Revive its. Compound this bird is closed during ramadan cause of coronavirus restrictions. And in sports the English Premier League is stepping up plans for a return to action the league is meeting to discuss what needs to be done for games to take on. Now an agreement among the worlds Top Oil Producers to cut out for that has come into effect it follows a collapse in global prices spurred by a slump in demand because of the pandemic but the deal to cut out for it came with a lot of infighting between major or producers you might remember they met in vienna early march to work out how to keep prices. Stable but failed to reach an agreement in that meeting opec recommended taking 1500000. 00 Barrels Per Day off the market if russia agreed to cut production too well russia refused. Top producer saudi arabia retaliated by announcing a production increase instead a price war lasted nearly a month and prices dropped below 20. 00 a barrel and moscow and riyadh resolved their differences and agreed eventually to gradually cut production by 10000000. 00 Barrels Per Day american producers may have been hurt most by the price war though prices for u. S. Crude collapse on april the 20th they briefly went negative for the 1st time saudi arabia and kuwait say theyve slashed their output ahead of the may the 1st production deadline and it seems the deal to cut out port may of only happen because president dog reportedly pressured saudi arabia implying the u. S. May withdraw its military support for iraq and sam and dave has this report. Oil and water do not mix but politics in oil bond very well there is no official transcript of the conversation between the u. S. President and the Saudi Crown Prince which resulted in saudi arabias latest Oil Production cut reports suggest president of trump told muhammad bin soul man that u. S. Forces stationed in the kingdom could be withdrawn if saudi arabia did not stop flooding the market with cheap crude within days riyadh announced production cuts and ended its Oil Price War with russia opec in g 20 members including quit in norway have already announced cuts in output but questions still remain over compliance the us president has taken credit for the nearly 10000000 barrel cut by Oil Producers which comes into effect on friday i think i get them to occur. Maybe when you say. Well they say 10 they say 10000000 but i think its for 15000000 barrels i even heard 20. Saudi arabia and russias failure to agree on price stabilisation lead to a 31. 00 day price war which has resulted in a massive oversupply of crude that combined with the coronavirus shutdown of the worlds Major Economies provided a perfect storm for the 1st time in history traders were paying to get rid of world stocks after storage ran out and u. S. Crude futures dipped to a record minus 40. 00 a barrel the International Energy agency estimates global Storage Capacity could be full by mid june. With a powerful lobby and nearly a 1000000 u. S. Hydrocarbon sector jobs at stake its now an issue of National Security for the United States were also exploring potentially having the ability to store the other several 100000000. 00 barrels so were looking at lots of different options were in touch with lots of people around the world and the president is determined that we protect the National Security interest and the job with flights grounded no one driving and factories closed analysts estimate the demand gap is in excess of 30000000. 00 barrels even though some restrictions are slowly being lifted the Energy Market is gloomy and positive projections International Oil prices estimated to average around 35 dollars a barrel while the us prices expected below 20. 00 a drop of 60 percent compared to last year major firms such as Royal Dutch Shell out of readjusting shell cut its dividend for the 1st time since world war 2 norway western europes biggest oil and natural gas producer wants to ease tax rules for oil firms to prevent a drop in investment there is the short term benefit for all consumers the European Central bank says inflation has declined due to the sharp fall in oil prices but slowing growth globally job losses and declining industry coupled with falling Oil Production doesnt bode well for the Global Economy some of. Their. The lower demand for oil has resulted in an oversupply dozens of saudi tankers for example having west towards the u. S. Some politicians are trying to stop them according to the website tanker truck has more than 50000000 barrels of Saudi Crude Oil is on its way to american ports marine traffic shows at least 26 tankers near Southern Africa are apparently bound for terminals in the gulf of mexico for delivery to refine reason storage sites in texas and louisiana. One has already completed a delivery to saudi aramco owned refinery in texas but all prices have sunk to record lows in the threatening us for juice theres some politicians in washington on the vessels turned back jim crane is an Energy Fellow at rice universitys Baker Institute he joins us by skype from houston in texas good to have you with us so will the cuts kicking in today help us crude Oil Producers or surely it cuts in production globally since we are global or are are going to help producers everywhere so you know it all helps start to balance demand you know weve got this giant drop off in demand Something Like 20 to 30000000 barrels a day locally cut kit today by 10000000 barrels a day for if they all pan out maybe a little bit more for producers here in the u. S. Which are of course part of opec but which youve already cut back or one or 2000000 barrels so yes should start to reduce the flow of crude oil thats been going into storage how critical is the situation for us produces if as has been reported the u. S. President had to put American Military support for sad arabia on the line. Well its you know i think the u. S. Is were really kind of trying to figure it figure out what we are right now you know weve always been a big oil consumer with the Number One Oil consumer globally but well production over the past 5 years has risen so quickly and by so much that were actually the number one will producer now at the same time so you know traditionally the u. S. President has always wanted Lower Oil Prices to help the u. S. Economy help us consumers right now are on that we you know that the president is trying to get well Prices Higher service range place and hes using our you know so that you know policies that were not used to threatening saudi arabia or you know talking about withdrawing our troops from the middle east now i mean you know well see saudi arabia. As is a competitor now so its sort of interesting situation if you will how high do prices need to go i mean has america figured that one out yeah you know in order to protect us crude oil produces you shill producers here in texas and around the us. They can they can operate profitably. Writ large somewhere around 40. 00 a barrel we 30 or 48. 00 you know some of the smaller producers need a bit more some of the bigger ones to do it for quite a bit less but you know they could be they could be rough the fairly comfortable and greener return around with crude price not 40. 00 so obviously with crude at 20. 