opec and its allies meet to sc

opec-plus stays flexible. the cartel stays with its plans to restore more supply, but oil gains after the rube says it could change its mind. plus, didi delisting. the firm begins plans to withdraw from asian exchanges. the u.s. moves closer to banning chinese firms that do not open their books. hong kong tech stocks slide. happy friday. you have made it to the end of the week. we are ending this week on jobs day and a very fragile market. we had gains in the u.s. session yesterday, but that masks a roller coaster ride of this back and forth over tightening policy, over omicron, over high valuations. what does that mean for this market? in the words of our very own macro man cameron crise over at the mliv blog, it is time that we start looking at the price action. that is becoming more the fundamentals in and of itself. he writes, markets that behave like this deserve to be taken seriously, particularly when lu asian's are so elevated -- when valuations are so elevated and the catalyst for and certa

opec-plus versus president biden versus omicron. opec has increased production but they can change that at any moment. will, what was the reporting before the meeting and now after? >> the decision was somewhat avis prize. after the crash that we saw last friday and the emergence of the omicron variant, that they would hit the pause button, take a moment to see what the impact is and come back in january, but they went ahead with the rise. clearly, the pressure from president biden helped. other consuming countries like japan, india, south korea started to tell. this month, opec wants to be a good friend to consumers. it is worth pointing out, they can come back at any time this month and change their mind. they want to know what the impact of the new variant will be. if it has a huge impact on economic activity, they may rethink. alix: do we think that the release will be shifted, changed? >> in the comments we had after the meeting, they said the current release will go ahead as planned. it is interesting, the white house press se

gains of opec-plus on outward highs.eveloper kaiser admits it may not meet applications after bondholders object an offer for $400 million in bonds. -- tumbles in its new york debut after its record-setting deal. >> a mixed picture when it comes to japan and korea. nikkei up .25%, held by real estate and industrial companies. we set the japanese yen fall for the fourth time in three days. now holding 113 against the u.s. dollar. we are seeing -- buying. we are watching jd be we have seen the benchmark 10 year yield decline after solid data auction and of its right now we are watching what is happening with the omicron variant spreading. we are seeing downside pressure, .4%. this is as we got news south korea will be putting in place more restrictions when it comes to social distancing measures for the next four weeks. allowing people together in private by only a number of six, given restrictions and the threat of omicron which has already reported a sixth case. textile skinning .25% while the korean yuan is facing press

opec-plus can increase by 400. say is keeping the meeting open gives the maximum optionality if things get worse. we are being told conversations are continuing amongst countries. i would not be surprised if they do that in january, they take stock about what is happening, his demand falling for a few days or months and then they can act. guy: did they wait until january, or do we see something happening over the christmas period? they have done things like that in the past. there is history. you think they wait as long as january before figuring out what they are going to do? amrita: i don't think so. let me rephrase that. they do not have to. who will come out in two weeks, i think that is a big deal for opec. good luck on all of our christmas holidays. they can absently do somhing around that, especially because the quiddity will be low, price would be very volatile. that is why they are keeping this meeting open. they do not have to wait until january. it is about getting more information about the scale up and

it was more or less inspected the market, at least after the opec less meeting -- opec-plus meeting on traders did see aramco raising prices, yes, this is a sign of optimism from the saudis in a signal they see demand staying strong despite the spread of the omicron variant of the coronavirus. dani: at the same time, you have opec and saudi arabia, the market switching from a supply deficit to a surplus of next year. what does that mean for prices? paul: that's the interesting thing about the saudi arabian move, even with opec-plus's decision to raise output by 400,000 barrels a day in january. most analysts, including opec, see this which from a supply deficit to a surplus early next year, and i most accounts it will be quite a rapid and quite a big switch. that is likely to put downward pressure on prices in the first quarter of next year. however, you do have things that are still playing to the hands of the oil bulls. oil industries are still pretty low by recent historical standards. that doesn't necessarily mean we will get a dramatic drop in crude prices in the first quarter. ma

