A green economic recovery post pandemic maybe green power could be the death knell for crude. And saudi arabia the oil giant whose Economic Diversification has led it to the north east of england but critics are accusing the kingdom of trying to sports watch its human rights record. Look we all know were in the middle of a storm like no other right now and really its no one even if you are a country with oil sure some of the bigger players are doing ok though even saudi arabia is cutting subsidies and raising taxes but small opec players are really taking a hit from the coronavirus pandemic and Oil Prices Sliding into negative territory however briefly think about oman and behind both could receive economic support from the likes of saudi arabia and the u. A. E. But our focus is on those resource rich nations that with oil prices that are around 30. 00 a barrel may have to turn to. The International Monetary fund and start with algeria which has seen its debts soar to 45 percent of g. D. P. From just 26 percent and 2017 it had base this years austerity budget at 50. 00 a barrel so its potentially got real problems angola which in 2018 got a 3800000000. 00 loan from the i. M. F. And it could be banging on the door again as africas 2nd Biggest Oil Producer it relies on the sale of crude for 65 percent of its tax revenue ecuadors credit has of given the country a debt payment holiday but it could still default on its 17000000000. 00 debt and it also got an i. M. F. Loan of more than 600000000. 00 and then theres africas Biggest Oil Producer nigeria which has received a 3400000000. 00 loan from the i. M. F. You know nigeria is dependent on oil for 90 percent of its export earnings so with crude prices diving so badly it has little room to service its debt has this report now on what it all means for the nigerian economy its been a particularly difficult year for nigerians who are all dependent economy is struggling low prices and cuts in production resulted in huge loss of revenue but more worrying for africas biggest producer is the damage the current clock will do with fuel Storage Facilities the options for nigeria like many small and medium sized produces is to give away its oil or shut down somewhere else what we have to see today is an implicit in blood nobody has ever been taking the big interest to edgewood doing thats never happened why didnt they say well when can just come back to work. So much supply that the demand cannot compensate for that revenue shortfall some all have already forced the Nigerian Government to consider almost 40 percent cut in this is spending estimate. 1000000000 dollars identity for companies that youve had to shut down can i bring back the wealth if i come in by do with what happens next for you a bit of pain of somebody that you could call but thats not a permanent that judging the current cost of producing a barrel of oil in nigeria is about the same as the market price something produces an expert say isnt sustainable for a long period nigerias oil company then m. P. C. Says its engaging its joint Venture Partners all companies to see how do a father cut production the countrys current output is 1400000. 00 barrels of oil a day and as producers desperately look to shop prices its awful possible that nigeria will be forced to make products experts warn that the current instability in the oil market is said to father damage the economy nigeria imports a significant amount of consumer goods including Refined Petroleum product i believe from the 40. And thats worked much. Too. Internationally. And thats whats much. More important and thats. A little even an average nigeria a big focused they could even get worse if the kind of market charge continues for a long time with us now from london for more on nigerias economic challenges is color karim he is the chief executive of the Shoreline Group which has holdings in a number of and i dear in oil ventures nice to see a. Very simple question how do you make money from oil at the moment can a government make money from oil at the moment. Its very very tough looking at what is happening in the industry as it stands all were trying to do now with the National Oil Company is cut down our budgets try to renegotiate existing contracts that will reflect in the present day position of where costs find itself on the government front is also very difficult if you think about it at the beginning of the year the percentage take for royalties is 20 percent looking about high sixtys and to day reality is. You know. So it is difficult for government itself its revenues drop considerably to be fair to nigeria in fact to be fair to any economy at the moment this downturn has been sharp its been fast its been brutal its difficult to prepare for but did nigeria do enough to sort of make sure that it would be well that it had some sort of contingency plan it is an unfortunate position if you think about is always shown to weather the storm in being able to battle different problems at any given time if you think back weve got the insurgency in the northeast that the governments been battling weve got the woman and the farmers clashes but the governments been battling but abate at High Oil Prices so you can imagine this double or triple or quadruple stress on government and government finances looking now ive been on the pandemic and the global shutdown of the commies coupled with the undersupply oversupply of oil in the market that itself is creating a very stressful position for any and the con and economy not talk of nigeria so then maybe there is a balance to be redressed here mean if you look at the numbers as a percentage of g. D. P. Oil is 10 percent of of nigerias economy but it is 90 percent of its. Exports does there need to be some sort of rebalancing there where true to form the rebalancing is actually been put in place then redated as official of the ledger in the column yes the make up on g. D. P. At 10 percent thats poil but the reality is 90 percent