production cuts to 2025 opec outlined a plan to unwind the voluntary output cuts from october.oking traders here with rival production in the united states looking really strong right now and also a big question mark over the outlook for demand with global central banks still pretty unclear about what the cut timeline is going to look like however, we did get a chance to speak with the saudi energy minister on sunday he says opec has the flexibility to manage supply when he joined this call in the following opec meeting on sunday. here's how he characterized this move to add barrels back on to the market listen in. >> we want to make sure like we did in the past is be cautiously optimistic and ensure the market guidance -- although we hope nothing happens to continue this increasing production as we have put in that schedule however, we maintain the choice that we could pose or could reverse. this is not new. we have been doing it over the last three years and i think it is proven to be effective. >> reporter: the saudi energy minister there i think it is critical to underscore

looking at the latest announcement from opec and latest cuts. i appreciate your time and inchinisii insight. >>> and micong up on "worldwide exchange," we will have the latest interview with ceo about what happens next. the places we cheer. trust. hang out. and check in. they all choose the advanced network solutions and round the clock partnership from comcast business. powering more businesses than anyone. powering possibilities. oh no, a rash. maybe it'll go away. awww, how am i going to find a doctor i'll actually like? is that a qr code? dr. stafford makes you feel at ease. thanks rash! you've got more options than you know. book now. [thunder rumbles] ♪ ♪ ♪ ♪ the biggest ideas inspire new ones. 30 years ago, state street created an etf that inspired the world to invest differently. it still does. what can you do with spy? ♪ ♪ [thunder rumbles] ♪ ♪ >>> welcome back to "worldwide exchange." stocks in india raising to a high after the landslide win by narendra modi in the election. today's gains is impressive for the indian stocks up 21%. we

we know opec is not a political organization.like to weigh in on the politics. in the back of your meeind, you have to wonder the strategy. >> dan murphy reporting live from dubai. thank you. >>> coming up, the future of the tax cuts now in question and what it means for the fate of investors. we are live in d.c. when "worldwide exchange" returns. stay with us. energy that gets you to the next level. cirkul is what you hope for when life tosses lemons your way. cirkul, available at walmart and drinkcirkul.com. (office chatter) is it me...or is work not working? at least, not the way it could work. your people are buried in busy work. and you might be thinking... can ai make it all work? can ai help your people work... without all the workarounds? feel better. make customer service work the way customers expect? that one. make your old tech work with your new tech? thank you. and todd here is wondering, can ai do all that... now? no pressure. it can. on the servicenow platform, ai transforms your entire business. your people work

that was driving saudi arabian and other opec list -- opec-plus members.t was maybe part of the reason why we didn't. we have the u.s. treasury throwing some sanctions on some shipments -- shippers from iran. while that will not have a huge impact on the physical market, it is something to think about as -- there is what's happening in the middle east and how the u.s. reacts to that conflict ongoing. anything that involves iran will increase prices to integrate. that is being viewed as what pushed prices up yesterday. things are steady today. we will have to get a clearer picture from other reports. the iaea will put out a report on where oil supply and demand place for the rest of the year. that will be key as to whether or not things continue from where we are now. i want to flagged that air travel is also picking up. we had a great story on the terminal about a record year for air travel. jet fuel demand is rising. that could be one of the bright spots in the market despite somewhat lackluster demand in places like china. tom: that's interesting. we loo

let's get develop is with opec.as been swinging between gains and losses after opec+ extended production cuts. but also set a date to perhaps begin bringing some oil back online later this year. let's bring in anthony di paola in riyadh. tell us more. >> it was a busy day in riyadh yesterday. the meeting was initially supposed to be held in vienna. which is where the opec hq is, that it was wish to an online meeting, until late friday night when some ministers were invited to riyadh for the meeting. not everyone was there. we had eight ministers total including the saudi minister. others joined online. what they did basically was in alignment with expectations, they extended cuts. however they decided to bring back some oil production in the fourth quarter of this year. they are largely extending the length of most of their cuts through 2025. giving a long bit of you on -- view on the opec cuts, but they have had layers of cuts. some countries that made additional voluntary cuts will bring some of that oil back to t

under these conditions , the possibility of a prompt response from opec to the emergence of new impact will be of fundamental importance for stabilizing world markets. us financial system. is also an active instrument of unfair competition. financial restrictions extend to the whole world, since the american financial system is the basis of the global financial infrastructure. it is used as one of the instruments of illegal influence, violating the foundations of the brattenwood monetary system, in which the dollar should play the role of the world reserve currency and the main means of payment. in recent years , the use of the dollar as a the share of gold and foreign exchange reserves has almost doubled over the past 10 years, in addition to the increase in the share of gold in the reserves of developing countries, leads to the fact that gold reserves are also being withdrawn from storage facilities in the usa and great britain, in particular, the reserve bank of india has withdrawn from the bank of england more than 100 tons of gold, a quarter of its reserves stored abroad; a simila