could omicron mean a rethink for opec? plus, no corks a popping, how the fizz is fast going out of the office christmas party season. so, are you going to an office christmas party? if so, do you have to be masked up, tested, the works? we will discuss that later. but first... we start in the us, where market volatility continues, overfears about the new omicron variant of covid—i9. wall street shares fell sharply after public health officials confirmed the first case of omicron in the us. it's now been detected in two dozen countries. markets have been on a roller—coaster since news of the new, possibly vaccine—resistant variant emerged late last week. after a brief recovery, leading us shares have now had their worst two—day sell off in more than a year. let's show you how that's impacting asian markets. and let us talk this through with andy macdonald. the fund manager at amity global investors. good morning to you. first of all, i am loving your christmas tree.— first of all, i am loving your christmas tree. thank you

then it was like will the saudies -- sorry will opec plus, saudis, plus russia and the rest of opec, will they continue to add 400,000 barrels a day every day until they get back to precovid levels prices have fallen so much there was chatter they would take some time the pause inner the agreement they have a three month period where they can sit back and say we are not going to add the new barrels but they did it even in the face of lower oil prices it was a quick meeting they didn't have a press conference they decided in january they will continue to add 400,000 more barrels per day there is a caveat. opec -- every member nation has to add their quota already some nations to be said not to be able to add their quota because they cannot produce that much oil because they idled facilities. so the market may not get all 400,000 barrels per day but maybe as a sign of good will they did it. oil prices are not spikes, they are also not falling even with adding new barrels to the cycle. opec is going to go ahead and add more barrels, and maybe of a little bit of a political gift in here.

which is essentially opec and opec club countries are deciding they're going to continue to increase their output as they had already planned to do. so they're not really making changes based upon news regarding the cranberry. and what's interesting here is that, you know, after this news, i think brent oil dropped about a dollar a barrel. it recovered a little bit, ended up around $70.00 a barrel. that's still well short of where we were in october and october. we trading that about $86.00 a barrel, but even though oil is down a little bit where it was an october, it's still significantly up and where it was at the start of the year. remember at the start of the year it was about 30 percent less than it is now. so the prices are still very high on oil. the idea, i think that this variance is going to cause huge disruptions in the oil market, i think is untrue. but remember the oil market, as we talked about so many times is all based upon spec ation. that was not so much about whether or not actual travel restrictions are put into place or travel actually lessons. it's about what sp

opec had much more influence in the world.my was very much union focused. 25% of the workforce was unionized. today it's less than half of that. another factor is that the economy is global. so many of our products come into the united states at much lower prices and as a result inflation is not likely to ever get back to double digits in my lifetime. i do think you make a good point. we have been used to 2% inflation. it goes for one month or another month at 6% it's obviously three times as big. everybody gets nervous. the real inflation is probably closer to 3%. if you go back to standard economics textbooks the 1960's were beyond, that's what most people thought was normal inflation. we then went to 2% and now anything above 2% seems abnormal. i suspect the fed will not creased -- increase interest rates. i suspect you will see at least one increase in 2022 and not wait until 2023. jay powell is doing a pretty good job of conditioning the market for this expectation. amanda: great to have you. you will want to hear more of

more on those moves related to the opec+ meeting.ll do that with jeff currie , goldman sachs global head of commodity research. that is coming up. this is bloomberg. ♪ alix: this is "bloomberg markets ." coming up josh silverman will be joining us at habakkuk p, new york, 2:00 p.m. -- at 5 p.m. in new york, 2:00 p.m. in san francisco. this is bloomberg. ♪ guy: as you mentioned,, now bouncing back after opec+ agreed to proceed with a january output hike. for more on this story, let's bring in jeff currie, goldman sachs global head of commodities. what do you make of the decision? jeff: i think it makes a lot of sense in the current environment. there was a lot of tensions with the u.s. a adminstration that were highlighted by the spr coordinated announcement a few weeks ago. second, it takes the pressure off the administration to cut a deal with iran that would have provided barrels. third, shale producers were budgeting for next year, so this means less spare capacity at opec and likely less shale or iranian oil a muscle it forces th

