nejra: that was russia's energy minister, alexander novak. ering joins us now -- annmarie hordern joins us now. great interview and thanks for joining us. u.s. stockpiles continue to build. novak said $50 is the right price for russia. what does that backdrop mean for my white -- for what might come out of the j mmc? annmarie: they are going to monitor the cuts they have made. they are having more meetings we have seen over the past few months because of the situation in the market. one of the things that is are thee right now threats of a potential second wave in covid-19. to talk about demand, alexander novak was saying the fact that he is cautiously optimistic. he sees a rebound in demand, but of course like what is happening in beijing, these things mean risk. when you look at the data coming out of beijing, peak rush hour this morning at 8:00 a.m. beijing, traffic congestion at 29%. last year, it was at 67%. what we see his worry about demand. that is always going to put a little bit of pressure on the price. one bright spot was europe. t

>> and another chap, alexander novak as well. you and i look so much at supply what about the demand equation according to novak, he thinks we are moving into a supply deficit perhaps as early as this month, maybe as err will i as july. we may see some form of eek what lib yum or replay. >> can anybody really know alexander novak? that is a question for a different show, the sedgwick and sullivan hour. good to see you, buddy be well. >> discounting a selloff this morning, dow futures come down a bit. markets seemingly found maybe a second, third, a fourth wind for rallying since this pandemic wind nearly shut down the global economy. the first of the averages to trade. it is now up more than 10% on the year wow companies like apple on the declines but gaining at or near all-time highs or near it. welcome partner and portfolio manager. i would dare say, tim, there are two markets. two equity markets there are the companies that probably have real backers there are those stocks i reference like hearts which are just people getting

it is not 9.7 or not it is 9.7 or 7.7 the other point is, looking at what alexander novak has been saying everyone who comes on cnbc has a position people say we are going to the moon, it means they are long in the market alexander novak whose prime resource is oil says he thinks there could be more demand than supply as early as next month. again, he speaks from his own con tight one si if he's right, baring in mind more people than on this planet. that would be an extraordinary turn around. from the start of the year, we were producing 100 billion barrels a day being consumed way in ex tess of the 75 to 80 million barrels. if he's saying as quickly as in the space of a couple of months, we've reached some form of balance, to me, that is way more interesting and exciting for those looking at the market, the swift turn around for opec, opec plus, shell predeucers a lot of ceos from the likes itself from the likes of bp and others respectively talking about how they are taking production off the table. that makes it more delicious especially for those hedge funds that have gone way too far

alexander novak spoke with bloomberg about extending output cuts. ve made a decision to preserve for the month of july. i think this was the right decision. .e have held consultations we need to smooth the recovery preserve ---- [indiscernible] we have to come up with a decision to extend cuts for one month. years we havey been and opec-plus, we have said we are flexible. market andstudy the make sure the market is balanced and be confident about the demand recovery. we will not make future decisions on supply and demand. i would like to note we have on the state of the market [indiscernible] plan to discuss the market and what hope there is for us. annmarie: the data you are saying so far, are the laggards q, and make up for cuts they failed to comply on. you confident these countries are doing so? alexander: talking about performance levels and preliminary numbers [indiscernible] level.ity is on a high this is very encouraging. , and wee some laggards will be discussing this tomorrow as well. i would like to remind back in [indiscernible] opec has

from july through september during a virtual press conference on monday russian energy minister alexander novak agreed saying quote we have spent a lot of time discussing full conformity and how this will be coming. compensated because the success of the deal and the success of our efforts rests on all countries doing their part now ahead of meeting ahead of meetings international benchmark brant crude hit over $42.00 per barrel while the day. was over $39.00 per barrel hitting the highest points since the 6th of march now both the bread and i have since leveled out to over $42.00 and $38.00 per barrel respectively now for more on all this let's bring in professor bilham and senior fellow at the kleinman center for energy policy at the university of pennsylvania bill thank you so much for joining us today really appreciate it i want to start with these latest production cuts do you expect opec plus members will quote conform and continue at the a lot of production levels through july and beyond if needed. thanks for and my sense is that's highly unlikely for a century sooner own seward's car te

we hear from the russian energy minister alexander novak this hour. yvonne: we are a little bit slipping when it comes to risk efforts. -- risk assets. we are digesting the latest news. john bolton, former national security advisor, he accuses president trump for seeking the help of president xi jinping for his reelection prospects. we are hearing president trump speaking to fox news, saying bolton broke the law. also his rhetoric reiterated when it comes to china, saying china should have kept the virus where it was and could have stopped this virus spread. these are the latest lines coming through, the president saying trump -- the u.s. can deal with the flareups. we are seeing with stocks we are basically coming off some of the lows but still heading lower today, u.s. futures extending losses to more than 1% now. jakarta coming online. we have a bank indonesia decision today, expect some type of rate cut. when it comes to india we are watching the standoff on the border with china. besides continue to talk. they are pledging to deescalate after the

