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Transcript: Pierre Andurand on How We Might Get $200 a Barrel Oil

Pierre Andurand, co-founder and chief investment officer of BlueGold Capital Management LLP.

Pierre Andurand, co-founder and chief investment officer of BlueGold Capital Management LLP.

Photographer: Daniel Acker

Russia's invasion of Ukraine has kicked off a giant mess in the world of commodities and sent prices surging. Commodities trader Pierre Andurand has made his name from navigating volatile energy markets, correctly positioning for negative prices oil in April 2020. Now, he sees tightness in the energy market staying for some time. On this episode of Odd Lots, he tells Joe Weisenthal and Tracy Alloway how we might end up getting $200 per barrel crude oil by the end of the year, and what that would mean for the world. Transcripts have been lightly edited for clarity.

Points of interest in the pod:
Joe mixing up backwardation and contango – 3.14
Andurand’s positioning before the invasion - 6.08
Potential for a squeeze higher – 9.39
Why production can’t just ramp up – 12.42
On metal prices going up and renewables — 16:14
How high could oil prices go? – 25.00
On OPEC’s role in production — 30:10
On the dollar’s reserve status — 33:22
On shale and underinvestment — 37:20
The economic cost of higher oil prices — 41:24