RBC Capital Markets’ Helima Croft on the impact of geopolitical tensions on oil prices
December 24, 2025 • 4m 2s
Joe (?)
00:00.070
it's
halima
croft
RBC
capital
markets
a
global
head
of
commodity
strategy
is
with
us
also
a
CNBC
contributor
so
much
to
talk
about
halima
merry
christmas
good
to
see
you
like
that
i
like
that
red
Helima Croft (Global Head of Commodity Strategy)
00:11.430
merry
christmas
joe
Joe (?)
00:13.030
yeah
yesterday
we
were
talking
about
whether
we're
at
a
level
where
the
producers
are
not
feeling
that
great
about
the
holidays
i
mean
Helima Croft (Global Head of Commodity Strategy)
00:23.910
if
you
look
at
the
dallas
fed
circle
is
the
US
producers
do
complain
about
the
price
environment
some
of
the
issues
around
you
know
tariffs
aluminum
and
steel
prices
but
they
do
like
president
trump
's
deregulatory
agenda
they
do
like
the
permitting
reform
they
do
like
the
Helima Croft (Global Head of Commodity Strategy)
00:41.680
aggressive
efforts
to
you
know
assist
in
terms
of
everything
they
want
on
the
fraud
so
the
question
is
US
production
has
remained
high
will
it
plateau
in
the
current
price
environment
for
twenty
twenty
six
i
mean
a
lot
of
things
broke
president
trump
's
way
this
year
not
only
Helima Croft (Global Head of Commodity Strategy)
00:59.990
was
US
production
particularly
saudi
arabia
gave
him
you
know
significant
amount
of
additional
production
you
also
have
production
brazil
guyana
so
with
a
very
strong
oil
growth
story
for
twenty
twenty
five
do
Joe (?)
01:17.430
you
i
i
know
you
you
got
a
great
job
i
i
see
you
you
know
you
get
sent
all
over
the
place
by
RBC
or
you
know
in
vienna
and
then
you
know
you're
in
the
middle
east
i
mean
it's
all
domestic
now
is
that
hurting
your
your
your
your
travel
we're
the
swing
producer
now
aren't
we
Helima Croft (Global Head of Commodity Strategy)
01:33.950
do
you
need
to
i
was
just
in
europe
i
haven't
i
i
have
it
in
houston
so
i
do
spend
a
lot
of
time
in
houston
i
like
it
a
lot
i
do
think
the
question
for
president
trump
is
if
you
have
prices
move
lower
from
here
it's
not
our
expectation
we
do
expect
wti
prices
to
hang
out
sort
of
Helima Croft (Global Head of Commodity Strategy)
01:51.790
in
the
mid
to
high
fifties
this
year
barring
a
major
political
disruption
and
we
should
talk
about
that
as
well
you
know
is
that
a
growth
number
for
US
producers
it
is
not
an
optimal
number
for
US
producers
can
they
weather
this
price
for
about
a
year
yes
but
it's
not
what
they
Helima Croft (Global Head of Commodity Strategy)
02:10.470
want
in
terms
of
a
medium
or
long
term
oil
price
to
be
sure
so
Joe (?)
02:14.590
where
is
it
is
it
is
it
is
it
iran
is
it
ukraine
is
it
the
middle
Helima Croft (Global Head of Commodity Strategy)
02:20.630
east
where
so
much
to
talk
about
joe
first
story
would
be
pay
attention
on
the
venezuela
story
now
you
could
say
venezuela
is
not
producing
that
much
anymore
i
mean
when
i
used
to
cover
venezuela
back
in
DC
they
were
producing
about
three
million
barrels
and
that
was
like
the
Helima Croft (Global Head of Commodity Strategy)
02:34.870
early
two
thousands
the
question
is
if
we
do
get
some
type
of
regime
change
in
venezuela
is
that
key
to
unlocking
future
venezuelan
oil
production
can
you
turn
around
the
story
quickly
it's
going
to
require
joe
about
ten
billion
dollars
a
year
in
investment
we
will
need
a
very
Helima Croft (Global Head of Commodity Strategy)
02:52.390
stable
security
environment
in
that
country
it
has
been
run
as
a
narco
state
there's
a
lot
of
arms
in
circulation
the
military
essentially
runs
an
oil
company
are
we
going
to
go
in
and
stabilize
venezuela
and
if
we
don't
is
there
some
risk
on
the
current
production
levels
in
the
Helima Croft (Global Head of Commodity Strategy)
03:09.190
near
term
so
pay
attention
to
that
story
pay
attention
to
the
latest
in
terms
of
israel
iran
we
have
news
out
of
that
prime
minister
netanyahu
is
going
to
try
to
lobby
for
more
aggressive
action
against
iran
because
of
the
ballistic
missile
program
there
the
twelve
day
war
over
Helima Croft (Global Head of Commodity Strategy)
03:25.470
the
summer
did
not
produce
a
major
supply
disruption
against
something
that
broke
president
trumps
way
if
we
do
get
another
israel
iran
you
ask
you
know
conflict
is
that
going
to
remain
the
same
is
regional
supply
at
risk
again
it
worked
out
well
for
trump
but
then
there's
a
Helima Croft (Global Head of Commodity Strategy)
03:42.630
russia
story
there
has
been
expectations
in
the
market
part
of
the
reasons
i
think
prices
have
been
soft
that
president
trump
will
be
able
to
deliver
a
deal
to
end
this
war
not
clear
yet
if
that's
going
to
happen
and
ukraine
has
up
their
attacks
on
russian
energy
supply
so
pay
Helima Croft (Global Head of Commodity Strategy)
03:58.870
attention
the
trajectory
of
russian
production
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