as we get more and more oil pumped into a system where the demand just isnt there for the oil oil tanks are filling up and the difference here is between landlocked oil fields where there isnt enough storage and oil fields where there is good access to ports because ultimately ships can be used its floating storage for that oil. Tell us how critical liquidity levels are getting for Oil Producers right now because that thats another issue the storage of this also a level of the code that is needed to buy through this crisis right thats right and so certainly there are shale producers in no north america that are really facing financial constraints and. Some bankruptcies have already started and one expects that there will probably be more there are some companies that are highly leveraged and have a lot of debt and as long as these low oil Oil Prices Continue they are going to suffer financially on thanks so much for your analysis of that jeff coleman. Some breaking news out of israel where the Prime Minister Benjamin Netanyahu and his former political rival benny gantz have agreed to form an emergency unity government it ends a year of political deadlock with 3 inconclusive elections under the deal the leaders who rotate the premiership with netanyahu serving as Prime Minister 1st all accounts will serve as his deputy lets bring in harry forsythia joins us now live from west jerusalem harry what about some of those divisive issues how are they resolved in this agreement. Well they all seem to have been resolved pretty much in favor of Benjamin Netanyahu and his policy positions if you think back to just 7 weeks ago tonight i was in tel aviv listening to Benjamin Netanyahu talking about his sweetest political victory in that 3rd election as the numbers were tallied it didnt turn out by that indeed benny gantz was given the mandate to try to form a government and then there was this extraordinary reversal last month where john sued really put his whole political career around one issue of removing someone he said was corrupt and a poison to israeli democracy and he said no at this time of National Emergency it was the right thing to do to form a unity government and so that victory that netanyahu talked about 7 weeks ago i think its very sweet now on several issues he stays in office for 18 months at least and will be Prime Minister to fight off or try to fight off his Corruption Cases 3 Corruption Cases a trial due to start in about a months time hell serve according to the text of the disease of the deal which is going around in the israeli media will be able to put to the cabinet and or to the knesset the Israeli Parliament the annexation deal that israel has made the United States and axing significant parts of the occupied west Bank Accounts appears to have given up on his insistence on a veto over that and netanyahu will retain a veto over senior judicial appointments one of dances former allies in the opposition said that was giving the criminal the opportunity to choose his own judges another opposition lawmaker of the joint list coniston israeli iman or day is saying that dance has essentially given in to a racist and to a corrupt politician and to annexation problem even if i saw try a force of that. Still ahead on aljazeera. Brazils president joins a rally against isolation measures put in place by state governors. China heads back over criticism of its handling of the covert 19 pandemic. Back to our top story now the fallout of the coronavirus pandemic has pressure mounts on the u. S. Economy House Republicans are blaming their democratic rivals for holding up a multibillion dollar aid package the proposal could see up to 450000000000. 00 go to boosting Small Businesses and expanding coronavirus testing nationwide our White House Correspondent kimberly how joins us now live from washington d. C. So whats the bottom line especially for Small Businesses can play are they going to get any money any time soon. Well it looks like theyre going to get their money with the 2nd request from the white house it appears that the final details are being worked out between the white house and Congress Treasury secretary steve minutiae working on that but what we found with this Small Business program that already the funding that was put in place the 350000000000. 00 which its been reported ran out what were hearing is that a lot of the money intended to go to Small Businesses did actually go to Small Businesses it went to some businesses that people consider to be rather large in fact that already had established relationships with banks and as a result they got the money 1st and some of those Small Businesses this money was intended for to keep people on their payroll and not lose their jobs well that money ran out so now were looking at another 450000000000 dollars request but in the midst of all of this we see some of those Big Companies that got money like one Company Called shake shack here in the United States saying were giving our 10000000 dollar loan back we realized the spirit of the program with the help the little business and we can hardly be considered that so the white house getting some heat for that program and how its been rolled out also getting some heat for the task in cons flick that is continuing between the white house and the governors the white house insisting look at there are enough tests out there in order to do phase one of reopening the economy with some social distancing but the governors are saying the reality on the ground is very different you say we have the tests were telling you we dont have enough to roll out this program and that means that many businesses are not going to be able to open so the Vice President has been holding a call today in order to try and let the different states know where they can find these tests but at the same time the white house is once again pointing the finger at the governor saying youre not utilizing your resources and the governors are saying