Bloomberg This Weekend Podcast

Episode: US Lifts Sanctions on 140 Million Barrels of Iranian Oil
Date: March 21, 2026
Hosts: David Gura, Christina Raffini, Lisa Mateo

Episode Overview

This episode of Bloomberg This Weekend unpacks two major news stories affecting the global political and economic scene:

1. The US administration’s temporary waiver of sanctions on Iranian oil—an extraordinary move amidst an ongoing Middle East conflict impacting energy markets globally.
2. US-Cuba diplomatic tensions, including an exclusive interview with Cuba’s UN Ambassador, as Cuba faces oil shortages and political pressure from the US.

The podcast also features a lighter segment with author Andy Weir (The Martian, Project Hail Mary), a news quiz, and cultural recommendations. The discussions provide expert perspectives on energy shocks, geopolitical risk, diplomatic crises, and cultural currents in a turbulent period.

Key Segments & Timestamps

1. Middle East Energy Crisis & US Sanctions Move (02:18–09:17)
2. Cuba–US Relations: Interview with Cuban UN Ambassador (11:53–21:30)
3. Andy Weir Interview: Science, Humanity & ‘Project Hail Mary’ (24:06–32:44)
4. Bloomberg News Quiz & Lighthearted Banter (35:18–41:44)

1. Middle East Energy Crisis & US Sanctions Move

Key segment: 02:18–09:17

Main Discussion Points

• Extraordinary Waiver of Iran Sanctions

  • The Biden administration has lifted sanctions on Iranian-origin oil for 30 days to stabilize global energy markets, following attacks impacting major Middle East natural gas complexes.
  • "Really an extraordinary development, Christina." – David Gura (02:18)

• Ripple Effects in LNG Market

  • Guest: Brendan Duvall, CEO of Glenfarn Group (liquefied natural gas projects).

  • LNG prices have surged from $10-11/MMBTU before the recent conflict to $30 on spot markets due to supply fears.

    • “Before the escalation of this war, we were buying at 10, $11 an MMBTU and we just bought last week at $20. And then I saw trades print yesterday at $30.” – Brendan Duvall (02:49)

  • Comparison to Ukraine Crisis:

    • While post-Ukraine war Europe lacked LNG import terminals, now terminals exist but physical cargoes are missing due to strait closures (e.g., Strait of Hormuz).
    • Qatar’s market share is significant (17–20% of global trade), and any disruption is hugely impactful.

• Infrastructure Dilemmas & Timelines

  • LNG facilities may take 3–5 years to fix if major damage is found.
  • “Building something from scratch versus fixing something that's already built is a lot more complicated. And so if it takes three to five years...once the straits open again, that'll be the main downward pressure back on price.” – Brendan Duvall (04:58)

• Impact on US Natural Gas Sector

  • Despite global turmoil, the US is largely energy independent, and Henry Hub (US gas benchmark) isn’t immediately affected.
  • “Every cargo that can be exported is already being exported. So I don't see it driving a huge outcome on Henry Hub immediately.” – Brendan Duvall (05:33)
  • More US LNG projects are likely as investors seek safe, secure sources.

• Alaska LNG Project Pitch

  • Alaska’s proximity and secure supply could appeal to Asian buyers amid Hormuz strait uncertainty.
  • “Asia has been hit really hard, especially by this strait...if we can take it down from Alaska, it's close, it's secure, it's a US cargo that's protected.” – Brendan Duvall (08:30)

Notable Quotes

• “Lower prices has more demand and I'm more of an infrastructure player. I want to sell long term energy. Sure, everyone wants a little bit of volatility to make some money. So when energy prices come down, I think we all benefit.” – Brendan Duvall (07:00)

2. Cuba–US Relations: Interview with Cuban UN Ambassador

Key segment: 11:53–21:30

Main Discussion Points

• Escalating US Rhetoric & Blockade

  • The US, under President Trump, is exerting oil and power blockades on Cuba while publicly entertaining the idea of “taking Cuba.”
  • Cuban President initiates direct dialogue with the US, seeking respect for sovereignty and mutual benefit.

• Cuba's Position on Negotiations

  • Ambassador Ernesto Sobron Guzman stresses dialogue based on equality and non-interference.
    • “Our president announced last Friday that we recently started a dialogue…based on equal footing, respect of sovereignty, respect of independence, and respect of not interference in internal affairs.” – Ernesto Sobron Guzman (12:41)

• Leadership Questions

  • Cuba firmly rejects the idea of changing its government to satisfy US demands.
    • “The only people that has the right to elect our leadership is the Cuban people. So no one will come to tell us you have to do this or to that in this regard.” – Ernesto Sobron Guzman (14:20)

• Impact of Oil Blockade on Daily Life

  • Blockade cripples healthcare, food production, electricity, and water supply.
    • “We have 96,000 people that are waiting for a surgery because we don't have electricity or oil to have electricity in the hospital, around 11,000 of them children.” – Ernesto Sobron Guzman (17:00)