opec is cutting 5% of global demand through 2025.tion. president of the u.s. oil and gas association join me now. you hear about production cults at time when demand is going to increase. what does this mean for me and everybody else filling up? what do you think? >> it is interesting, this is indicative of the fact o opec influences the price of oil. this was designed to keep lower production levels in place. they do that because u.s. producers are so prolific now. we have been able to insulate opec and global price, they would love to have it $100 per barrel. we keep it $75 to 80. >> carley: that is good thing. president biden said he will tap into the petroleum reserve to keep prices down. will that decision work? >> that one particular announcement was on gasoline reserve for the northeast. that reserve was put in place after hurricane sandy, that will have two to three cent -- like another hurricane or global event. administration is be shortsighted in particular cases. >> carley: going back to the o opec decision, why they are

over the past year , opec's oil demand forecast turned out to be the most accurate.ticized him are forced were adjusting their forecasts almost every month until, finally, their forecast... was equal to ours, which turned out to be the most accurate, as for this year, we expect that oil demand will grow by 2.2 million rubles barrels per day , year on year, in the first quarter we saw the results of demand, in the first quarter of twenty-four it is already 2.3 million barrels per day more, as a rule, the first quarter is always the worst quarter of the year, when demand is the lowest, when, as we we know it's renovation season ipps around the world, by the second and third quarter we often see more... in terms of the medium and long term aspects, i think it is extremely important, and the hungarian foreign minister has already noted this, that it is extremely important to maintain communication when we talk about price stability on energy resources, it is extremely important to remember how they affect energy growth, which is the most important factor. economic develo

>>> opec nations agree to extend production cuts. what this could mean for gas prices as we head into the busy summer months. >>> plus, the frightening scene at a monster truck show. a truck pulls down power lines forcing spectators to scramble. multiple injuries reported. >>> and america strong tonight, the americans who helped win world war ii return to france, receiving a hero's welcome. >> announcer: from abc news world headquarters in new york, this is "world news tonight." >> linsey: good evening, everyone. thanks so much for joining us on this sunday. i'm linsey davis. a wind fueled fire scorching thousands of acres. california's first major fire of the year has prompted evacuation orders. residents forced from their homes in an area 60 miles east of san francisco. hundreds of firefighters now battling the blaze. the fire started saturday afternoon, forcing the closure for a time of part of interstate 580. strong winds and dry conditions helped to fuel the flames, turning what had been thousands of acres of hilly dry grass int

opec is not concerned about this.t is sticking to what it knows best which is the management of the oil market and dismissing the bear ish comments. what is also interesting is the market reaction. crude is swinging off the back of the decision which would suggest the market is still trying to interpret what it means. in terms of the other big headlines, it was a big win for the uae which won a quarter increase. it will trointroduce more opec . it will meet once every six months instead of once every month. it should hopefully help to provide the market with more clarity on exactly what the output levels look like moving forward. the messaging from the group is they are not concerned with the bearish views off the back of the decision. >> dan, thank you so much for that and sharing the developments in the oil space. >>> coming up on the show, we will have election updates from around the world as results trickle in from india and south africa and even mexico coming up next. what is cirkul? cirkul is the fuel you need

they are actually sending out information from opec, opec is worse than fossil fuel energy companies.is crazy. >> it is crazy. you are right. a new low, you know what is interesting, opec announcing their cutbacks in the so ford forth, they will keep cucutbacks, saudi arabia is produces 10 million barrels a day that is their peak. the united states back to 13 million a day. which is where we were pre-pandemic. in 2019. if it, it not been for biden policies i would argue we could print 16 million barrels a day, that would have been trajectory off 2018 and 2019, oil prices, brent would be $40 a barrel not 80, and inflation rate would be 1%, not 3 or 5%. that is the deal. democrats, you know, they started this. they are to blame. and throwing ceos in jail is not the answer. >> yeah, really when you think about had the trump policies continued on forward, we would have not seen russia being in a position it is in today, we would not have seen iran in the position, we would be in a place where united states could be the good ally in the work to those who want -- in the world. we have been

no democracy, we have nothing, so we will fight. and what are the prospects for cooperation within opecmeeting in order to discuss and make certain decisions for the near future on setting up the market, and today there is also an opportunity to discuss in detail our actions, our plans in this direction to stabilize the market, i want to say that the fuel and energy... of russia , despite all the problems that have arisen in the last few years, has shown its stability and dynamic development. and we see this in our production indicators, we see this in export volumes, we see this in the work which our industries have carried out to diversify and change logistics chains and supplies, we see on issues related to increasing the efficiency of the industry, i would like to emphasize once again that the challenges that existed. associated with the pandemic, a drop in demand for 20% of world markets, challenges associated with sanctions pressure on our energy sectors, and this is unprecedented pressure, we have already lost count of the number of sanctions that have been imposed on our energy