we dont have the resources and its really difficult to know who to believe right now. Most people seem to be believing those on the ground and thats the governor saying we dont have enough tests to reopen our economies even as the white house insists not only are there enough tests but that they plan to ramp up production to make sure there are even more in fact the figure coming from the white house 20000000 test swabs by the end of the month in a population of 330000000 you do the math still seems like theres going to be a bit of a shortage does doesnt it thanks so much though kimberly how could there brazils president general sinatra has backed the protesters calling for military intervention in the standoff with state governors and his handling of the pandemic his supporters gathered in the capital on sunday also not always been accused of undermining efforts to contain the virus hes calling for the economy to be reopened then ignoring guidance on social distancing brazil has the highest rate of infections in latin america. We dont want to negotiate we want action to be taken for brazil. The old way of doing things is behind us a new brazil lies ahead everyone without exception must be patriotic and believe and do their part so that we can give brazil the prominence it deserves the age of disrespectful behavior is over power to the people. Lets bring in john holman hes keeping track of developments right across that joins us from the mexican capital so im sure you saw there the clip we just ran of. The latest Public Performance by both hows that going down with people. Its been going down quite badly especially among those 3rd been worried about him and his reaction to coronavirus im critical of him for some time and that now includes the head of the lower house of Congress Next president s ex mez governors all of whom disagree with him hes actually kicked on from what he was saying at that rally yesterday let me just mention as well that that rally was held outside of the headquarters of brazils army and the symbol of the symbolism of that is not going to is going to be lost on anyone in brazil brazil is a country that in its recent past less than 40 years ago had a military dictatorship there were a lot of People Holding up banners at that rally are asking for military intervention to deal with this coronavirus problem in brazil. President bush himself is actually an ex army captain and who is in the past expressed admiration for fool some of those dictators in brazils military rule past so aside from just the fact that hes coming out in a rally and speaking to people sort of openly with a lot of other countries going into lockdown is also a sign of how he sees coronavirus me actually said another sound bite from that rally 70 percent of us are going to get this im paraphrasing we have to take care of the elderly but the rest of us need to get back to work and thats been his message basically since the start of this the governors in some of brazils key states for example the governor of south paolo the important economic and Industrial Hub in brazil has been taking a different tact so that hes been. For quarantine up to the quarantine to be extended into may now today president bush came out and also said that he hoped the quarantine could end sooner that he hoped that it could end in a week so a real difference there between Brazils Health ministry between the governors and between the president himself restarting sort of isolated figure there. Also a real difference in the infection rates came with a long way you are tell us how they were handling things in mexico. It makes good the governments policy has been softer than in some of the countries in latin america for example el salvador which really crack down quite heavily and quite fast to try and control the spread of coronavirus theres a sort of voluntary quarantine here in the capital in mexico city other state governments across the country are getting more sort of hard line in imposing that currency but what we have seen in the last weekend is more people going out in the streets for its according to mobile data perhaps because it hasnt hit this country in quite the same way as in other countries like brazil or in ecuador another country in south america which why it kill its largest city has really been hit hard theres a little over 8000 component cases at the moment in mexico but people might be acting a little bit too soon because the government itself has said that the peak has yet to come and that they expect that to come in may they expect a lot more infections possibly a lot more deaths in the country and something that might really influence and that is really killing us here in terms of the Health Problems that a lot of people in mexico suffer and you see a bit more in our report now. Government says that they may expects to go into its own red zone with the call that pandemic with an explosion in infections and the Health System stretched to breaking point. And it knows its heading there with the weights around its neck. Thats because 70 percent of mexicos population is obese one of the highest proportions in the world and one in 7 adults have diabetes Scientists Say both high in the risk of complications or death from co that 19. In mexico city gabrielle says he. He fears for his son even as they both tuck into tack oh whos that by the way that it i try to get him to do exercise but unfortunately right now he cant go but its very very brave writing for those who are overweight as were going through this outbreak. In little sioux the country consumes more outre processed food than any other in latin america and a massive 300000 people die every year from illnesses associated with diet. To put that into perspective its 9 times the amount killed during last years record levels of gang fueled violence. Now the coronavirus and that slow burning obesity epidemic coming together theres a word for that says Health Expert simone buckhead a sin damage and one that mexicos ill prepared for. 100. 