opec-plus will react to a fallen prices.ave a scratch in my back, it has been there from bin salman he wants to keep everybody itching. >> he was, he was very particular about oil traders should not short oil. one of his main messages from the opec-plus meeting in early december, still very much in session. opec decided at that meeting to increase production month by 400,000 barrels per day, but in a twist, it cap meeting in session, allowing it to reconvene very quickly to change course and not increase production next month if market conditions warrant that. his message to traders is watch out, we could change tact. manus: he calls his friends every day and we chatted we share notes. understand this is his style, this prince in charge of the oil ministry. but then i look at opec, they have their demand schedule for the first quarter, and when you take the demand boom they think they will see and the add from opec, do you still end up with a big surplus? paul: according to opec's new numbers, you still have a surplus next y

we have the opec meeting this week. it's a big one. what do you expect?there is so much drama behind it. it is not just about barrels of oil. it is about politics. this is the cartel that snubbed the biden administration when they asked them to raise production. the biden administration strike back, we'll release oil from the strategic petroleum reserve. and now you have this extra added concern about this new virus, brian, going throughout america that could kill demand and it created unprecedented turbulence in the oil market the last couple days. >> phil, it is still hard for me -- looks like we lost audio from phil? >> test, one, two, three, four. we're good. brian: phil, we got you. we can hear you. i want to get your take on this. you brought up strategic petroleum reserves, will that backfire, rather than helping consumers backfire because it will play very badly at the opec meeting? >> i think it already has. most of that oil believe it or not doesn't even end up here in america because it is not the type of oil we use. ending up in places like ch

barian is also impacting oil prices and even opec policy. thursday. members of opec plus, met by a teleconference to discuss how to deal with last friday. sudden sharp collapsing oil prices. a drop of more than 10 percent within just a few hours due to those spheres of the new vary. so what does that mean for the oil market moving forward? well, let's bring in boom bus, co host spend swan and christy i to discuss now. but i want to start with you. what came out of this meeting on thursday? yeah, was you guys kind of mentioned, it was a whole lot of keep it the same, right. which is essentially, oh, cross country, they're citing, they're going to continue to increase their output as they already plan to do so they're not really making changes based upon news regarding the i'm the cranberry. and what's interesting here is that, you know, after this news, i think brent oil dropped about a dollar a barrel. it recovered a little bit, ended up around $70.00 a barrel. that's still well short of where we were in october and october. we trading that

rishaad: i reporter taking a look at opec.at the key story some investors will be watching out for in india today. on the virus and vaccination progress, six people from what it calls at risk nations tested positive. it does close on december 6. we will look at how markets reacted to all of that. juliette: coming up, the women's tennis association suspends events in china on concerns about punks why. -- peng suia. and the spread of omicron and how it could impact india. that is next. this is bloomberg. ♪ >> we know that people above 45 with underlying conditions are at highest risk of getting an infection but we know vaccines are likely to have some protection. >> we knew that it was just a matter of time before the first case of omicron would be detected in the united states. >> it's too early to know precisely the impact economically. we need to learn more about the transmissibility and severity of this variance. rishaad: the omicron threat spreading around the world, with cases in the u.k., switzerland and brazil and the fi

there's nothing new for him with opec, but under this new production deal that opec made a couple ofey have their quotas per country if one country can't meet it then they've got to adjust our change or basically kill the deal to do it. something they have not been willing necessarily to do. opec may not be able to add more barrels to the market, correct because some countries inside of opec don't have the ability to do it. which means under their deal, they contractually can't do it >> right just this week, we lost some production out of nigeria, ecuador. and libya. which is you know, it's sort of the little rally that we're getting here right now look, they pay for and gloss over a lot of the hiccups in the organization and steam they put together if they wanted to put oil on the market, they can for sure. the russians desperately want to to the extent the saudis want to keep the tax, they're not going to go stepping out on a limb or trying to undercut their partners done a pretty good job sticking together i have to give it to them for once on this whole thing so you're right. but

