Energy Security

We in the United States have generally been in favour of free markets, including with oil. Producers are looking at it this way: The costs I have spent drilling the oil are already gone. I'm looking at what the next barrel will cost me to produce and if I can afford that, I will keep producing.

[On negative WTI oil prices] I've been telling people over the past 18 hours if you want to get an idea of what's really going on with oil prices look at Brent because it is a better representative of the global oil situation. But we will see these market gyrations until we get control again. You need producers to look at the economics and say: 'Yes, we need to shut-in.' It wouldn't shock me if Brent hit single digits at some point.

[The Saudis] are facing the perfect storm—weak oil, prices, pandemic, and quagmire in Yemen. [The combination] will impact stability [inside Saudi Arabia and possibly in throughout the region].

[On negative oil prices] Wow. Prices needed to fall given the rapid decrease in demand and storage filling quickly. But I did not expect them to fall so fast. We have never seen companies paying to have their oil taken away. It can't stay this way for long - it is the market signalling that storage is filling rapidly and that more production isn't needed.

[On negative oil prices amid the coronavirus pandemic] Prices have plummeted because there’s no demand for oil. People aren’t driving, they aren’t flying.

[On negative oil prices amid coronavirus] We’ve never seen negative oil prices like this. We’ve not seen demand fall so far so fast before. This is new territory for all of us. Even when things get going again, there’s still going to be all this inventory.