00 our particular problem is that we have less resources i mean a country which is very highly populated one of the thin highest in the World Without the resources of other countries and with these joining the demi of obesity and other chronic illnesses to get it we call that stuff at the result. Mitch has got far less intensive care beds per capita than almost every other major nation in latin america if the millions with diabetes and obesity here get the virus that spells trouble this isnt something thats just become an issue now Health Campaign is have been trying for years to get the government to impose tougher regulations on junk food and theyve had some success attacks on fizzy drinks for example and just now a new labeling scheme for ultra processed food but powerful Trans National companies have fought them every step of the way. And with the coronavirus already here the countrys run out of time to take the tougher measures which could have helped blunt its impact. John heilemann aljazeera mexico city. China is hitting back after australia raised questions about its almost the handling the pandemic the top story in diplomat memories pain once an International Investigation into the origins of the virus and how it spread trying this Foreign Ministry says it has grave concerns over those remarks chinese authorities have been under pressure over the way they dealt with the outbreak of beijing insists its always been open from beijing katrina you has more reaction from the Chinese Government at the end of january there were some voices from one some doctors who tried to raise the alarm about the severity of this outbreak they were silenced and punished for doing so and for weeks the message from the Chinese Government was that this was under control that there was no evidence of human to human transmission and they were criticizing countries for closing the borders to chinese travelers and fast forward in 4 months and its a very different story china has has not admitted that it was at any fault but it has said over and over again that its been open and transparent despite the evidence to the contrary and certainly today the chinese Foreign Ministry was saying that had this message was attacking that the Australian Government saying that these remarks were grave and and disrespectful that china has always worked with International Agencies and was doing all it can to to be a leader in this global fight against the pandemic responding of course to maries pain the Australian Foreign ministers comments that questions about chinas parent transparency had reached a very high point calling for an inquiry where the Australian Government would be keeping its eyes open so the diplomatic ties between those 2 countries certainly tend. Plenty more ahead on the news hour including turkish prosecutors revealed details about the indictment of several saudi nationals the murder of journalist gemma for sure plus a report from kenya where flash floods struck a region just over a year after communities would devastated by another disaster. Hello there more rain and thunderstorms in the forecast across all central areas of the Arabian Peninsula lot of time has been streaming into that ill see as and is actually coming down or coming up i should say weighty from the central areas of africa more rain in the forecast into yemen that will help its whole with the flooding situation there and look at these dark areas of blue in around re out there is where well see some very heavy amounts of rain and it could drift further tools east of bush once again across into council meanwhile through turkey wanted to show is that some heavy spells of rain that will work its way for the east as we go through wednesday and maybe wanted to scattered showers across into iran but it should be on the whole a drier day still one or 2 showers though down across into fall south or west of yemen to say central areas of africa some very heavy amounts of rain through choose the southern areas of the democratic republic of congo and again across into tanzania and all the while those showers continue through kenya and to say pushing up into ethiopia and on into the southern sections of the Arabian Peninsula want to see showers along coastal eastern areas of the south africa on cheese day it should be a little bit dry on the whole by wednesday still sort of flushing with the coast there but to much as a not warming up again in johannesburg 23 and up on cape town the 21. Bigger and potentially more dangerous thats the best way to describe whats happening with a smoking alternative known as favorites i enjoy the taste of it and the harmful effects of what smoking does between 20132014 alone we start tripling in use among Us High School students and head to head comparison easter eggs versus conventional cigarette which one do you think is healthier my opinion i think theyre both dangerous take no 0. The latest news as it breaks with no treatment or vaccine for 4 and a virus volunteers to say theyll continue to provide the services began to fight the disease with details coverage along without any planning for indias millions of lives and political. And feel as generalism from around the world for many coming to this nation is the only chance they have to leave at least once a day. Oh. Oh oh. Oh come back lets recap our headlines now u. S. All prices are in freefall crashing lowest prices ever futures for a clear american Oil Benchmark west texas intermediate trading at negative prices right now Global Demand has collapsed as long downs from i think we drained energy needs germany is reopening some shops and allowing limited School Classes other european governments are also taking steps towards normal life with the infection and fatality rates swallowing. Israels Prime Minister Binyamin Netanyahu and his former political rival benny gantz have signed an agreement to form a unity government that brings an end to a