of this Foreign Exchange income is coming from oil so you can see the adverse effect with this global downturn and the oversupply in the market and coupled with what is happening in the oil industry itself that is creating those very stressful position in trying to dress what the Current Situation is. As much as anyone can predict the future at the moment in this as we keep saying unprecedented time what are your thoughts about future oil demand something will definitely change as a result of this pandemic even if you just one sector just said hey aviation thats probably going to change and it uses a lot of of oil where is the demand going to come from whats going to sort of reset. Well what were all waiting to see is a game the resurgence of Global Growth one way or the other one thing is critical politically is Crystal Clear nigeria has an opportunity today to lead directs its focus not from oil moving it far away from oil but focusing and doubling up on its gas reserves look like just more of the gas country with 210 t. C. F. Of Gas Resources under the soil reality is this is an opportunity in making nigerias strict sense of positioning for business and enhancing the production on the continent of africa why do i say that if you think about it the world has been talking about the positioning of fossil fuels gas is cleaner feel and aiding the resurgence of that fundamental position on the continent of africa by glowing its economies can show its position by focusing on Gas Development gas exports into the countries in africa looking at west african gas pipeline going north also into europe and going south into Southern Africa as well disk would create huge deficit of haitian president ford in niger and economy that would make it an important player on the continent of africa in the energy space as well so this is interesting i want to say with us for a moment because generally we focus on oil when it comes to nigeria what youve just explained about the gas sector is that a belief that you have is it one that others have is it one which the government is saying actually yes maybe we should do this to look at i think is a mixture of all things one is you see yesterday the nigerian ellen g. Signed the train 7 contact which is going to move nigeria again this is part of his gas utilization that this is going to move nigerias production of energy from 22 metric tons 230000 metric tons good idea but the greater focus of what out. Talking about is making nigeria a resurgent gas on the continent of africa that will aid thats what Industrial Revolution so the african continent that needs the gas or utilization of the gas to growing the us the around its industrial output this is an amazing opportunity that lie journal does mention major oil and gas industry and the sector our players in nigeria must redouble its efforts on in creating a new powerful nigeria and again more importantly creating a natural hedge for this type of occurrence is when all prices come down again a really interesting stuff paula kareen thank you so much for joining us do appreciate it thank you. So what you should have learned so far is that oil is no longer the be all and end all cola karim was saying it there and cell phone and really with the planet under threat from Climate Change as well nor should it be and so enter the Energy Alternatives well honey university has developed a plasma thruster this is a type of propulsion engine that could potentially power the planes of tomorrow and bring emissions free flying a step closer think about it this pandemic has reduced Global Consumption of oil by about a 3rd the jet airliners guzzling at least 5000000 barrels of the stuff every day and so coronavirus may just be the push green energy needs it should come as no surprise that the decline in fossil fuel use has led to an 8 percent fall in Global Carbon emissions according to the International Energy agency so maybe lithium the stuff the power as much of our electric cars and batteries can be a winner from this crisis. And elaine and then i think that he is headed Strategic Advisory benchmark minerals and joins us from london now and they just specifically on whats going on at work on university plasma threw up the lithium and its there a plain english explanation for that yeah i think what youre seeing at the moment is this a big lot of excitement around the lithium industry and what youre seeing is a couple of things really going on i was sectors particularly hydro carbons oil and gas seeing a lot less investment going and now youre seeing short pricing cycles there a lot more volatility and thats less attractive to long term investors the move now is very much into the Clean Technologies previously the rates of return in those technologies havent really compare but now you are seeing long term lower returns for oil and gas more sites on Clean Technology and thats good for both lithium and the lithium ion battery sector would be interested in the theme in other things which lead to cleaner energy do you think that can actually make a dent in oil and Gas Investments in the money that would usually go to all in death investment or are we still in that sort of infancy stage to question and i agree we are still in the stage if you look at the size of the oil and gas sector youre dealing with a couple of trillion dollars every year in terms of value the entire city of ion battery sector is only worth about 50000000000. 00 at the moment and that lithium itself has probably somewhere around 10000000. 