and uh and uh, i am supporting government associates. it's because uh, my friend, this is life for my friend goodness. and that's the reason why i'm interested seeking my in my life and also so this much um was very good. uh cuz uh i was, i would say moving the champions league final didn't only gather manchester city and entered supporters. little so a turkish and for football and to see us who are living and assemble alone with the torres who came to visit the city. the spies, the game was contentious. it was still peaceful. scene i'm to solo l, just there is some of the, this is all just here with these are the top stories. ukraine's president is confirmed, unexpected kind of offensive against russia is under way. if any and forces say they make gains in the east,

near the cities of bach moves and criminal russian president vladimir presents as keeps military advance is failing. there's been relative common sit on this capital cartoon as the 24. our seats 5 draws to a close at about 30 minutes. the do broker to buy the united states and saudi arabia is meant to allow the safe delivery of humanitarian aid and approaching ty, phone in the philippines, is making things more difficult as people try to escape a rumbling volcano. officials raised the allowed level for month mile and 1st day off. it becomes fuel gas, february and rocks. republican presidential hopeful donald trump is returned to the campaign trail just days after being indicted for mishandling classified documents, installed the republican party states convention. the indictment is ridiculous and an abuse of power. a ridiculous and baseless indictment of may, by the, by the administration's weaponized, department of injustice will go down as among the most terrific abuses of power in

the history of our country. many people have said that democrats have even said this vicious persecution is a travesty of justice. you're watching joe bry job, i think of it fine is trying to jail his leading political opponent, that opponent, that's beating him by a lot in the pose just like they do in style. and is russia or communist china? no different design known as the unit ball, but it has been funded and his prison cell type kazinsky was 81 foot over 18 years . the head from us authorities, manning home and bombs across the country and setting of 16 explosions and killing 3 people. at least one person's died in heavy funding in central and eastern cuba sizes of all those have been evacuated from their homes. the heavy rains have caused bridges to collapse, leaving several villages cut off mod, done pose, on full cost. those are the headlines coming up next to now does it, it's counting the cost. the great thing about being in use presents other networks

like i and 0 is that it's a truly global operation. a few more challenges here. you'll see news from parts of the world. the other networks just don't cover your getting a fully global perspective. we have an extensive network of bureaus around the world. we have many, many correspondence in corners of the globe. if you really want to know what's happening in the world right now, you need to be watching out just here. the oh there on the clock. this is counting the cost on al jazeera. we look at the world of business and economics this week, a solid easily pump. that's how the kingdom described its move to unit last week,

about total outputs. and if it to boost prices, would it help to sweep market goals or this week? tackling chucky a's cost of living crisis. the nation's new finance minister, boeing to return to rational ground and economic policies. plus more money will be going into clean energy than oil for the 1st time ever. we find out what's behind the boom. and so the power invest, the so all produces facing fully oil prices and best buy will street speculate as could push price is further down. saudi arabia, the world's biggest exporter, says it wants to target these trade is it's announced. it will cost output by $1000000.00 barrels a day starting next month. the decision came off the links you negotiations by the opec plus a lines that so all the produces extend earlier reduction through to next year, which are going to be as this report. saudi arabia's administrative energy arriving

at the head causes of oak pack in vienna, up to 7 out of to the organization of the petroleum exporting countries and its allies, including russia, known as opec plus said they were cutting supplies of crude oil. again, we had a hagen, which we do using the fundamentals to hedge and we would continue to h as long as we don't see that at the ends and stability. opec pos accounts for about 40 percent of global crude oil output ministers agree to extend costs of 3600000 barrels a day until the end of next year. and said they'd reduce output bias, the 1400000 barrels a day in 2024. 0, tech is roughly administered. right. what about the economic go slope, which is not too good. they're worried about interest rates rising, still in the us and certainly in europe. so that was about