year of political deadlock no rotates Prime Minister with no going 1st. Poverty is on the rise in iraq as more cases of covert 19 are reported daily wage earners are being forced to stay home because of the lockdown their volunteers are helping some of the millions struggling without an income so amount of salt in reports that. A bottle of oil a small bag of beans pasta and a can of tomato paste it doesnt seem like much but these volunteers hope it will offer some responds to iraqs most needy families struggling to get by during the coronavirus pandemic this group of University Students and recent graduates has raised private contributions through social media to fill the gaps in iraq social safety net what you might not get much of it not enough. We dont rely on the government we depend on ourselves and the generous people who donate to us a few days ago we went to the houses of those in need we checked how many they are and what they need sometimes they dont need food they need medicine so based on the needs we register we will provide what they need. The volunteers head to our area in the shaab neighborhood one of the poorest and most neglected in baghdad many here depend on daily wages but because of the month long lockdown theyve been stuck at home with no income father of 4 Mohammad Siobhan used to earn 25. 00 a day working at a restaurant before it was shut down. The impact is very big we live from day to day as you know the daily labor cannot save money even if he has money it may be enough for one week or 10 days. Many here are desperate for help but the volunteers only have 53rd baskets some criticize the group for unfair distribution but most of their anger is directed at the government which to accuse of corruption and systematic neglect when i want you to come see him i was born in 150 and im a water boughton but even my bench isnt in the level or does the because of government distracted with other things that have no benefit to us 20 percent of iraqis or 8000000. 00 people live below the officially designated poverty line but only half qualify for Social Security payments of up to 180. 00 per month the government also hands out food rations to all iraqi families though many complain about delays and poor quality now a new program has been launched to help reduce the impact of the coronavirus pandemic the government has called on families suffering from Economic Hardship to register for a special monthly allowance of 25. 00 but even for the poorest segments of Iraqi Society that would only cover a fraction of their living costs the government says it is doing enough to help iraqs poor. The government allocated 250000000. 00 for one month for 10000000. 00 people who dont have any income and what it really hurts by the curfew because of the corona virus crisis the funds are expected to be paid out by the end of the month. But for many iraqis living in poverty itll be too little and too late what they need is put a curfew to be lifted so they can again return to work and fend for themselves simona 14 are just syria but that. Once again we revisit the breaking news coming out of israel where the Prime Minister Binyamin Netanyahu and his main rival benny gantz have agreed to form an emergency unity government thing with that story now im joined by michael berg a professor of International Relations at regions university and a Research Fellow at Chatham House good to have you with us so how much of a victory 1st of all is this for netanyahu thank you its a great victory charlottetown year of only a few weeks ago it seems to be benny gantz its former it was former government differently it seems that there were. 2 states i mean is there was block any one of them was Political Developments in the zone and if so very many guns completely changed into it i mean you know it was the man walk your shoes i often you took political im sure that most of excuse. In the course is just half the n. R. A. Signs in the Coalition Agreement its probably also well have them which seriously is really the mark. Or a tarpaulin. Weve got to wrap this one up because weve got some breaking news going on with oil prices which are coming into negative territory we had the west texas and media plan going below 0 for the barrel of oil thats the benchmark for for american oil but bring i believe we have a sam a binge of 8 on the line for us a sam a we are seeing some crazy trading going on this is mostly down to storage issues in north america right. Absolutely weve seen the style of oil in the last few weeks despite the agreements that have been reached between saudi arabia russia and the United States 3 of the Worlds Largest Oil Producers but now we are in unchartered territory since 946. 00 the w t i trade has not fallen below 0 and right now and it continues its spiral downwards right now its its trading at just under 12. 00 a barrel that means that for every barrel of oil that u. S. Produces this is and this is for me this is not currently there may contracts that are coming up for trading now and because there is such a glut theres such an oversupply in the market that Oil Producers are no longer able to handle that storage tanks have run out of space weve heard of barges being utilized to store oil and all of the Storage Capacity being filled goes back to the point where there was a price war between saudi arabia and russia and both countries said they will flood the market with millions and millions of barrels of oil at 1. 00 point saudi arabia went over 12500000 barrels a day beyond its capacity using all of its storage and this is created the globe and it is a rare perfect storm in the oil markets because its not just for supply of oil its a massive reduction in demand and then because of the current pandemic because the world economies especially emerging economies that is china and india are not using as much oil as they used to and despite the americans and the russians and the saudis coming to an agreement of reducing and wiping out almost entire mound of oil that saudi arabia produces a day from the oil markets theres still about a 3rd of the capacity loss that theyve faced because of the car and then again the Global Economy slowing down osama just to be clear were talking about the benchmark for u. S. Crude oil what about other International Standards the last i checked brant crude was in the twentys to the barrel. 