alexander novak joins annmarie hordern for a mutual discussion -- virtual discussion on the future ofthey are going to discuss how oil-producing nations are navigating demand. see live go.ils, emerging markets have escaped the risk off spike. subdued.y remains with several central-bank decisions on deck and growing coronavirus outbreaks, what opportunities are left for developing nations or investors? here with a deeper dive is dani burger. great to have you with us. >> all things considered, emerging market are performing relatively well. the weaker dollar helping out em currencies. stocks have gained 30% since the march low. volatility is falling. as a whole, we need to concentrate on debt. debt has done significantly better thanks to higher yields. central banks and develop nations cut, but that could soon change. lose some ofg to its luster. central bank in developing nations are beginning to cut aggressively. brazil has a right decision on deck and they are likely to cut to 2.25%. that is the same as what the fed is targeting in september. a crazy picture. similar rates when braz

that china story and how long that timed constrain can be remembered people were delighted that alexander novak the russian delegation would agree to the increase of oil coming off the table which is quite historic in it self- excited about that one-month increase in the same breath, russians have been talking about potentially the supplied deficit as soon as july. there are concerns about discipline and constraints going forward. the other thing they have been looking at themselves is the huge amount of industrial stocks way above $208 million barrels and the five-year average as well they are concerned about the huge amount of inventory built up, supply and the shaky system such as aviation are the big concerns the market so far taking the data pretty well brent has ticked back around $40 a barrel in the last seven days, it has been flirting with the 37 handle coming back into the market but as he points out himself, it is only half time in order to play for. >> you made the points around how so many of these stories are linked and you pointed to the eco system at gatwick airport and how tour

we spoke with alexander novak during a bloomberg future of oil event where he shared that current opec output curves are justified. take a listen. >> yes indeed. you are right to mention we have made the decision on june 6 to be reserve june costs for the month of july. i think this was the right decision. of the elped a lot of conversation, and to help volatility, we need to come out of the recovery period and preserve the fragile bonds. we have decided to come up with a compromise decision to extend it for one month. as for the future, i would like to remember that during the many years we have been in this for cooperation, we have always said we are flexible. we need to look and study the market. we need to make sure the market is balanced, and we need to be confident of what the pace of recovery is. we will not be making any decisions in the future based on supply and demand. i would hike to note we have made the decision we would man torre the state of the market. the next watch will be held tomorrow where we plan to discuss the conformity of the market and what the future holds f

novak djokovic is taking place in belgrade. the world number one was beaten yesterday so needed to beat alexander zverev in straight sets to reachy. djokovic took the final set so at least signed off with victory. this tour now moves on to croatia. and that's all the sport for now. hello, we have seen a number of sundry downpours affecting the cou nty sundry downpours affecting the county in northern ireland and north wales and the north midlands and into merseyside. there is will fade away this evening and most places will be dry overnight, but all that mess and low cloud and healthful comes back into scotland, the north—east of and down and looked into linkage. some spells developing elsewhere of shower, temperatures 11 degrees. elsewhere, it may stay great, but elsewhere we will see some sunshine coming through as the heat will trigger some of these heavy and sundry downpours again. almost anywhere through the afternoon. it will still be dry, temperatures showing little change typically into the 20s. 0n temperatures showing little change typically into the 20s. on tuesday, we start off a bit greyer across the north—east of th

novak djokovic and a number of other top ranked players. the bulgarian had been taking part in djokovic's adria tour tournament, which has been scrapped following the news. he had also recently competed with alexander. one of the industries hardest hit by the coronavirus lockdown was tourism. flights were grounded, movement restricted and holidays cancelled. now businesses are reopening and tourist attractions are desperate for customers to return. in venice, they've put on something of a show to drum up attention — as the bbc‘s tim allman explains. if you didn't know any better, you'd say life here was pretty much back to normal. the canals and waterways full of traffic, gondolas and rowing boats bobbing along — this, the first such traditional race since the lockdown ended. venice getting back to its roots. translation: we decided to call it race of the rebirth, because we wanted it to be an opportunity — the first time when venice, which is made of water, went back to its primary element, which are the boats and oars. but the scars of the last few months can't be ignored. italy has been one of the countries hit hardest by coronavirus, with more than 34,000 lives lost. applause this was about pay