00 but the interesting thing is that while were all evil you know the debate is still around people and relatively fast owing to barca citing increasing demand what youre seeing in the battery sector is double digit growth close to 2025 percent growth every year for the next couple of decades and thats very quickly get close to the sort of half trillion dollar level by the time we get to mid twentys thirtys. Hi im going to make a bit of a generalization here but by and large lithium the lithium batteries i should point out come from china they are made in china theyre exported and what we have seen in this crisis what it is showing up is how fragile supply chains are i mean ive heard a lot about stuff in the u. K. Where you are about people saying that you know manufacturing needs to be to be brought home brought away from china it is that something in this particular market that can be done that could be done in the u. K. In the u. S. In any where else absolutely and you know as we highlighted this pandemic is seeing what we know the rise of supply chain nationalism now that was already going on in this sector 70 percent live in iran so as a current though in china and clearly thats not sustainable for economies like the e. U. For economies like the u. S. Who are going to rely on these batteries to be effectively the engines of vehicles go forward so as the industry grows we can build out asked in europe we can build our past here in the u. S. And also other locales around the world it just starting to see the potential of this sector what youre talking about there with lithium Battery Powered cars that is a longer term shift im just wondering seeing as were talking about oil a lot of the moment on this program what your thoughts are about some of the immediate demand for oil when things settle down do you think it will be able to lift up its demand a bit again so in new york you will see a rebound. Particularly an issue for the u. S. Where you have higher costs of production is the long term they look far less attractive than they did 6 months ago. We will see a rebound in our obviously from very low levels at the moment but in terms of the comparison to demand growth for say the Clean Tech Industry its quite clear youre going to see a big boom going into cleantech at the expense of the oil and weve seen a lot of the big national. Regeneration funds. Big announced for places like the like india which really want to focus those phones not on the old economies but into clean tact and into. Low carbon. Industries and elaine and talking alternative energy with us on counting the cost thank you thank you so once again lets think about the trend were seeing oils on the way out or Oil Economies need to diversify and sport is a pretty good way to do that not only is it an investment its potential soft power so for example the English Football Club Newcastle United a team with 128 years of history could be in the hands of new owners very soon but guess who the buyer is its Saudi Arabias Public Investment Fund which could end up owning 80 percent of the premier league club now saudi arabia comes with a lot of baggage these days there is its human rights record the killing of journalist Jamal Khashoggi and its alleged theft of t. V. Rights to the premier league in the middle easts they could all be rail what is a 370 5000000. 00 deal with Newcastle Amnesty International is accused the Saudi Crown Prince Mohammed Bin Salman of using the glamour and the prestige of the premier league to cover up actions that are either deeply immoral or actually just in contravention of international law. Were going to head a couple of 100 miles south of new counsel to coventry to speak to Simon Chadwick hes director of the center for the eurasian sport industry its nice to have you with us simon i know there is opposition to this deal is that the kind of opposition do you think they could actually derailers its a difficult question to answer at the moment because there seems to be a wall of silence certainly in terms of the premier leagues fit and proper person test i dont think necessarily thats currently a major hurdle but i think the this whole deal is embedded within a complex network of different influences weve seen Jamal Khashoggi fiance for example sending letters to to newcastle fans and indeed to newspapers calling for the deal to be banned at the same time you also have the British Government which on the one hand is facing pressure to. Intervene in the deal but at the same time is obviously mindful of the business relationships the country already has with saudi arabia you then obviously got be in sport and there are concerns of legal action involving be at q. And so this is not a straightforward matter so i think the silence at the moment is very difficult to interpret lets go to that be in be out q. Issue as it were i mean this is an issue of of t. V. Rights which we know are words so much i mean there was bigger than the game themselves now i mean it doesnt really look right does it for a country which has been essentially you know looking on while these have been hijacked to be involved directly with the club i guess the big issue here is is that. It needs to be proven beyond doubt there is a connection between be out here and the saudi government which i think theres still some debate around that but nevertheless given that it appears the the station is running out of saudi arabia you would have expected the saudi government to take some form of action to to to stop this in amongst all of this actually feel a little sorry for the premier league and thats a problem. Re a controversial statement in its own right there theyre caught between a rock and a hard place because obviously the premier leagues relationship with with. Being is a really important one yet at the same time its fit and proper person test which is normally used to assess perspective on us doesnt necessarily cover the kind of misdemeanors that. Are involved in so really the premier league is in something in of evan invidious position and i think the government is not supporting it the British Government is not supporting it the British Government has effectively stepped back from this issue mindful of as i say antagonizing the saudis and leaving any consequences of decisions that are made for the premier league to deal with just on a little side note to do with broadcast rights not specifically to do with this issue with be in and be out q but can you just explain to viewers who may be on top with it how importance and how much money goes into the the broadcast rights and the effect that its having because there are no games at the moment its important to note about broadcasting rights that certainly for the premier league it is it is what has made the premier league what it is today arguably the most valuable Sports League in the world the premier league sells in more than 200. 