a week economy and we call him is week the month, which is no good for prices. in addition to apex cots, saudi arabia pledge to caught 1000000 barrels a day in july. the international monetary fund says the kingdom needs an oil price greater than a $2.00 a barrel to balance its budget energy and this phone. opec strategy relies heavily on increased demand from china following the end of it 0 because it policy, the real question for me is around what happens if we see if demand doesn't come through in the way that it's projected to. or if we see a, you know, additional slow down in the global economy and then kind of what is what's left in in the opec arsenal to, to respond to the us as during the tooks opec also agreed to increase the united arab emirates quotes. and next year, africa members including nigeria that haven't met the targets had that quote has reduced the price of brent crude rows following opec's announcement of costs. but

the gains were limited because of doubts. they won't be enough to stabilize energy markets. victoria gay to be for counting the cost. well, oral price is sold to more than a $120.00 a barrel last year. but as we can see here, they trump back to level seen before russia invited you cried us despite the reduction by opec costs of nearly 3660000 barrels a day since october. a production caught announced in april st. price is up close to $87.00 about the price boost did not last long. international benchmark, brent crude fell to nearly $70.00 a barrel at one stage more than a week ago. it jump slightly up to more than $76.00 per barrel onto the latest announcements. a. let's take this on. joining me now for me to buy is a robin mills. robin is the chief executive officer of come up. energy robin, welcome to i'll just 0. what do you make of the market reaction to saudi's decision

so far? well, pretty tough is really, you know, not, not much price action in the game, but nothing significant. and i think, you know, addictive of where the market's mindset is that's, it's pretty bearish, pretty glibly about the demand and economic picture and supply cuts out to help short prices. right. say, i, why do you think it's heading? do you think that will change. 5 i think it will, but it really depends where, where the, the economy is going. nothing gets economic out. what is reasonable demand just recently strong, the whole, the whole cast would show the 2nd ball. yeah. significant deficit and price is going up again. and that's where the of the costs will really start to have a fax. but if you don't see them, ok, you still so very much all the negative mindset to, to the, to the general demand for s. if you to close thankful castle, you joshua and j 00, talk to the state. because the walk, it's called see much when we got 2nd off, the agent on the gable, he, the only missed about the economy to solve the amplitude. china university us that

causes bank policies and so a, this of the same procedure time and then they to make this happen, you know, sacrificing market share to push price is up. how long can they keep on going sustaining these kind of costs. but i think it's difficult because of the like just round about think talks of the cost of the side is the only ones to, to volunteer a costs and add you to, to just quotas and solve that becomes into effect next year. and it's kind of national anyway, most nights. so the site is valuable. just copy it by the next week. the process of the box finished with sided ones, but they want to volunteer. yes. another account. so you do actual costs. and then the other side of schools is russian, which, which also promised to come to the table. and the date is pretty high, easy, but it doesn't say russians. i've got a question. so why do you think it's been so difficult to stabilize the markets? i think just because of the, the mindset, you know, we, we continue, continue having the next to the economic use, you know, we have the,

the types of us bank. so we have the steps leading towards, look at us behind us. now we've, we've had to have been watching china, chinese reopen, i just kind of, we buy it carefully, but the nice chinese export think is not very good. so i think the market is just in a, in a, in a month that the recession is coming weekend in mind. these companies, the, the, the major agency forecast drove out to mistake. and the demand is, i cannot be, why don't we see a different one of the supply cuts off a 1000000 barrels by here really badly. they're still the to enough to give a solution out. if i could swing by and go find something, you know, the market has as moves and the bank goes more, more willing to take on the dates of stuff's going because the only match says that the saudis need and the all the price to be at $80.00 to finance is budget, it's janine that's, that's the kind of price floor that's targeted by opec plus. yeah. so the feel price isn't today to dollars and it isn't point now. so they can still kyle,

with each plans people won't see the front desk do so. um. but i think the price in a car be around to across right. id would look like reasonable it would make up. yeah. think members and they could excited. it might be civil helps. this is outside the world of, of that is trying to intentionally push prices up a your average person will have little sympathy for the big oil producers with reco profit. so around is april. yeah, well i mean, this is a, a mock and it would show up, it has more of a power and it has a lot more power to dies. and he did a few years ago because of no russian to go or these not rushing gross elsewhere. i added, say on is that it's company sponsored that the countries also the couch that provide interest the same time. i'll see the us dollars for process below. you mentioned russia and that position, and all of this is generally speaking all day in line with the policy. do you think? well, they're in line with the policy,