9 these are the sense the benchmark and it is it is going to be. The one benchmark that is going to be very closely watched in the d states as well and saw the United States getting very much involved in the Oil Price War because President Donald Trump has made it a Campaign Issue a political issue to bring back jobs in there youre talking about thousands upon thousands of jobs in the u. S. In the oil sector its not just jobs its the influence that the oil lobby has over u. S. Politics as well so this is the duty i mark yes this is what the united the u. S. Oil prices trade but then again its going to have wider rafa question because once the u. S. Economy starts to bleed and thats what weve seen fiercely as well that once the pressure is felt at home the United States acts and it acted to try and mediate between the saudis and the russians then but there is not much that they will be able to do because this is a free market economy and they wont be able to completely reduce Oil Production because there is there are many many economies which rely completely on the production of oil so it is going to be a very difficult stage not just for us producers u. S. Shale producers many of the home of been going out of business but also the ripple effects for the wider economies in the world who base their budgets on higher oil prices. Thanks so much has been developed over to our economics editor abbott alley joins me now from london abbott im sure youre seeing the very dramatic developments going on in all markets right now with the benchmark for u. S. Crude dropping into negative territory meaning that about of oil actually costs less than 0 dollars just to make things clear here this is primarily an issue for made delivery on the futures market right because people are feeling like that theres nowhere to put the all theyre pumping out and made just around the corner. Youre absolutely right there sammy right now you cant give all in a way and this is whats happening because the Storage Facilities are near full cushing which is in the United States can hold 76000000 barrels but right now its close to being very very close to being full of 55000000 barrels and so youve been looking for places where to put the oil tankers are called Oil Companies that big wind chat but by and got their tankers so that they can build them to the brim with oil and just leave them out to sea because nowhere is actually going to buy the oil at this present moment the world its over supplied by oil by 35000000 barrels every single day and that duck shouldnt cut which was meant to come in its going to do you very little to actually hold to that put so. So lots because they have to cut vastly vastly more than that this want to take the United States canada russia and saudi arabia just turned up production for a whole 3 months before they were able to bring back. Equilibrium in dont demand supply indoor markets but just to be clear i mean for consumers use the lower prices that sounds like good news situation now is a bit different is no this is not necessarily good news for anyone whether youre a producer or a consumer if the underlying factor or cause is a lack of any or lack of a lot a lot or the climb the rapid decline in economic activity. Absolutely the lock down you know weve got 3000000 people under a lot talent various countries around the world airplanes are not flying him up most most companies are have shut down their quarters and were looking at a demand destruction and so theres no way to actually sell the oil to you because nobodys actually buying now its not good for oil but chooses its not good will it or oil why is either because in that an idea or market you want to have price because you want to make sure that your oil juices are able to keep people in jobs so that they can keep churning out that oil and he wants that to a reasonable price for everybody for the Global Economy and the Global Economy needs something around 50. 00 to 60. 00 a barrel because that helps most that uses to function because they are huge the pent pendent on oil now in the United States 10000000 jobs are pendent on the Oil Industry Directly and indirectly now over the last week we have seen nearly half the rigs in texas go out of business because people just arent making a profit at 20. 00 a barrel and so were going to see more of this now you would think that maybe the oil price at the pump will come down because because of you know your prices think but you got to remember when youre blind goil bases were made delivery its not actually yet arrived at his destination and so youre not going to get the effects of the oil price of the Oil Price Collapse so you have to wait for these things to come through into it into the gas pumps. All right while were talking here just a pause to check the numbers for the west texas intermediate the benchmark for u. S. Crude minus 37 it touched a 2nd ago i mean though this is incredible i can remember a time in history where a barrel of oil had known minus 37. 