00 territories overseas and so this generates huge amounts of revenues for not only for the league itself but for clubs too just to give you an illustration of how lucrative this can be for an individual club even the club that finishes bottom of the league gets relegated out of the league will typically be awarded somewhere in the region of about 1cw2c5w pounds just for finishing bottom and this doesnt include of the revenues like sponsorships and merchandise to ticket sales and so forth so this is absolutely fundamental to the economic commercial strength of the league but all sorts of the financial viability of a lot of the clubs that are part of the premier league some integrity a pleasure talking to you about this thanks for joining us thank you. Finally this week we head to the United States where unemployment is soaring and the pandemics making it difficult for companies to plan long term its tough for anyone but imagine youre a young person just graduating and facing a well nonexistent job market or brownouts looks at the issue from los angeles. With the class of 2020 there will be no caps and gowns no proud march to accept diplomas no celebration after years of study and hard work its a distressing time for grads like james warner who attended Vassar College in new york but is now with his parents in los angeles in terms of like you know graduating school and going into the workforce its such a big change in general and kind of having the you know dark cloud of this pandemic over that adds even more stress and intensity to that process back home in gorham maine after American University in Washington Closed its doors may have terri says she feels like shes in limbo ive been trying to take everything one day at a time to preserve my Mental Health for both of them and for millions of graduates in the u. S. And around the world job prospects are slim ive done some searching i mean doesnt have a lot of Economic Opportunities other than the tourist industry so thats entirely shot at the moment are you going to hire the kid whos like fresh out of school are you going to hire someone whos been on a desk or flight 5 years. And i dont know i just it makes me feel old its its tough young adults leaving college today could face a prolonged period of unemployment for many members of the class of 2020 economic fallout could linger for years decades or even longer Research Shows that even if and when the economy picks up again the graduates of today may struggle but we know from must be sessions that they are good evidence that it will all. Begin to go so you see where income losses also said the baby might. Be seen that goes into office says well were they really hard hit. That might have been. At entering the workforce in hard times can also take a toll on health and even lead to early death in the long run its a bit like that they also increased mortality rates and its not my students that illness but also why didnt you let fact why do so because that can be linked to. The u. S. Treasury has sent out more than 2 trillion dollars in a stimulus package with checks going to companies and individuals but young people were mostly cut out of that deal despite these negatives workforce experts advise new graduates to remain optimistic the next 12 months a challenging as the number one thing is going to be plenty of options you know your new career. You know you have plenty of time to be impacted technology is having own rules and jumps in future you know quite immense and the good thing about new graduates coming through i mean through i dont know. And then very trends are used. That advice. Skin be hard for anxious young people to follow i want to go start my life im like really ready to do that and its just like painful having to just sit for now the class of 2020 can only wait and hope for the best rob reynolds aljazeera los angeles and that is our show for this week but were always keen to hear from you you can tweet or d. M. Me. To use the hashtag a. J. C. To say or you can go on scolding drop us an email counting the cost at aljazeera dot net is the address and theres more for you on line it down to 0 and see that takes you straight to a page with individual reports links into tire episodes for you to catch up on but that is it for this edition of counting the cost im Kemal Santamaria from the whole team thanks for joining us and news on aljazeera is next. Throughout history behind has come together in our darkest moments this is a moment for pretty much the opposite where retreat from the world could actually save every generation has its moment this one is ours. When a military coup overthrew chiles marxist president one stadiums became prisons and the hunters sole objective was absolute control one publicly refused to accept dictatorship episode 4 of football rebels expose the life of carlos cassilis. The footballer whose personal stories swayed of votes that altered the history of his country carlos and the demise of i ended on aljazeera. Robotics and in doha the top stories on. He targeted as a game changer when the coronavirus pandemic began President Donald Trump has revealed hes taking a regular dose of an unproven drug a drug cyclo to queen is used to treat malaria but its not been approved to treat covert 19 in the us except in emergency cases aljazeera is hi joe castro as the story President Donald Trump is so confident in the drug he himself dubbed a game changer against covert 19 that he himself takes
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