opec, you say show me the barrels. let's go through it.think ultimately, what we have now here, i love today's headlines. we can debate this all day long. the question people are asking is what do they actually have over the medium term. we have been running this super cycle thesis from spring of last year, and it was almost right in front of us. we are obsessed with underinvestment in the majors. what about opec? you've got fiscal problems, whether broader issues, supply chain issues. you throw them altogether, and our policy comes out at half of what the market deems it to be. what does that actually mean? we don't think that can actually clear 250,000, up to that amount by the second half of next year, so when you run that analysis, you get around $120. but fast forward and that scenario, there is this sort of penny dropping moment in the market, which is these guys don't have the spare capacity. when we have looked at 40 years of history around when has spare capacity been in the single digits, that is when the risk premium shoots up,

how do you view opec production next year and opec discipline in terms of production?nine: our upstream call is still positive. we are clearly married oil prices. if we look at opec+ behavior come our oil strategist's are saying they will still -- that paper will slow or they will hold production instead of increasing. jonathan: what are the top calls for next year? jeanine: our official designation is conocophillips. if you think shale yield is going to drive that performance next year, we are overweight on marathon, pioneer, and debit energy. we think there's a couple of ways to play inflation in terms of companies being more insulated. you can be diversified. you could have contract logins -- contract lock-ins. chevron and exxon we are overweight, as well as pioneer and conocophillips. jonathan: jeanine, thank you, as always. joining us from barclays on some of these oil stories. we go back to the beginning of this conversation. do you remember 10, 20 years ago, if prices were up? more drinking, -- more digging, more drilling. a different factor now in this story. m

do you think opec is going to hold the line steady next year as well then >> i think opec is going to do a good job of managing the market. they've done a good job for the past year. i think that they're walking a tight rope of adding supply and having a good price versus price being too high and hurting their consumers. you saw the u.s. government and a number of others push back against high gasoline prices, and so i think opec manages the market well in '22 they will bring more oil back. they are ready in case they need to to pull supply back or reduce supply, so i think that they are -- they are the fed and they're doing a pretty good job right now. >> they are the federal reserve of oil i know there's been a lot of projections, dan, about 100 oil. hard to see though, because once you get to that level then you start to get geopolitical problems, you get -- even the greediest producers start to throw more stuff on the market 80, 85 seems like kind of a sweet spot, does it not? >> that's our number we saw the pain point in the consuming nations right around 85 a few months ago. $10

opec-plus will proceed with a scheduled oil production hike. the group agreed to 400,000 barrels a day of crude to global markets, which should please nations, including the u.s., worried about high prices, but that also left the door open to changing the plan at short notice. that unusual step underscores risks from the pandemic. the u.s. has reported more cases of the omicron virus variant in new york and colorado. five cases have been confirmed in new york city and mayor bill de blasio says people should assume the new strain is spreading. the u.s. state, meanwhile, reported more than 11,000 infections, the most six -- the most since january. global news 24 hours a day on air and bloomberg quicktake powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. rishaad: oil prices may keep rising until inventory pressures these next year. david: a massive tumble in the debut of grab. we look at the roads ahead here for the super app. that's all coming up this hour. this is bloomberg. ♪ >> i certainly would

this is already baked into opec's numbers, for sure. market consensus is probably 400 to 500 of additional demand coming from get the gas to oil switching. europe is definitely, the market seems tighter and tighter with every day. we see more and more news pointing towards that. in general, our view was that the only hope for europe was a mild winter and a rival of nord stream 2 in december. right now, all of the weather forecasts we are seeing, the weather in germany is set to be cold, dry, and windless towards the end of the year and into january. with geopolitical tensions rising in ukraine, the approval of nord stream 2 before the second quarter seems likely. clearly, the new threats to german and polish gas supply from belarus, this means the risk of gas flows to europe are becoming more and more higher. so putting everything together, everything points to a very tight balance in europe over the winter, so it appears that devon lee supports the oil prices as well. alix: i want -- that definitely supports the oil prices as well. ali