• Cuban Resilience and Global Support

  • Cuba vows “indomitable resistance” while appealing for international solidarity. Cites support from G77 + China group, Russia, and others.
  • “If someone try to invade Cuba or if someone tried to make an aggression...they will find a whole people, 10 million people ready to defend our sovereignty.” – Ernesto Sobron Guzman (15:05)

• Message to US Public

  • Amb. Guzman asks Americans opposing US policy (citing a poll where only 28% support the hard line) to advocate for better relations.
    • “I will say to the rest, the 72% that doesn't support this policy that please continue pushing, continue raising your voice in favor of a different kind of relation between Cuba and the US.” – Ernesto Sobron Guzman (19:46)

Notable Quotes

• “We are not better, we are not worse than the US government or than the US people. We are just different people. We just want to try to build our own future from our own perspective.” – Ernesto Sobron Guzman (20:33)

3. Andy Weir Interview: Science, Humanity & ‘Project Hail Mary’

Key segment: 24:06–32:44

Main Discussion Points

• Book-to-Screen: 'Project Hail Mary'

  • Andy Weir (author of The Martian) discusses his new novel and its adaptation for film, including the decision to reveal the presence of an alien in the promotional material.
    • “In the book, it's a complete...twist. And the readers are very good about not spoiling things for each other; moviegoers are not.” – Andy Weir (25:11)

• Making the Alien Truly 'Alien'

  • Rocky is crafted as an authentically non-human character—"an anthropomorphized rock," not a little green man.
  • "If you exchange the positions of a shark and a camel, they're both going to die. Right?" – Andy Weir (26:13)

• Process: Science vs. Story

  • Science typically comes first for Weir, then the plot is engineered to fit plausible violations of the real world.
  • “Usually the science. In this case, I'll figure out something that I want and then I'll kind of back calculate a way to allow that.” – Andy Weir (26:41)

• Relatability & Optimism in Science Fiction

  • Weir emphasizes writing stories about friendship and loyalty to appeal beyond the hardcore sci-fi audience.
  • “I have in real life, a very high opinion of humanity, and I feel pretty good about the human species and that I think we're pretty awesome.” – Andy Weir (27:48)

• Creative Visualization & Character Depth

  • Reveals his “aphantasia”—limited ability to visualize scenes or characters.
  • “In my mind...I'm seeing...a blob of a person talking to a blob of another person in a sort of a blobby, undefined background.” – Andy Weir (28:57)

• Redemption & Growth in Storytelling

  • The protagonist’s arc from reluctance and fear to growth and redemption is a core theme, reflecting Weir’s effort to deepen character development.
  • “Give a man a book, you entertain him for a night, teach a man to write, you give him crippling self-doubt for life.” – Andy Weir (32:24)

Notable Quotes

• “I wanted to have a flawed but likable [character], and I think we've all felt that way before. We've all felt like scared, overwhelmed and underqualified.” – Andy Weir (32:10)

4. Bloomberg News Quiz & Banter

Key segment: 35:18–41:44

Format

• Hosts David Gura and Christina Raffini, plus guests, play a fun, rapid-fire news quiz covering diplomacy, bankruptcies, Oscars, and a baseball bonus round.

Memorable Moments (Selected)

• Diplomacy:

  • “The Taoiseach made a traditional visit to the White House. What country does he lead?”
    • Answer: Ireland (37:00)

• Bankruptcy:

  • “Which company that produces a fiber sometimes called Elastane filed for Chapter 11?”
    • Answer: Lycra (38:48)

• Oscars:

  • “The two films that took home the most Oscars were both distributed by which studio?”
    • Answer: Warner Brothers (39:44)

• Bonus (Baseball):

  • “In the World Baseball Classic, Team Italy had a viral home run celebration consuming which product?”
    • Answer: Espresso (41:03)

• Banter about losing points, illustrations of shamrocks, and why hosts don’t wear leggings provide levity.

Notable Quotes & Moments

• Brendan Duvall on Global Energy Security:
  “The US is the most secure place to buy LNG from. It just is.” (06:17)
• Amb. Guzman on Human Rights:
  “If you want to talk about human rights, we are ready to talk about human rights. You have. The US Government has concern about human rights in Cuba. Okay. We have concern also about human rights in the US.” (15:05)
• Andy Weir on Writers’ Angst:
  “Teach a man to write, you give him crippling self-doubt for life.” (32:24)

Episode Takeaways

• Energy Markets: Even countries perceived as independent are deeply entwined in global energy shocks. Infrastructure bottlenecks and geopolitical risk drive wild market swings and opportunities for new projects.
• Foreign Relations: US policy in the Caribbean remains forceful and controversial, with embargoes and blockades having stark human impacts. Cuba’s resilience narrative persists, but hardship is growing.
• Culture & Science: Optimism, friendship, and the “human factor” can shine even in hard science fiction. The episode highlights how science, storytelling, and personality intersect to reach wide audiences.
• Bloomberg Weekend’s Style: Mixes hard-hitting news, original interviews, quiz show elements, and pop culture, all delivered in a conversational, informed, and occasionally cheeky tone.

For listeners who missed the episode, this summary captures both the analytics and the personality of the broadcast, offering insight and context across world events, economic shifts, and cultural milestones.