a practice that several times because opec and opec plus countries -- minus of course the united statesok -- lead to -- didn't quite pan out that way but again the fear is that there is where we're headed for. -- on other things besides just who gets to the oval office is about treating power -- bob it didn't rattle wall street to much today but the notion that opec would consider this now is curious. what do you make of it? >> it's really the first sniff of more stated production by opec and opec plus that we've heard in coming up on about three years really. is about two, two and a half of the official cuts and we had the voluntary cuts after that and this idea that the extent of these production cuts to have such a bullish forecast on the market for next year when you lie, forecasts for crude oil demand, you always say that opec leans towards more demand versus say the eia or the iea out of there is. there are always more balanced i is more towards green energy. >> neil: but -- your next -- and sequelae under so if you just -- bottom line is supply and demand. if they want cut back t

right now, opec, you see in the market today the opec of paper tantrum they did what they wanted to do and that was extend original cuts not only to the end of this year but all the way through 20 of 25, they have two sets of voluntary cuts, $2 million voluntary cut, 1.6 million-barrel, at some point in the want to get some of that back. that is the reason for the concern of the market today and how is the market going to react are we going to have an over supplier were under supply right now better on oversupply that's a pretty pessimistic bet, what were you to see in the fourth quarter demand should come back and they should be oversupplied and we might need those extra barrels. neil: oil prices are dropping from the brief run-up that they enjoyed obviously the market thanks opec can't stick to much of anything. maybe a slowdown in global demand and into lower prices and gas prices included the summer, what do you think. >> and i think we got too much farther to fall to be honest and we already know that the budget administration is talking about were purchases from the reserve in

american presidents have been bedeviled by opec ever since, until now.mer congressional adviser, joe biden just broke opec. and he did that through a truly incredible bit of oil market trading. here is how the economist describes it. in 2022, when he released 180 million barrels of crude, he sold it at an average of $95 a barrel. in july of last year, when oil was $67 a barrel, he began to refill the reserve. he has replaced about 1/5 of what he sold, posting a profit of $582 million, has managed to time the market to perfection. and biden's streak is still going. here too! and it all is dan decker, one of the foremost experts, founder of the energy newsletter. and back in october, he really called this whole thing joe biden is the greatest oil trader ever. this has gotten very little coverage. i think it is a wild story. take us back to the origins of this. >> so two years ago, what we had was the most bullish oil market. >> bullish meeting prices are high. >> they're going to go higher because coming out of the pandemic, we got this pent up demand. peo

an american bank company analyst of oil have commentary about opec and this guy sheffield would blastrom newspapers and o peck seeing them like anybody -- opec seeing them like everybody else and schumer and the democrats and the federal trade want to criminally prosecute natural resources sheffield and maybe the rest of the ceos. what a terrific idea. what do you think, rick. >> we obviously are getting close to an election; right? big oil bad. anything to deflect from the policies of the biden administration and cost of energy is given at the heart of the economy and this administration has made really poor choices from the standpoint of moving an economy forward to placate the radical left environment so they have to have to win the election. they're losing the amount of people's votes and african american votes cpi they're sending out opec and fossil fuel companies and. it's crazy. stuart: it is crazy and a new law and instinct, rick. we looked this up, opec is announcing that their cut backs in the so forth whether they do it or noted, they're going to keep cut backs but if not f

american presidents have been bedeviled by opec until now. congressional adviser matt stoler, joe biden just broke opec. he did it through truly incredible bits of oil market trading. here's how the economist describes the. when he released 180 million barrels of crude, he sold at an average of $95 a barrel. july last year when i was at $67 a barrel, he began to refill the reserve. he replaced one fifth of what he sold, posting a profit of $582 million and has managed to time the market to perfection.'s streak is still going. here to explain it is one of the foremost experts on oil and energy markets. in october 2022, he called this in a title called joe biden is the greatest oil trader river. this has gotten little coverage. it's a wild story. take us back to the origins. >> two years ago, with the most bullish market i had seen. prices are going to go higher because what you had, coming out of a pandemic. you have this pent-up demand. people want to travel and get dashes >> they want to drive and fly. >> so oil prices will go up. oil compan

so i think the message there is not much help coming anytime soon from opec plus, what's interesting though, is the oil market reaction initially prices didn't really budge on this, but prices have moved sharply lower. you can see brent crude, the world benchmark down below $80 a barrel. we haven't seen that since february. i don't think opec plus wants or deserves any credit for this, but this is good news nonetheless for consumers because of course, oil prices, that's the biggest driver for prices at the gas pump. and we've seen the national average for gas falling to 353 a gallon today. that doesn't have an account for the oil market's sell off. >> that is not cheap, but it is a two month low prices down by $0.14 over the past month. and depending upon where you live, some drivers are seeing even bigger drops. we've seen declines of more than $0.25 a gallon for oregon, arizona, and tennessee, more than $0.30 in california, nevada, and utah. that's over just the past month. >> and veteran oil analysts andy lip out, he told me that the national average should drop by five to $0.10 a