morgan in the past couple of weeks on opec.ok at the prospect of breaking through 125 on brent. an important conversation about the fed, she remembers the president of the minneapolis fed from 2009 to 2015? i remember a very dovish central bank president. reading what he has to say in bloomberg opinion, that is a different man. lisa: this is rhetoric on the verge of alarmist with respect to how quickly the fed should be moving. a pretty hawkish statement. to give you a flavor, if officials don't announce a more aggressive path of interest rate increases, i expect they will, their passivity risks a repeat of the great inflation of the 1970's. seeing a scenario like we did in 1965 where the increases seemed controllable in the consumer price indexes and consumer price index but spiraled out of control. he said that is the risk if the fed is not aggressive enough. this is from someone who talked extensively about his transition from hawk to uber dove when he headed the federal reserve. jonathan: he writes, in principle they impose

it is an important week for opec-plus.bly, what is happening with the pandemic and on cron, what is our sense of how the debate is unfolding? >> as of yesterday, there was the idea of cutting productions as an idea. it seems like the most likely outlook is a pause in production. there are so many variables with the pandemic and omicron that you do not know. if you think about last year and the devastating effect the virus had on demand, the ministers will be mindful of that. we had negative oil prices. there are so many things that could happen. it could be mild. if that goes, if there is no impact on demand, they carry on. they have to watch for every data point and evaluate everything. dani: it does not matter if you are long or short, you have probably gotten burned at some point in the past year. going forward, is opec going to be a driver of prices, or will that center around demand and potential demand destruction if we get higher prices or a variant that throws a wrench into the cog? >> opec bus will stay relevant,

we look ahead to the opec-plus meeting on thursday.cryptocurrencies -- we have a story about how ether has outperformed bitcoin this year. from december, if you bought ether last year, you would've seen again around 530%. not bad. bitcoin has merely doubled. dani: small returns for both. ether, there has been a lot of confidence and buzz around ether. i remember when this debate started happening around the environmental friendliness of bitcoin. ether is less energy intensive to put those transactions on the blockchain. metaverse is gaining buzz, which i will not try to explain. ethereum has an application there. tom: and decentralized finance, the use of blockchain. there has been a bitcoin, evangelist wanted to keep it simple, others want to easier to use. ether has a lot of utility, and that is supportive of cryptocurrency. $4735 for ether. dani: let's get to the bloomberg busines. brazilian digital bank nu holdings has trimmed the valuation of its ipo while also attracting the interest of softbank. its proposed price range of $8 to

that'll be critical in determining what opec-plus does.he fact the group, the current meeting is still ongoing in theory -- it is a very clever move. that means there is enough uncertainty amongst traders they will not go necessarily short this market. i would not rule out a cut if demand numbers get worse and the headlines get worse. kailey: what would you need to see that you would consider a headline getting worse? amrita: who are holding a press conference on opec-plus. we'll be listening to that very carefully. the question is how much of a travel impact will we get to the next couple of weeks? we are in constant conversation with opec member countries about the impact on jet fuel demand. i think they are going to be looking at that very closely because on their own numbers, q1 bills are huge, close to 3 million barrels a day. any drop-off in demand will make that worse. tom: demand is still visible, and an unknown right now? amrita: unknown. we had just started traveling. this is my first trip to the u.s. since march of last year. a