00 a barrel what is this practically the only for oil producer you know i mean what are they going to do with it you know at this point even if they stop pumping oil there it takes some time for that to kick in right. So what what we will see in the United States in particular you know because this is where its impact impacted the most is that will see them closing down production rates and it will take them time to obviously start up again but this is kind of you know the shes kind of good for the oil market is what because were actually seeing the free market actually grow now President Trump when he told the saudis that he was saying to the russians listen you guys need to cut 1515000000 barrels a month 50000000 barrels a day from production the saudis and the russians said to the americans you need to do something as well because its your Oil Producers who are actually contributing to this and every single time we cut Oil Production they benefit they are able to stay it open longer and present translators were offer you Production Cuts and those will be you roughly between 2 to 3000000 barrels but that will become a will come about through Market Forces now were actually seeing Market Forces take a back to and weve got to remember that there are 22000000 people who applied for Unemployment Benefits in the United States only last thursday up to 30 of the last well weeks and so were going to see more of that and we could see more numbers coming into their states numbers and it will be interesting to see how many of the. Oil workers are added into those numbers because that would happen very very fast because people realize the living paycheck to paycheck that we need we need Unemployment Benefits exceed our selves through to the through to the. Through to the through the month and so well see those numbers actually come through trickling through in this weeks unemployment report which appears on thursday so if if President Trump was talking about. Talking about. The need for the market to take care of the oil industry this is it this is actually happening whether he wants it or not its a very important their oil industry is to the United States its the Worlds Biggest Oil producer sorry exports are currently with 13000000 barrels but thats rapidly hauling as. As a going to auction cuts come through and there isnt a market out there to take up the oil the Oil Price War between russia and the saudi rate in saudi arabia has really crippled the markets the crown of virus has just added to that its its it right now the oil market is a social mess its out of control based on need some kind of state relations vocalization and i wouldnt be surprised if opec plus doesnt call an emergency meeting it could be a Video Conference it could come as early as tomorrow just to start to reassure the markets now lets lets also remember that there is the june contract which is just going to kick off to morrow after the may contract finishes right now what were seeing is that the traders are saying well ive got all these oil ive got no wait support its understood the paper but the tune contract is still at 22. 00 a barrel so there is hope that when the june contract kicks of oil prices will resume its normal normal service its just that this month this month theyve got nowhere to put that oil and theres no way of that middle that thing unless you let me jump in here. The question is where is this going to drag other months and where is are going to drag benchmarks brant are we going to see brant her head into negative territory get out your crystal ball for us for a 2nd tell us what were looking at. Yeah well you know rents used to be used to it was the benchmark of all about 75 to 90 percent of the world oil its that its actual clout has been reduced but yes because different parts of the world are producing oil and different varieties and so you know youve got benchmarks in dubai and youve got then youve got this particular cia which is very particular to the United States and its its reflecting whats happening in the u. S. Markets so that that we must remember that its a reflecting whats happening in the u. S. Market that theres an oversupply and is no where to put that particular oil now the saudis are still pumping out oil this still offering it to asian buys at cut prices so at some point were going to see that feed in to the brand price and we should start to see that coming down but i would be very very surprised if we end in negative territory with that but i wouldnt want to call a market right now not at the prices that were seeing we could see it we could send things happening now only last week when beast as sorry at the last when this Production Cut came through i thought the market will go down to about 20. 00 a barrel and if we were lucky we would head down to 10. 00 a barrel because of that Production Cut because nobody could sit the sat is to see 9700000 barrels of cuts but what they couldnt see was where that extra 10000000 was going to come from because the americans had made promises that canadians had made promises norway made promises but as soon as a Conference Call was finished that extra 10000000 worth of production didnt materialise. Production cuts didnt materialize so it is going to fade to brant pricing but. I doubt right now that were going to see that in negative territory we are in unprecedented times and president times. The markets and the market is pretty much broken that this particular particular time and it will need underpinning it needs somebody like the United States to come out and say well were a boy or b. Boil which is not being sold well find a place to put that where the recent cushing well if they find theyve got some reserves somewhere else the u. S. Has reserves of it in excess of 750000000 barrels and so if they can find somewhere else to store that then that would be ideal the saudis have a Storage Facility of 180000000 barrels the chinese have been building the 500000000 barrels Storage Facility and if these all these Storage Facilities yet paula because you know ordinarily on any given day there is roughly about 1400000000 barrels of oil stolen waste somewhere in the world to counter any shops that the market so if there was some for summary of unknown reason that. For instance take those at taps on this how do you then it seeds a way back to last that september when that. 50 percent of savvy radius but duction was wiped out 10 percent of the worlds production just completely wiped out there was a fear that it could be through and we could see