they are actually sending out information from opec, opec is worse than fossil fuel energy companies.e right. a new low, you know what is interesting, opec announcing their cutbacks in the so ford forth, they will keep ccutbacks, saudi arabia is produces 10 million barrels a day that is their peak. the united states back to 13 million a day. which is where we were pre-pandemic. in 2019. if it, it not been for biden policies i would argue we could print 16 million barrels a day, that would have been trajectory off 2018 and 2019, oil prices, brent would be $40 a barrel not 80, and inflation rate would be 1%, not 3 or 5%. that is the deal. democrats, you know, they started this. they are to blame. and throwing ceos in jail is not the answer. >> yeah, really when you think about had the trump policies continued on forward, we would have not seen russia being in a position it is in today, we would not have seen iran in the position, we would be in a place where united states could be the good ally in the work to those who want -- in the world. we have been put now, back in to a position of

the opec secretary general , on the sidelines of the st.ersburg economic forum, even complained that the major western media at goldman sachs were too pessimistic about the latest statements. haitham al-ghais once again tried to convey to the market that a sharp increase in production is not at all guaranteed. russia has become the second largest supplier of liquefied natural gas to spain. usa with 19 of them had to move to third place. algeria is in first place and still accounts for more than a third of the spanish lng market. the data is provided by the local energy company. the dynamics of growth in supplies from russia is obvious. last year, the market share was increased by a third to 18%. and this was the third line of the rating. similar dynamics are observed in france. not surprising. that brussels is thinking about limiting the supply of russian lng, they are buying it too well. the european union is trying to negotiate an extension gas transit through ukraine, according to bloomberg sources, brussels and kiev are discussing maint

on oil, opec plus setting out a plan to restore some production as early as october. that is just my concerns over the demand outlook. talk is through the decision by opec plus and where it takes us. >> by any metric for anyone following the oil market for years, it is certainly complicated in nature. merely because there are many different sets of cuts the opec plus alliance are referring to. what is necessary for the market to take away here is that the group cuts, those other ones all opec members should be bound by will be extended into the end of 2025 and then you have another set of cuts. these are the so-called voluntary cuts introduced by eight members in november of 2023 worth 2.2 million barrels per day. this is where it gets interesting. those voluntary cuts will be extended until the end of 2024. september 2024 after which they will be slowly phased out. should the thing that market conditions are going to change. this was a bit of a source of contention. it is interesting to see that many traditional analysts are pretty divided about what this means for t

seems like the opec plus cartel has thrown in the towel on $100 oil. tax on americans, maybe that will help to stave off recession a little further but to me i feel like that opec news was not necessarily super -- if you're thinking oil prices are going to go up, i don't think you'll be very happy. i think there's some voluntary cuts in there that could start being run off in october so it's not as clean-cut as the headlines make it seem so i think there's more trouble there with oil prices. demand is really the problem. i think you've seen lots of demand decreases from china. you hear in the united states as a consumer as they roll over as well, so i think that's a problem for them. i don't know about the political angle. the economic angle is demand is low and $100 oil is not happening. cheryl: i think it will be interesting because obviously the reason i brought that up is this puts more pressure on oil companies that are dealing with extra regulation, especially when it comes to new permits which they've had issues with and of course tissue of cali

as we saw from the recent opec meeting, there's a desire for opec to add some of its spare production5 million barrels a day of capacity waiting to be added back and they are investing more production capacity that they will want to add back to the market. over time, there's a higher push from opec to add more supply to the market that will weigh on oil. >> we are also, of course, jason, in an election year. oil and gasoline prices are always a hot-button topic for that time of the cycle. do you think in addition to the opec plus production regime, the u.s. and its use of the strategic petroleum reserve is something we have to be careful about or watch for and are energy companies subject to the macro factors here in the u.s. more so than maybe international oil and gas companies? >> so, certainly it is an election year and there has been some discussion about continuing to use the spr. you'll see a strategic gas reserve that will be liquidated over the summer. it is only 1 million barrels a day. we don't see that much release from the spr over the coming months. we have seen the spr

opec plus has extended the agreement to reduce oil production until the end of 2025.wing the meeting. the previous deadline was 2024; for the largest players in russia and saudi arabia , the restrictions remained the same as they were, but there are changes. next year gradually the united arab emirates will be able to increase its... production by 3,000 barrels per day. but in terms of total production, these are not such large numbers. more importantly, in addition to the main agreement to reduce production by 3.5 million barrels per day, there is also an agreement on a voluntary reduction of 2 million barrels until the end of this year, and as analysts golman sachs write, eight opec plus members have already signaled that starting in october, they plan to phase out just this voluntary agreement. given this information, the oil market did not show any joy at the extension of the opec plus agreement, prices immediately found themselves in the red zone, and now they practically do not move . the russian stock market ended the previous week. in the negative, it now cont

market, neutralizes the impact of the voluntary reduction of production quotas assumed by the main opecis shown by market quotes that have gone down after the recent decision of ministers in the participating countries. there will be the possibility of a prompt response on the part of the guardianship to the emergence of new influencing factors. at the disposal of our companies and so on, but this is the property of the state, here you are they talked about the incorrect, erroneous or criminal privatization of the nineties, no matter how painful it was for many in the country, but... still, i wouldn’t even use these epithets, why? because i don’t think that this was purposefully done for any criminal purposes, yes, in many ways it was wrong, it was based on the opinion of world -famous economists, including those of russian origin, who said that everything needed to be privatized , anything, as quickly as possible and no matter what, even for one dollar for that period of time. no one had any investment, and then all sorts of fraudulent schemes arose. you are right, of course, that ther