opec is meeting right now, they just started. will they open the spigots like the president wants them to? it is unlikely but we will know in a few hours. take a look at bitcoin dropping below 57,000, for the moment very volatile. more bad news for vice president kamala harris. her top advisor is resigning. simone sanders is the second stop aid to resign in a month. harris's approval rating stands at 28%. a big show for 3 hours. sean duffy, senator marsha blackburn, dan heninger, thursday december 7th, 2021. "varney and company" is about to begin. couldn't tell if it was temptations? san fran or the omicron in the united states at least that we know of. the first case of the omicron variant, lauren, as you say, is in san francisco and san francisco is known for all the mask mandate and vaccine mandates. >> what do we know about this patient in california? he or she, has not received the booster, 6 months of not passed after the second jab. newly vaccinated. that the overhang with all of this. on the dow, do investors want to know

and they're very afraid of opec and opec plus buying the markets again. so right now everybody's just trying to get help him from the horrible 2020 that we had last year. but can the u. s. flood the market if we would begin producing energy the way that we were 2 years ago? could we get more energy on the market and drive prices down, because that's what consumers need need. it might not be great for shareholders in oil companies, but that's what consumers need. do they not work? but again, better be like you say, you're a capital producer and you're selling me. and so you want to go. so how much and you know, how much work out to drive your price down of what you're doing. it cut your profit . so it's one of those arguments that again, these all gas companies, one ready to go back on the market right now would be a $100000000.00 investment for a year for whole company to do that. so it's a very big guy, and there's a lot of strategy, a lot, a dedication of boys and people. and again, we're sure right now, and people and manpower to really wells are after

at the same time we are dampening domestic production, are we going to buy that oil now from opec oilezuela? what an irresponsible move to make. >> let's hear from jennifer in texas republican mike. >> good morning, i have a question about early treatment, is a 70-year-old man in the hospital in icu with covid and the daughter had to go to court to get treatment so i was wondering why republicans are not working harder to allow early treatment. will you be able to appoint a special prosecutor to investigate the fda, cdc and why they are blocking the treatments? >> as you may know, it's not congress that appoints special prosecutors, that something the president through the department of justice has to do. we can certainly call for one but i have had this question a lot. i think treatment needs to be a decision between a patient and their doctor. we've got the most, best medical and scientific communities on the planet. we are the ones who developed the vaccine in record time. when you consider 90% of the people in hospitals today from covid are unvaccinated, 95% of those in icu and on

are we going to go out and buy the oil now from opec or the russians or venezuela? what an irresponsible move to make. host: let's hear from jennifer in katy, texas, republican line. caller: good morning. i have a question about early treatment. there is a 71-year-old man who was in the hospital, in the icu with covid. the daughter had to go to court to get treatment. i was wondering why republicans are not working harder to allow early treatment. will you be able to appoint a special prosecutor to investigate the fda, the cdc, and why they are blocking these treatments? guest: as you may know, it is not congress that appoints special prosecutors. that is something the president through the department of justice has to do. we can certainly call for one. i have had this question a lot. i think treatment for covid needs to be a decision between the patient and their doctor. we have one of the most -- we have the most, best medical scientific communities on the planet. we are the ones that developed the vaccine in record time. when you consider that 90% of the people i

maria: do you think opec will make any changes in terms of its opec output?rating it. i would tend to think they're going to look at the virus and say we should slow things down a bit in terms of increasing oil which they were putting into the market also of course they've seen the u.s. declare it's going to use its strategic petroleum reserve. could well be wrong on that but i think that's a question they're asking themselves and i don't think they have an answer even though they're meeting this week and have to have an a answer. but i think the omicron is such a big deal for everybody that it's going to make people more cautious and a we've seen the impact that it's had on the financial markets. maria: dan, in the coming year it sounds like you believe oil prices are going back down, is that your best case or do you think that we're going to talk about $100 a barrel oil again soon? >> it's funny, maria. a month ago people were talking about $100 a barrel oil. that's off the table. i think the prices will be in the 65 to $85 range, give or take, is where we'