or prices explode quite literally but what people forgot was that was that 1400000000 barrels of oil which was sitting around in Storage Facilities around the world which they could tap on and the savviest immediately went to that 180000000 barrels that they had and they were selling that to their clients swapping them for better or better grades of oil and so were going to see plenty more of that where. We could see people saying ok well where else can we store this oil and i think thats going to be well for now i think the saudis will at some point have to call and meeting to house stabilize and help stabilize the market im just looking at the wires to see whether whats going on with the oil price and then also this is where we are were just going to have to wait and see i think its going to be a relief from the markets when the when the when the oil market closes later on the sea. So that people can catch their breath and see what happens to contracts some are ok you can barely barely imagine where this is going to close over thanks so much there our economics editor is continue this though with josh young hes the chief Investment Officer for Bison Interests he joins me now by phone from houston good to have you with us sir this is an unprecedented crisis on top of a crisis is it not yet this is this is stunning many people didnt think it was even possible for oil to go negative but were talking now negative in double digit numbers yeah it looks like oil settled for the futures contract for may that all that negative 37. 63 a barrel for i mean. How does the market where does the market go to from here or do you have any guess. Yes so it looks likely that the front months if not months has now moved from may to june which is how futures contracts work so it seems likely that the front month for june should start trading down and its actually quite unfortunate because theres been a lot of Retail Investment in trust in a particular e. T. F. Called us which gives investors exposure to primarily the front month for oil i think people think theyre buying physical barrels but really theyre just getting oil for delivery for that month and so there may be some reduction in interest in that e. T. F. Which could actually materially move the world price for oil of these for w. C. I and. More are seeing the same possibility in terms of storage getting full affecting that price as well so a very negative for the short term but actually very positive for the longer term because as Oil Goes Negative and this settlement i think is going to shock more than just economists its going to shock the industry and producers. Theres going to be much less oil being produced likely in may for june delivery and so on and that should be very helpful in terms of clearing the market and getting Oil Prices Back up. But some will have thanks so much on that absolutely thank you. Lets take this back to all economics editor joins us once again with us. Yes i am right here i want to wait and just wait and see whats happening in the markets right this very moment in time and went down that path toward see a 14. 00 a barrel so thats minus 40. 00 a barrel right now and a percentage wall are. Mentioning i mean we will come down from a 6 week high and were. Plumbing work plumbing basically a new city or. Its its its its beyond its beyond where its i think you know when when people go back to where hes history books and try to figure out in the future when theyre looking back you know theyll take the common virus. On one side theyll take the 2 oil price wall and theyll see this and theyll probably ask why didnt people actually see this coming and its were just living through unprecedented times. And still no movement i mean you know i would have thought that president trunk would have tweeted by now but it doesnt look like hes actually noticed the oil price yes but yes so you know he we are were just we just need to see a bottom to that to the markets and were just not seeing that at the present moment and i can tell you but. Generally the 70 the number of oil rigs because the oil price was so low that oil rig cant actually well from 800 from 800. In this is in texas all the way 245150 rigs so that was the actual. Real Market Forces heating. The oil markets in in the in texas in. But you know what were probably going to see a lot more closures well see a lot more job losses and these job losses will be reflected in case there is a role that will be. Because these things when they happen theyre happening rapidly and. And there was so lets lets just see lets see what happens in the next few minutes with your price plenty to keep an eye on thanks so much i would ali our economics editor there weve been watching really historic times here with the price of oil crashing for north american the benchmark w. T. R. I crashing into negative territory minus 40. 00 a barrel a lot of it down to storage a lot of questions it raises as to what sort of political intervention might come next to try and save the money for. Next months futures are we back at the top of the al for this news out thats it for now. 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More who are strapped and killed during a demonstration in 2017 is buried right here in the middle of the street as a sign of resistance to the Mining Companies and government are set a new. Accusations of abuse and displacement between the communities the Mining Companies and the government has now escalated to west africas Regional Court the community has taken its case before west africas Regional Court because they say the people have little for use in the justice system. U. S. Oil prices crashed to a record low of less than 0 dollars a barrel as the man dries up and storage runs out. Youre watching aljazeera live from london also coming up on the program shops and schools reopen in germany one of many countries starting to ease their coronavirus lockdowns but the head of the w. H. O. Urges caution. Without