opec oil basket transactions also decreased by 33 cents in the range. it ended up being $85. according to experts , oil prices may not change much in the second half of 2024. however, few experts predicted that the price of oil may rise to $90 and beyond based on various factors, including the summer consumption, the political situation in west asia, and the opec production limit. thank you very much for your support. may god bless you and keep you safe. no fatigue, no disappointment. have you ever paid attention to the game of chess? a professional chess player takes advantage of each piece in its own time. in chess, for example, if you hold an elephant piece in your hand and play with only one piece, you will definitely win. now see the world as a chess field and iran . the actor should play every piece in his place and not put all the eggs in one basket as the old saying goes. this is exactly what the 13th government did in its three years of operation. he did not stay away from the negotiations, nor did he spend all his energy in negotiating with the west. that too in a s

. >> todd: running out of gas, opec decided they will not increase oil production and that could keep this will impact biden energy plolicy. >> carley: and former president trump at fight week. highlighting hyper masculine male voters, that is faapparent a bad thing. joe concha will response to that. >> todd: always masculine. >> come on, and bust a move. ♪ ♪ my grandfather's run meyer the hatter ♪ ♪ 99 years old and he'd come five days a week if we let him. shape is great, the color's nice, that's a swell lid for you, baby! finding the exact date on ancestry that our family business was founded, really struck a chord with my grandfather. i've never seen this before. look at it - where has this come from? all the stories that's he's been able to hand me throughout the years, for me to hand him that information.. you don't get that moment every day. when migraine strikes, you're faced with a choice. accept the trade offs of treating? or push through the pain and symptoms? with ubrelvy, there's another option. one dose quickly stops migraine in its tracks. treat it anytime, anywhere wit

the opec secretary general even complained on the sidelines of the st.g economic forum that the western media were too pessimistic in their assessment of goldman sachs . once again tried to convey to the market that a sharp increase in production is not at all guaranteed. russia has become the second largest supplier of liquefied natural gas to spain. over the 5 months of this year, the market share was increased, it exceeded 22%. in the usa with they had to move to third place. in first place is algeria, which still accounts for more than a third of the spanish lng market. the data is provided by a local energy company. rates on the part of russia are obvious: last year the market share was increased by a third to 18%, and this was the third line of the rating. similar dynamics are observed in france. it is not surprising that brussels is considering limiting russian lng supplies. they buy it too well. the european union is trying to agree on an extension of gas transit through ukraine, according to sources bloomberg, brussels and kiev are discussing ma

plus, this new one, opec+, causing gas prices to go up even more. we'll break it down. plus, democrats join gop lawmakers and they really have been after dr. fauci on capitol hill and take on new data showing nih and scientists made $710 million in royalties from drug makers and healthcare companies since the pan dick emberd. all of this next on the evening -- pandemic. all this next on "the evening edit". craig here pays too much for verizon wireless. so he sublet half his real estate office... [ bird squawks loudly ] to a pet shop. meg's moving company uses t-mobile. so she scaled down her fleet to save money. and don's paying so much for at&t, he's been waiting to update his equipment! there's a smarter way to save. comcast business mobile. you could save up to 70% on your wireless bill. so you don't have to compromise. powering smarter savings. powering possibilities. first psoriasis, then psoriatic arthritis. it was really holding me back. standing up... even walking was tough. my joints hurt. i was afraid things were going to get worse. i was always hiding and tha

. >>> opec has agreed to keep oil production cut which means oil prices will remain elevated throughthe opec alliance made up of members of the producers cartel and allied countries including russia extended three sets of cuts totaling 5.8 million barrels a day. analysts say the cuts could push oil prices higher in the coming months, but much depends on demand for oil going forward. >>> check those cucumbers. fresh start produce sales of del rey florida is recalling cucumbers that were shipped to stores in 14 states last month. the fda says they could be contaminated with salmonella. it came after a test sample in pennsylvania tested positive. >>> and did you hit up the movies this weekend? the box office was relatively quiet again. the "garfield" movie earned $14 million for the top win. family flick "if" came in second with $10.8 million, edging out "furiosa" by a hair. box office analysts say 2024 attendance is down nearly 24% from last year. >>> that is your cbs news cbs "moneywatch" report for this monday morning. i'm matt pieper, cbs news, new york. >>> up next, adele claps bac

brent above $85 this morning so have completely shaken off that post opec disappointment selloff thate saw after the opec-plus announcements and now we have fully recuperated those losses back to levels not seen since april. let's check in on how asian markets are faring with avril hong. would have you been watching this morning? avril: yeah, we've been watching those tech names in the asia-pacific after nvidia's record-setting performance and how it crossed the market cap of microsoft and apple overnight. that is really lifting the mood among the ai and ship related stocks this part of the world. it's helping the kospi and taiex outperform. even the hung thing getting some fuel from the -- the hang seng getting some fuel from the tech names. we are keeping a really close watch as well on the shanghai form amid some expectations of potentially announcements of policy support. the hang seng has been outperforming compared to what you see on the mainland, clearly. but let's flip the board because so far what we have gotten our comments from the pboc governor and he says they are startin

