video transcript

And then the Venezuelan leader Hugo Chavez is reverberating through the IHS there are weak conference here in Houston. Joining me from IHS is the senior director of Latin American research and -- era. Welcome there's a lot we don't know obviously but what do you think happens from this point in terms of Venezuela's importance in the oil market. Yeah and you don't -- who lead the industry in answer to that is too early to tell -- I cannot really make a statement about home -- imports are going to be impacted. The the facts aren't the industries in a very poor condition. Not only upstream girls and downstream as well so that by itself. It's already. Talents and it's a -- into Tuesday healthy growth or. Maintenance of experts that. What potentially will this mean for OPEC Venezuela is an OPEC member would we expect that they word. Half an emergency meeting or at least be having discussions about this. Heidi. Again it's no accident it's hard to know is so rarely. I cannot really tell you how all pick is going to react. Went to deal underlying deterioration of Minnesota and oil industry and the commitments they have made international leave our ye are stronger facts that the actual the actual -- -- fewer jobs. We can Alltel actually weather's going to be -- changed whether. The government is gonna is gonna a chance that direction it's it's it's just too early to tell. And that of course is key whether there's a policy change or the status quo let me ask you this. If there's any sort of policy changed as Venezuela become a more attractive investment or more attractive partner. And you fears that it takes away at all from what's happening in the US in terms of the US growth story. And I mean if various if there is some thought paucity of policy change that makes Minnesota much more attractive place to invest. Of course that will have. Not immediate because is going to take several years to build due to industry but is going to have a lasting significant impact on the industry. And it's basically is gonna give -- -- with the industry needs which is capital funds and technology resources and human resource to rebuild it. -- Sarah thanks very much for your time I don't hear a lot of questions out there and it's early on but we appreciate it thank you so much thank you. I'm -- shop there this is writers.