Why Oil Still Runs the World — ft. Daniel Yergin
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What is the significance of the Iran war on global oil markets?
Should the U.S. start bringing troops home from Europe? I worry a lot that this is where we were headed. Trump sort of signaled it a lot during his first term. And in my conversations with European friends, I have been telling them, be ready for this because I do not think we get through four years without the United States reducing its European footprint. I'm Jake Sullivan. I'm Jake Sullivan. And I'm John Finer, and we're the hosts of The Long Game, a weekly national security podcast. This week, we debate whether the U.S. should draw down its true presence in Europe, and we break down the latest developments in the Iran war. The episode's out now. Search for and follow The Long Game wherever you get your podcasts.
Megan Rapinoe here. This week on A Touch More, I'm talking to my good friend, former soccer player and current soccer analyst Lori Lindsey about all things NWSL, the past, the present, and the future. Plus, I'm taking a look at the athletes who crushed at the Met Gala and Angel Reese's firm boundaries with the media.
How has Iran's oil production evolved over the decades?
Check out the latest episode of A Touch More wherever you get your podcasts and on YouTube.
Does anyone really know what goes on behind closed doors at the Supreme Court?
Four years ago, I got a tip about the court, and I was not in the market to cover it whatsoever. But this tip was about a secret influence campaign that had been carried out inside the court. As you know, the very idea of that is outrageous.
I'm Preet Bharara, and this week, New York Times investigative journalist Jodi Kantor joins me to discuss her expose on the court's shadow docket. The episode is out now.
Search and follow Stay Tuned with Preet wherever you get your podcasts. Welcome to Profiteer Markets. Scott is off today, but we have a big episode for you nonetheless. We will be talking in this episode about oil, specifically the oil markets, which have now endured more than two months of disruption from the Iran war. Given all of this news, we wanted to take a step back and help make sense of oil's role in the world and what this extended disruption means for our global economy, also for global energy and where everything is going next. So we decided to bring in someone who has spent decades studying all of these topics, the intersection of energy, geopolitics, global markets, and we spoke with him
earlier this week while I was in Florence.
What role does the Strait of Hormuz play in global oil supply?
He is essentially the man who wrote the Bible on the history of oil, at least that is what a lot of people have said. He is regarded as one of the world's leading experts on oil. His Pulitzer Prize-winning book, The Prize, is considered the definitive work on how energy shapes global power. So without further ado, here is our conversation with Daniel Yergin, vice chairman of S&P Global and author of the new map, Energy, Climate, and the clash of nations. I would love to start with just a brief history from you on Iran and Iran's place in the world of oil. And then we'll get into what's happened over the past few months. But for those who aren't aware, Give us sort of the Iran and oil 101. What is their role in the world of energy?
That's a very good question because I've been thinking about the fact that the blockade against the export of Iranian oil demonstrates the degree to which Iran, as a country for well over a century, has been a country that has been made possible by oil. Iran, like in the 1960s, was competing with Saudi Arabia to be the largest Middle East oil producer. It's much more oil than it's producing today. And that oil wealth was channeled by the Shah of Iran into Iran. trying to turn iran into an industrial power he overplayed his hand i was overthrown and the islamic republic came in and iran has continued to produce oil but often under uh under sanctions which have limited the amount of oil that it can export
Why is the Strait of Hormuz more important now than in the past?
And in the last few years, it's been really exporting oil at a discount to countries like China. So it's not a big player in the way that it historically had been. I still think back to when Iran and Saudi Arabia were almost in a battle to see who could produce more oil.
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Chapters
8 chapters
1
What is the significance of the Iran war on global oil markets?
0:00–0:56
2
How has Iran's oil production evolved over the decades?
0:56–2:35
3
What role does the Strait of Hormuz play in global oil supply?
2:35–4:16
4
Why is the Strait of Hormuz more important now than in the past?
4:16–6:17
5
How does the Iran conflict affect energy prices worldwide?
6:17–7:51
6
What are the implications of U.S. military actions in Iran?
7:51–9:16
7
How do global economies respond to rising energy prices?
9:16–10:49
8
What does the future of energy look like in light of current events?
10:49–58:25
Speakers
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