the ability for opec to respond promptly to the emergence of new impact factors will be of fundamentalets. used, we take away the state, prohibit the export to capital and declare the property sacred, as for the subsoil, they are already the property of the state, nonsense are transferred for use, at the disposal of our companies and so on, but this is the property of the state, so you said about the incorrect, erroneous or criminal privatization of the nineties, no matter how painful it was for many in the country, but still i would not even i used these... my business colleagues and i are now thinking about this together and i think we will find this solution. another exciting business topic is changing the tax system, the most heated discussion at business tomorrow with bera. i myself am ready to pay more income tax, 25 income tax instead of twenty is a bit much, but well, it would be more, but it’s also normal, but we see a constant introduction. new levies, export duties. 3 years ago we were introduced with an excise tax on steel, we have 2-3 weeks there to tighten up what is now

opec-plus seems to be the narrative. jonathan: some top stories for you.p shares moving showing his massive, i mean monster position. lisa: people saying if the gains stick he stands to gain something like $170 million. there is this question of what is manipulation. it is pretty blatant if you believe putting your beliefs out there could drive it to go buy something. it is not covert. he is not really hiding anything. it raises a lot of questions around the legal liability for these companies and as you pointed out, the business liability of going after someone who is so incredibly popular. jonathan: something they called in for internal discussions that they are discussing at e*trade, i would love to be a fly on the wall. what are the big concerns if they remove him? lisa: the lawyer on one side, this could potentially be really bad. the ceo, this could be that in the other direction. either way, they seem to be in a tough spot. jonathan: looking forward to more reporting. president biden cracking down on immigration. an executive order looking to preven

everybody expected opec to continue supporting the market, and our view is that any wobble in this opecat they came -- they did two of them last year -- any wobble was going to be really negative for crude oil, and that's what we saw. the cartel came back and said, we're going to add oil starting in october of this year, 200,000 barrels a day. they increased baseline production for some of the other countries, uae, russia, nigeria, and the market has basically puked out on that, and i think there's going to be persistent weakness for the rest of the year, probably. i think we've seen ucrude oil fr this year. >> there's not like the most direct correlation, necessarily, between what crude is doing as a commodity and what energy stocks are doing as individual names, right? look at crude at $75, there are probably a lot of energy companies within the markets here that are printing money at $75. >> yeah, no, i mean, and you also have to look at, there's a huge component of the energy sector, if you were just talking about the xle or whatever, that's refiners. so, that's -- they're playing a

so look, i think we're really seeing that being reflected in opec's decision here.the short term — we had those cuts baked in until the end of this year, 2025 is really where we expected to see oil prices come back down a little bit quicker. this mayjust be a little bit of a handbrake on that going forward. live pictures from computex, where the president of amd is currently speaking. he's speaking ahead of the expected address by the ceo, lisa hsu. amd is the main rival to nvidia in the areas of artificial intelligence chips, and as we mentioned, amd is looking to catch up with nvidia in the ai space. last month microsoft said it would offer its cloud customers a suite of amd chips as an alternative to offerings from nvidia. chinese fast—fashion giant shein is expected to confidentially file for a listing in london, according to media reports. the move, which was first reported by sky news, could take place in the coming days. the company is turning to the uk after facing opposition from lawmakers over plans to list in the united states, because of its ties to chin

so look, i think we're really seeing that being reflected in opec's decision here.short term — we had those cuts baked in until the end of this year, 2025 is really where we expected to see oil prices come back down a little bit quicker. this mayjust be a little bit of a handbrake on that going forward. let's turn our attention to china next. we're expecting some pmi data out in the next few hours. what are your expectations there? if we go if what we saw last week, which was the official pmi data, we saw the manufacturing sector go back and a contraction after two months of showing expansion. and if you look under the hood of that top—line figure, there was weakness across the board. so we had the new orders subcomponent drop back below 50 — that shows contraction in the sector. new export orders as well showing contraction — and that's a real concern for china because it's put so many eggs in this manufacturing basket, that really is probably the only bright spot of china's economy at the moment, when you've got households that aren't spending and property market

under these conditions , the possibility of a prompt response from opec to the emergence of new impacts will be of fundamental importance for stabilizing world markets. investors. one important initiative announced at the forum in st. petersburg: next year business may prohibit contacting government agencies in any form other than electronically. this was stated by the head of the ministry of digital development, maksud shadayev. according to him, all parties benefit from this. we believe that business is already ready, because business provides most of its reporting in electronic form, and control bodies provide statistical reports. yes, so the question is, is the business ready, yes. plant a tree, raise a son and open a house. vladislav realized his dream near kazan on the banks of the voldi, where builders 3d printed an entire village. here's the thickness. the walls are 500 mm, and 400 of them are seamless foam concrete, which the guys pour during the printing process, the house is quite warm, it’s great that there are warm window sills everywhere, warm floors everywhere, there is

