 2019 and Wednesday is usually a high energy day in terms of some of the critical issues for 2019 in the global economy Clearly energy is one of those no doubt about that I was trying to think about this in simplistic terms and I came up with three two one It was three years ago in Davos That we saw prices break on the downside below thirty dollars a barrel, which is pretty Extraordinary it led to the new idea of a the declaration of cooperation between OPEC and non-OPEC players Which it was implemented two years ago December and the one year is the kind of testimony to the stability is provided in the markets, although There's still a great deal of volatility Which also makes it extremely difficult at different stages of the cycle to Garner investment and there's some very interesting numbers We're gonna bring up during the panel about what we've seen in terms of investment in the United States But also at the same time the down cycle we've seen in global oil and gas investment There's also another trend that we see the investment community Exiting the IOC's and Sun instances because of climate change and whether they're prepared for the great energy Transition which I want to talk about in the last say 15 minutes of our discussion here today We see a lot of investment money going into the renewable sector. What is it telling us? What can the IOC's do to be ahead of that curve? Do they broaden their portfolio to include renewables as well? We also talk about the electrification of the energy sector today and natural gas as not just a Transition fuel but something that will be withstanding for decades to come if in fact we see that pickup in electrification We have a fantastic panel. I'll scoot out of the way here First it's the OPEC secretary a general Mohammed Bar Kindo good to see you back in Davos John Hess of Hess Petroleum Vicki Hollop is great to see you from Occidental Petroleum and Dan Jurgen We luckily I get a chance to chair with in different corners of the world on energy the author and the vice chairman of IHS market. Let's give them a nice welcome to the new energy equation Just a kind of housekeeping point here This is on the record and it's being streamed as we talk We'll be using highlights and our coverage here for CNN and also having on CNN business calm our digital coverage So this is not Shadham house rules, but the real deal. I wanted to bring up a graphic to start our debate First and foremost and I'm in my opening remarks. I was talking about the volatility This is the US oil surge, which I think is Interesting and we can start here if we want if you go back to 2000 We had US output according to the International Energy Agency of six million barrels a day We had this trough all the way to 2010 1112 and then that surge that picked up to take us to by some estimates 11.7 million barrels a day to round out 2018 so a key question and I think we'll start here With John Hess and then I'll bring Vicki into the debate because you're both in the two biggest fields when it comes to US Shale in the premium and the the Bakken Vicki Do you want to start us off here? Can this level of expansion in the United States be sustained? Everybody has this question. It's attracted a lot of investment But can we see the pace of expansion of US production continue and what does it mean? I think certainly the resources are there in both the premium basin and John's going to talk about The Bakken but in the premium basin, there's still Intervals to be developed. There's that is a multi-paid basin It's the most stacked pay basin in all of the United States and it's world-class basin and so I believe the resources are there So it's going to depend pretty much on what oil prices are But over the last few years as as you know We've driven down the the breakeven price of much of the resource in the premium basin Some of it to less than 40 maybe in a few cases less than 30 dollars a barrel So there's still going to be plenty of opportunity to grow the Permian depending on the price How about the expansion of production? Can we see 15 million barrels a day in the near-perceivable future John has? I absolutely think so, but I think what people don't realize is Shale is about 6% of world oil supply now and It probably will go up To 10% by mid-decade, but then it flattens out Resources do start to degrade the Vicki's right that the resource base right now is very healthy But eventually you get to locations that aren't as attractive as the ones we're drilling right now So Shale is not the next Saudi Arabia But at the end of the day, it's an important short cycle component of the supply mix in the world And we're still learning what that means When I had my opening remarks I was talking about the OPEC plus agreement that came out of Davos three years ago when we saw that price collapse There was no mechanism to try to balance the market or almost serve as a informal regulator if you will before I bring in his Excellency Muhammad Barkinda. I wanted to get your thoughts in particular Do you thank Saudi Arabia and Russia and the other members of OPEC for actually coming up with this concept because Donald Trump seems to Take a good whack at OPEC eight times during 2018 and he seemed to time it right at the beginning of the meeting or at the end of the meeting What are your thoughts about that effort in itself? The secretary general of OPEC as well as OPEC members play a very important role in stabilizing markets for oil So those efforts are to be recognized We're in a long-term business with 10 year 20 year investment horizons and if you have WTI