but i started rubbing the cops and now school processes and russia doesn't dr. katya. but i don't think we're rushing, but i should as, as come down across excel a lot. but, you know, not read the mountaintop h, because sanctions and difficulties explore the russian oil, tennessee. the russians promised above energy costs in april doesn't really say that the liberal us and i think is a part of next slide that makes you, it still seems wash so significantly. the electronic health sation besides what was the site we're waiting on. i have to continue these concepts of russian stuff jointed because that was all the point for me, you know, big plus, it was to get russia and some of the reports. none of the countries inside the tent that happened by he had the some cuts to school. ready legit action and that worked very well styles they the company and debbie was with all the countries cap certificate the same is waiting so well. now what about those short sellers? the speculations of decided he says it wants to target isn't going to hurt them. the process wasn't very much so i wouldn't expect sign up. uh yeah,

it would last short positions and it will still fail to you know, that they're still justified across on the slide. the other stored for, for further goals. so we didn't really see him. i just jumped the process that he wasn't particularly shocked by the kinds of aging observing what is this going on? what about the united states, how they view it? as of us will feel reason uncomfortable in the process is not to i of it's not too low either of us is huge oil producer, so it's always balancing the, just the oil producing companies. nobody's excited. so it gets consumers and perform for all about as the price is a low, but not too low, and prices are in the range. we're getting 2 quotes right. so you guys could think about refunding it's cheaper time. so would you brief hold on a couple of months back to didn't so he's off to you to see what it does, a chance that i wrote me. it was great to hear perspective appreciate that. thank you. thank you. not process in tech. yeah. have

rocketed over the past 2 years with inflation hitting it 24 year high in october. but just by the president, terrific type of divine has refused cools to increase interest rates to bring prices down. there is a new treasury in finance minister. he's popular among foreign investors and will now be tossed with fixing the economy. could management some stack reverse, so it depends on the adults policies significantly on the reports from assemble in the taste of smith or the turkish beg oh, is the most affordable sweet food in turkey? yes. but the price of the turkish breakfast stifled has increased by fault in less than 2 years. that's the result of the government's honest looks, monetary policies that have led to a sharp decline in the value of the currency. now present budget play out on has re appointed his former orthodox economic minister mention shake. his job is to

what the appetites of the markets following guarantees. presidential election rick for last month, but some are skeptical. various of will do. much of the uncertainty has been removed. the fact that those with 2 offers were dismissed after directions were praise by the markets on the main source of concern. so how much searching to they're being disregard the markets are now questioning whether disappointment and it's being made in preparation for the local election. that's scheduled for march on there are tons of fluids. the turkey central bank slashed interest rates over 2 years aiming to boost growth through exports. last more than 90 percent of its value in the last decade following a series of crashes, the worse less than 2 years ago. to get in for us to not use immuno done the hand over ceremony. subjects that took you has no other choice than to return to what he called a rational ground. prioritizing a rules based, predictable, national economy to ensure prosperity,

so long as you have an independence central think. and so long as your central bank believes in orthodox policies. there is a way to get out. what we don't know for sure is how much independence they are going to have. and to what degree they will be able to implement these orthodox policies to, despite the failure of what presents are don, describe as a new economic model. he has reiterated his desire to bring interest rates down from this minister, days to check is known as a stringent, the calling of us with the election left behind what is called the campaign economy is over in turkey, and he is expected to press on with those stairs the citizens are over the suffering from high inflation at the valued currency and the cost of living crisis . now they are being told that to overcome them, they need to further talk them through bells, along with the government. but many are waiting to see if presence our dawn is