so in a nutshell, help is not on the way from opec plus at least not anytime soon.ow, not really shocking to markets, right? analysts knew this was coming. that's what it'll prices. yes, they're up but they're only up slightly investors know, they don't want oh, pick does not want prices to go down right? they need to balance their budgets and saudi aramco, the big crown jewel of study ariba. they're selling off a big chunk of that, so they don't want prices to this in response a little bit to the fact that us production is so high it begs the question what will the impact be on actual prices at the pump? yeah. i mean, absolutely. the us is producing more oil than any country ever has before. that's why we've actually seeing gas prices come down recently. 353 is the national average. now that's not cheap. but that is a two month low end. it is down by $0.14 over just the past month. and if we look at the map, you can see across the country, we've actually seen some states have even bigger drops, $0.25 or more in tennessee arizona, and oregon, more than $0.30. this i

so look, i think we're really seeing that being reflected in opec's decision here.t term — we had those cuts baked in until the end of this year, 2025 is really where we expected to see oil prices come back down a little bit quicker. this mayjust be a little bit of a handbrake on that going forward. we are expecting some pmi data out in the next few hours. what are your expectations then? if we go if what we saw last week, which was the official pmi data, we saw the manufacturing sector go back and a contraction after two months of showing expansion. and if you look under the hood of that top line figure, there was weakness across the board. so we had the new orders subcomponent dropping below 50 — that shows contraction in the sector. new export orders as well showing contraction — and that's a real concern for china because it's put so many eggs in this manufacturing basket, that really is probably the only bright spot of china's economy at the moment, when you've got households that aren't spending and property market that continues to go south. so if you see the

energy, big oil companies political assault the prices, were actually, sitting 81.20 brent crude wti 77, opectend production cuts in 2025, obviously, want to reduce prices the energy ministry said the oil group is awaiting concrete stram bank action on interest rates before factoring in potential impact on energy demand land shape then iran -- what do you make of all this. >> interesting thing about opec is the members cheat they don't -- then they don't we have to remember when prices rise gives incentive to other oil companies, the big story with data centers demanding more energy, we're going to see big concerns with energy not going to be filled by winds it is nuclear nuclear the big story forward in terms of supporting energy demand particularly with a.i.. o'leary was it will go me about data sflerz in middle east go to abu dhabi, dubai seeing it built up not here. there. a quick break coming up race for white house heating up president biden losing support from many key voting groups democratic strategist, ford o'connell going to join me to discuss the state of the race live on fox busi

there in the two-year close to breaking below 480, 479 on the two-year, the rates are down, oil down opec will unwind some of the quotas that could mean more oil production, 7292 per barrel this morning, gassed down 2 cents 351 is a national average for regular, 384, gold $2385 an ounce, down $14 today. a lot of down today, politics today the president will announce new measures to control the border they include limiting the number of entrants to 2500 today the border closes with the migrants hit the magic number that will be a nightmare to implement, on the show today will bring you the story of a foreign travel agent organizing easy entry to america across our southern border, airline tickets to cancÚn, taxi to the hotel, transportation to tijuana they will walk across the board and that americans take you to the city of your chores, come now while biden is in power, don't delay your dream, how about that tuesday june 4, 2024 "varney & company" is about to begin. ♪. stuart: ladies and gentlemen, i do not know the significance of more more money in the true connection but i like the tun

opec came out.ers will say that they were about 6 million barrels a day off of the market over the over share capacity. they said a week and a half ago was that 3.6 of that was going to continue to be without but that about 2.2 could slowly come under the work for the market and that panicked everybody. then they came out and gave clarification so when it comes to oil markets i think that one has to be calm. one has to be confident in the american producer and our ability to continue to do what we've done over the last decade and i think that the calmness has really shown itself in the geopolitical markets. as you mentioned, this conflict in the middle east, 20 years ago, we had seen $120 oil with this type of event. because of the psychology that's changed, and the markets predominantly because of the american producers, it tends to be patient and calm. >> is it imaginable that the price of 28 to you would be the same as the price of 25 when it comes to purchasing back stocks because it's really no

even though opec has expended production cuts into 2025 gas a little bit lower 353 for regular diesel down 3.84. bitcoin $69000 per coin, last check 697th eagle $349, 2355 now, that is the market, politics. hunter biden trial begins today he faces gun charges allegedly falsely claimed to be drug-free when he bought a 38 this could be politically embarrassing for his father, president biden, doctor anthony fauci will testify before congress he may be in for a rough time he admitted to 6 feet social distancing and masking rules were not based on science, latebreaking news with political implications. venezuela migrant arrested he allegedly shot to police officers in new york city early this morning, one injured, the migrant arrived very recently crossing the border at eagle pass texas. on the show today two different sentences for the same offense, hilary gets an $8000 fine because her campaign falsely claim that money for the steele dossier was for legal services, trump might go to jail because he saw guilty on the same offense. we will check out the foul on caitlin clark yield racial