00 or you know recently much lower than that they are not comparable the good thing about schill production is that the well production rate declined pretty rapidly. Requires a constant state of drilling of new wells to keep production it just to just to keep production flat so if new wells arent being drilled us production will start to drop off for the few months interesting good to get your thoughts on that jim crane thanks Africas Largest Oil Producer nigeria relies heavily on the oil revenue for its economy but the huge surplus in Global Supply is causing further damage. And injuries from points from the capital abuja its been a particularly difficult year for nigerians whose all dependent economy is struggling low prices and cuts in production resulted in huge loss of revenue but more warning for africas biggest producer is the damage the current clucked was 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 some wells. What were 52 days and on president a lot nobody has ever been taken to the beyond borders into storage which includes thats never happened what it means when countries come back to work ill be so much supply that the demand cannot compensate for that revenue shortfall some all have already forced the Nigerian Government to consider an almost 40 percent cut in this is spending estimate. 1000000000. 00 identity for companies that youve had to shut down can i bring back the wealth if i can bring back do with what happens next for youre better off paying off somebody that you could all but thats not a prominent judge in 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 products i believe from the audience and michael. And thats. True. Internationally. And thats whats much. More important and thats. A lot of medium average in nigeria a big forecast they could even get worse if the kind of market charge continues for a long time. Plenty more still ahead on the news hour including. Fighting flares in libya after the u. N. Recognized government snobs wall of free for half the seas far off or. Health workers across mexico demand medical supplies is the peak of infection is near. And explore how the pandemic is affecting grassroots schools in inner city schools across the United States details coming up later in the show. U. S. President ial hopeful joe biden is speaking out for the 1st time about allegations of Sexual Assault involving a former employee former Vice President biden told b. C. He did not assault then staff tara reid when he when she worked for him in 1993 when he was the senator he said he couldnt remember her making a complaint. Biden touched her inappropriately and sexually assaulted her and joined now by White House CorrespondentKimberly Kimberly how crucial will be what turns up in the National Archives to how this goes. Yeah after weeks of silence and pressure by his own Party Members to respond the democratic preserve Presumptive Democratic president ial nominee former Vice President joe biden is now speaking out denying that this Sexual Assault ever take took place as terror reid is claiming and hes now calling on the National Archives to release her complaints if it even exists now these allegations stem back to 993 when the former Vice President was a senator on capitol Hill Tara Reid was an aide in his office she alleges that he pushed her against the wall and sexually assaulted her her friends are corroborating her story but now the question becomes whether or not that complaint was filed and exists so the former Vice President joe biden has responded in a statement he says well the details of these allegations of Sexual Harassment and Sexual Assault are complicated 2 things are not complicated one is that Women Deserve to be treated with dignity and respect and when they step forward they should be heard not silenced the 2nd is that their story should be subject to appropriate inquiry and scrutiny and that is what the spotlight is on now whether or not this complaint exists and what the follow shall be if it is discovered all right now stay with us kimberly because we have sought him we should listening into want joe biden was saying. No it is not true im sorry not a critically never never happened did never happen. Do you remember her do you remember any any types of complaints that she might have made. I dont remember any time to complain she may have made it was 27 years ago and i dont remember nor is anyone else that im aware of and the fact is that i dont remember and i dont remember any complaint ever having made committee how problematic visits the blanket could be to the whole Biden Campaign well there are a couple of things at play here number one times have changed in the era of the me too movement what was acceptable 27 years ago is not acceptable now so thats the 1st problem for the former Vice President but the other issue in all of this is something that works in his favor is that hes not the only high profile politician to have very serious allegations against him you remember the allegations against President Trump on the campaign trail in 2016 in fact hes had more than 20 women accuse him of some form of sexual advance and he has denied these repeatedly in fact the u. S. President talked about this late thursday when he almost offended the former Vice President joe biden saying that he should respond but they could be false accusations that hes facing and trump said he knows of this well because again he has been accused repeatedly he also brought up the case of the Supreme Court justice judge Kavanaugh Brett kavanaugh his confirmation hearings where he was also the president says falsely accused but this is certainly a difficult issue that the former Vice President joe biden is going to have to confront and it wont go away quickly but already there are many on his side including the House Speaker nancy pelosi on capitol hill she has not responded since this tape has come out but she said previously that she was satisfied with joe bidens denials and considered him a person of integrity all right thanks so much kimberly how the bat. The u. S. President says hes seen evidence the coronavirus originated in a low bar 3 in the chinese city of war but he failed to give any further details donald trump said the release of covert 19 could have been a horrible mistake this particular highly explains the president didnt say where he got the information from. A Conspiracy Theory has been floating on the fringes of conservative media for weeks and now its made its way to the white house you seen anything at this point that gives you a high degree of confidence that there would have instituted a raji was the origin of this virus yes yes i have that was the president of the United States indicating hes seen something that says the coronavirus was made in a chinese lab he didnt say if it was from a us agency or from Cable Television where he gets a lot of his information after reports that the cid ministration has been trying to get the Intelligence Community to find a connection to the lab the director of National Intelligence issued this statement saying the Intelligence Community also concurs with the wide Scientific Consensus that the covert 1000 virus was not manmade or genetically modified and 2 weeks ago the u. S. Military seemed to make the same conclusion on the on the lab piece of that thats theres a lot of. Rumor and speculation in a wide variety of media the blog sites etc should be no surprise to you that weve taken a keen interest in that and weve had a lot of intelligence take a hard look at that and i would just say at this point its inconclusive although the weight of evidence seems to indicate natural some republicans have been trying to point the blame and public anger at china some even saying they should simply refused to pay china back for the u. S. Bonds it holds the president though said he wouldnt go that far indicating more tariffs cou