Bonus: A US shale pioneer on the Middle East war
4/18/202616 min
Global oil markets have faced historic disruption since the Iran war began in February. The FT’s Jamie Smyth speaks with shale pioneer Scott Sheffield and his son Bryan about energy security and why the crisis could reshape the future for oil and gas.
Mentioned in this podcast:
Trump administration urges US oil bosses to increase drilling
Fracking pioneers look overseas as US shale revolution goes global
‘As big as Saudi Arabia’: the Permian oilman who sold Pioneer to Exxon
Note: The FT does not use generative AI to voice its podcasts
This episode was hosted and produced by Michela Tindera. It was edited by Victoria Craig. Our show was mixed by Sam Giovinco. Additional help from Gavin Kallman. Our executive producer is Topher Forhecz. Cheryl Brumley is the FT’s Global Head of Audio. The show’s theme music is by Metaphor Music.
Read a transcript of this episode on FT.com
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Transcript preview
First 90 secondsMichela Tindera· Host0:00
[background music] Since the beginning of the Iran war, global oil markets have experienced a seismic shock. The conflict has sparked what the head of the International Energy Agency calls the worst oil supply crisis in history. Shipping traffic in the Strait of Hormuz has been effectively stifled, although both Iran and the United States have expressed some willingness to reopen the strait. Parts of the world are already grappling with higher gas prices and energy shortages. I'm Michela Tjandra, and today on a special edition of the FT News Briefing, we're taking a deep dive into how the oil sector is coping with this unprecedented disruption. [background music] Jamie Smith is the FT's US energy editor, and he's been focused on making sense of this constantly changing situation in the oil and gas industry. Hi, Jamie.
Jamie Smyth· Guest1:04
Hello, Michela.
Michela Tindera· Host1:06
We're sitting down on a Friday afternoon after the US and Iran both said they wanted to reopen the Strait of Hormuz, but there's still disagreement and a lot's up in the air here. Can you just recap for us a bit, you know, since the war began in February, what has the impact of that been on oil?
Jamie Smyth· Guest1:23
What we're seeing is the Iran war has created this blockage in the