being sincere. when he says he's granting independence to his new economic managers . c noncustodial for accounting, the cost is stumble. so how does took, he has $900000000000.00 economy shape up, while inflation has nearly hobbs since its peak of 80 percent last year, bought the tex never lost nearly 70 percent of its value against the dollar in the past 5 years. it tends to prop up the currency in finance and account deficit have depleted foreign currency reserves. tech has economy expanded by more than 5 percent in 2022 and grew more than expected at the start the yeah. but let's say that growth could fit in the coming months, a ball from a symbol. now i'm joined by a need for it says, getting who is the chief economist? that is, i should management and need a great time. you with a thank you for joining us. here and how to 0. so we have this guy is highly regarded in the financial world. he himself has pledged to return to rational

economic policies. what does he mean by that? and what do you have a free hand to do so? um yeah i, i think that's a very good question because back in 2020, we had an episode where the central bank governor and the, the economy means there were changed and that change was accompanied by policies that are more they were including more rational actions this central bank stopped for us to see, to beginning in the effects market, the inflation targets in becoming an objective again. and we saw some monster types and in cupboard this didn't last long. the and after that, the economy policymakers became committed even more to the so called new economy model and unconventional tools. so it's very right to ask whether should check will be able to deliver what's he is intended to. but i think this time is

it's, it's a little bit different because now the polls to make us the chance to opens or the outcome, the, the, the results of the new economy model. and it appears that there are some more significant risk, the cost range to keep the navy economy model up and running. so they have, they had a 2nd look at this new economy model. and now both they have to change it and they believe that there's a good reason to change because the new economy model unfortunately, it couldn't lead to better trade, performs trade balance, better export performance. and then the sion in import import dependence to so i think this times it's going to be different. and right, it's a fine line for him to try it as an efficient to try it. because his boss, the president, is 9 for the 5 that he things that high interest rates are the cause of high

inflation. so what can we expect to think in terms of interest rates? yeah, i think the interest rates will be high. because if you look at the news flow that was circulated for rent 1st and the solution check and present, add on med be on lanes a cape po for shows. we're claiming that there will be a bit going back to or so those policies. and if that misses face an interest rates high, that will be the case. i mean, if interest, if that is the means is that interest rates will be high. then also i combine this with the, which is 6 own explanation on an emphasis on rational policy is predictable. would see a rule based economy. uh so i think this will include an interest rates hike and it's the next meeting. they will probably see hi can interest rate. and what about the layer of what's he going to do about baths and,

and also for the countries depleted reserves. yeah, the, the most important thing, the most important issue to tackle in the 1st place is the effects the reserves actually into, to cause risk strict or, or, or lower effects demands. and in order to do that with the monitored sites and inc, i think there will be a slow down in long grove, the economy will slow down. so this will lead to a lower import demand. and more importantly, the choice is going to depreciate. probably we owe way this whole song depreciation, but i think it will, it may, the thought may be room to go more. um and the, it's great to be, you know, quite contradictory because it's a sign. when $12.00 types of thing is happening, you normally wouldn't see which one is the weakening, but the fact that the central bank will allow the free market to determine the exchange rate rather than buy, you know,

intervening in the effects market that will lead to at higher interest rate in the higher exchange rate at the same time and it higher exchange rate will also allow some adjustment to external deficit. so, so overall, this will probably lead to some, uh, this will contain a fixed amount and also this is not going to only help the external deficit side. this will also help local investors residence to probably it 1st stop accumulation of hearts courtesy and them at some point when they come to stay on the interest rates are at most fair levels. and at some point they may decide to go back to turkish, they're out of savings, bottom line, and briefly, if you would, is even mind to fix the economy. yeah, i think so, because there is an available background for dads. as i said, i think the local investors are very much dollar rise. we don't have much

coordinate unless there's that for an investor positioning in the turkish market is extremely low compared to historical standards. so i think when to, as soon as the uh, the shake a team, a shake and his team cruise that they're delivering what they promise, i think there will be some increased confidence which will attract a for an investment and which will convince local investors to go back to turkish lira. so i guess in the medium term we need some structured report on some changes in tax policy, education, etc. but in the short term there is room for norms, improvements, uh, even with basic implementing basic economy principles. and i just great to get your analysis. thanks very much. thank you. now nearly 3 trillion dollars is expected to be invested in the energy sector gravely this year,