of course, the opec announcement this past weekend about easing up on the production cuts, putting moreply on the market start thing fall did take prices down lower. we're seeing them lower again by about a percent. crude at $73.35, but it's been on this down angle, as well. so are all of these signs, kelly, that maybe people are not as worried about inflation now? it remains to be seen. back over to you. >> just as we get comfortable with one narrative, the market gives us another. dom, thank you very much, dom chu. >>> if we round up the data from the last two days, it's all pointing in that slowdown direction. fewer job openings and the atlanta fed's tracker has slipped below 2% for q2, which would follow the 1.3% first quarter gdp growth. if we are seeing a slowdown, analysts warn the stock market is trading much too expensively. but despite all that, my next guest is staying bullish. joining me to discuss is andrew slimmens from morgan and stanley. talk me off the cliff, andrew. >> well, i think the first thing you've got to remember is the market was up nearly 5% last month, so no

the energy agency has not changed recently; it is still trying to put pressure on quotes while opec talks about objective factors of demand growth. also, the international energy agency believed that russia in may increased oil exports by 100 thousand barrels per day, month on month, while revenues decreased by half a million dollars, that is , by 3.5% against the backdrop of falling oil prices, but year on year year, revenues increased by 2.5 billion. in addition, according to the agency, they decreased supplies of russian petroleum products to china and india, the european union and turkey, the volumes remained at the same level. the european union is going to announce the introduction of an additional duty on the import of electric cars from china in the amount of up to 25%, anonymous sources report in the financial times. temporary duties will supposedly be applied starting next month, and upon approval of tariffs for 5 years, eu countries will be offered. germany, sweden and hungary, who opposed it, were in favor of blocking chinese electric vehicles in france and spain. it can be as

well, you know, within the framework of opec plus, we do not target prices, we target the balance ofith foreign partners, russia is developing its energy sector, despite restrictions and sanctions. today, on the sidelines of the st. petersburg economic forum, the start of electricity generation at the beloporozhskaya gas station was solemnly launched. in direct connection with st. petersburg, republic of karelia. this is the first project of brix bank in russia. which increase our interaction and will continue to invest in russian infrastructure. the long-awaited launch ceremony was timed to coincide with the st. petersburg international economic forum. i allow it. the central console indicators come to life and count down the kilowatt-hours of generated electricity. the deafening roar of water is now perhaps the most desirable sound for all builders of the beloporozhsk hydroelectric power plant. it is operating at full capacity and is already generating electricity, which is quite enough for a city with a population of 30,000 people. seething discussions about the prospects for russ

composition of international participants, among them, for example, there were the secretary general of opecer of energy of the united arab emirates and saudi arabia, the minister of industry of venezuela and the head of the ministry of foreign affairs of hungary. without russian energy resources, at the moment it is physically absolutely impossible to ensure the security of energy supplies to my country. without russian energy supplies, hungary would not be able to import enough oil and gas into the country to ensure the efficient functioning of our market. deputy prime minister alexander novak, in turn, spoke about the impact the oil and gas market has on the economy of our country today, what contribution does this market have? let's listen. trillions of rubles per year, which provide about 7 orders for other industries that are invested in the industry. it must be said that the st. petersburg economic forum is not divorced from reality, on the contrary, it is in it, and a separate discussion was devoted to the defense-industrial complex of our country, there was even a whole session on a

carnival their combined in australia operations into the main cruise line but oil prices are down after opeche weekend agreed to extend most of the production cuts in 2025, transportation companies. they said they would extend the production but they would rearrange the quota system which means an increase in production that's why oil is down that was a false report about opec keeping production cuts until next year that was a public announcement. they said eight of the member nations was voluntary to do so. >> what do you think they're going to do. >> oil being down is something that you should focus on that is down in the low 70s. designer brand. >> the lds w disappointing earnings, same sales down to naprosyn, stock is down 20%, even though they reaffirmed the full year numbers, that was not enough that customer is very selective apparently and so was wall street. this is the worst decline on the s&p 500, a 13.5% they're forecasting an annual profit largely below not only their previous estimate but wall street estimates as well. stuart: here's what's coming up dr. fauci trying to say he'

>> it's about opec today.re are currently three different sets of production cuts in place and all three of those were extended. but what's key, and the reason why oil is down almost 4%, is that there's now a path to bring all of that oil back to the market. we're talking about 6 million barrels a day they've been cutting. that's 6% of global demand on a daily basis. it a material amount. the key thing is there was that 2.2 million barrel per day voluntary cut at the beginning of the year. that the market thought would be extended through the end of this year. instead they only extended it through q3. meaning come october they'll start unwinding that output. demand has been pretty weak. we haven't been seeing inventory draws so the market is taking this as more weakness ahead. if you have supply coming back online, that's why we're seeing this dip in oil. >> when did they make that decision to bring oil back online? this weekend? >> yeah, that was yesterday. >> i wasn't paying attention this weekend. >> how co