but for the 1st time it is anticipated more money will be spent on set of power. then on oil production, the international energy agency says at least $1.00 trillion dollars will be invested in sectors including renewables and electric vehicles. the rest will go to oil, gas, and cold side. but the breakdown the figures at least 1.7 dollars is now invested in clean energy for every dollar spent on fossil fuels. the ratio was one to 15 years ago. so the pallet spending is leading the increase. it's expected to reach more than $1000000000.00 a day. that's nearly 380000000000 this year. while more than $370000000000.00 would be spent on oil production bots, investment a new fossil fuel supply will rise by 6 percent this year. that's still double the level it needs to full. if the world wants to reach net 0 emissions by mid century, what dave jones is joining us now from london, dave is the global insights lead him back flying at the end,

the climate organization. so take 1st up, how significant is this a shifted investment and what's driving it? yeah, it's a very, very significant amount of investment guidelines to create an investment. a i've raised about $5000000000.00 a day at the labor late last year, and it was a 6 year in a row. the clean energy investment globally was bigger than fossil fuel investment, clean investment, it covers a wide definition. things include things like uh, energy efficiency and nuclear power and electricity greats. but the full technology isn't really, that's a, um, so much of that broad, but sort of called wind power, electric cause and heat pumps. electric costs have been on the other real tab with us knows up by said last year. and in terms of what has been driven by so much it has been driven by positive government policies. but so much as well has been driven by consumers who want uh, what's behind actually cause on one side of the panels installed in that room. and

suddenly the, it's very much a driving force and all of this is net. why is that? um yeah, the i a lead with the, with the headlines about southern investment, i would take you on investment for the 1st time. so in the context, so they'll have is the fossil fuel, uh, now state or investment has leapfrogged into that, that really positions toyota as a true energy, super power. and i guess is particularly puts in it when you, when you try to link the 2 together. when you look at like the big, the biggest, the most exciting investment coming through, which is inside of how funded by electric vehicles. and you can say, but in the old economy where you had oil having fossil cause, you've now got started up being used to power electric cars. so there's a real connection between the 2. it's pretty evident then the clean energy industry is very much emerging, but it's not being helped is it's by the fossil fuel companies. in fact, quite the opposite. uh indeed. so um, so the uh good investment uh is,

is off again. uh, last year and this year. um, uh, which, uh, which is not so good. um the uh the codes from um, frontier bear on a on that the, the, the head of the exec chalet and each agency when he launched his uh, his work from training investment. he had a really pointed message to what size companies the investing into you felt which was the changes coming fast. and when you look a lot about cleaning assessment coming on, that clean investment into renewable electricity is coming on with a 0. emotional cost is not increasing the eye of rosemont full of energy, what it's going to be to is going to be displacing the need for a $4.00 foot bustle chose. and so far it hasn't quite reached that critical point. and uh at the moment. so i'm not sure if that kate in investment is just uh, just driving just general investment insight into, in general, it's a modern energy. but it's now it's starting to increase to the level where it's actually going to stop reducing fossil fuels and, and in the next couple of years,

that might be quite slight lights running. that, that guide that's going to be extraordinarily quick, right? so how fall we away from a clean energy economy. is it gonna happen quickly enough? um, uh, how far away? well, hey, um this is kat date depends on the part of where you live. um, so the uh the story on pain investment is a really close to them. but uh it was a really positive story. in the case of emerging countries um, outside of china. um, on average i have got the same amount between investment as they had back in 2015. so i so much of that but not driving force and clean investment has pain in it. obviously the country is, is pain in china, and it's left a lot of emerging countries a bit behind because that still some way to go. all right, they've james, i appreciate that. thanks very much indeed. you and that is i'll show you for this week. if you'd like to comment on anything you've seen, you can tweak me at the clock out jobs, please use the hash tag a j c t c,

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