so how much influences opec plus have here and good. we see oil prices getting to that point. i think 150 is a big number. and certainly if you believe that is cost for a retail rebalancing of a portfolio overall. but in terms of, you know, triple digit prices, and there being a real issue between opec and those nations around the world that are very reliant on oil. it is a very, it's going to be an increasingly important issue. it will be increasingly tense. and to echo some words out of some investors that were made a couple weeks ago, you know, the, the, the, the possibility for social unrest that may come from a seizure in these markets is certainly a possibility. i certainly don't think that there is anyone that hoping that we get there. but this is we're at a critical juncture. and rachel, it's important to point out. this problem is not going. busy away, this is another 5 to 10 year problem, right? we're not going to get to the maximum demand for oil for a while now. until really we can go ahead and fully rely on renewables and begin to watch, you know, that peak demand

we can't go to the opec nations and say please sir, can we have some more?ot but we have more natural gas and oil sitting right under our feet here in the united states. any autonomy requires energy. any autonomy requires energy. and we should be doing everything we possibly can to drill for it, to use it, to take advantage of it, without having to go and deal with other nations. we should not be shooting ourselves in the foot doing some silly climate geo--- deals we know the chinese and the russians want no part of. there is one thing about energy that we should actually do. it is this funky little thing called nuclear power. you know. is this thing we kind of discovered here. and you know what the cool thing about nuclear energy? it does not emit. like, nothing. you can just run it and it keeps going and going. it is better than the ever ready bunny. and it is cheap and it is sustainable. we should take advantage of that. when it comes to taxes, we should keep them low. i was in a hearing the other day with one of my colleagues and she was talking about so

but could there be relief at the pump thanks to opec plus?rk gas station with all the stats. and we check big board, the dow jones industrial average down 233 points. friday it was down 905, gained back 20 monday, lost 1,000 tuesday and wednesday, up 600 yesterday. you get the idea. that volatility continues today. we'll be right back. ♪ ♪ [energetic music throughout] what's strong with me? i know when i'm ready for a rest day. ...so i can be ready for anything... tomorrow. find out what's strong with you with fitbit sense and daily readiness. mom, hurry! our show's gonna start soon! i promised i wouldn't miss the show and mommy always keeps her promises. oh, no! seriously? hmm! it's not the same if she's not here. oh. -what the. oh my goodness! i don't suppose you can sing, can you? ♪ the snow's comin' down ♪ -mommy? ♪ i'm watching it fall ♪ watch the full story at www.xfinity.com/sing2 ♪ lauren: breaking news, a man in philadelphia has tested positive for omicron, the first case in the state of this newer variant of covid-19 in the state of

opec-plus is forecasting there will be a surplus of oil in the first quarter. the u.k.rdered 140 more million doses of the coronavirus vaccine. it is a big win for moderna. more than three times the total of the contract with the u.k. in the u.s., restrictions from travel because of the omicron variant will be temporary. health officials identify the first u.s. case of the variant. it will give authorities some time to prepare. democrats could have a powerful campaign tool for 2022 if the supreme court rolls back abortion rights. that could be a major shift wednesday -- it could further voters from turning out while taking votes away from republicans. powered by more than 25 hundred journalists and analysts in 120 countries, i'm ritika gupta, this is bloomberg. ♪ ♪ >> there are some additional mutations. i think we really have to wait on the data. i don't expect that there is a significant drop. if there is a significant drop than pfizer has the label to develop a new vaccine. jonathan: that was the pfizer bp, there is some data between how pfizer communicated this week

jonathan: this came from opec in the last couple of minutes.hey boost their first quarter demand view as the omicron risk is seen as mild. whenever you analyze the message, you have to think about the messenger, granted. still, that is the headline this morning. lisa: i do wonder what they agreed upon ahead of that opec meeting. jonathan: have they agreed on anything? lisa: they have been changing their message, have they not? are they going to stay the course, even though there are these risks? jonathan: mike collins is going to join shortly, of pgim. from new york city, this is bloomberg. ♪ it's another day. and anything could happen. it could be the day you welcome 1,200 guests and all their devices. or it could be the day there's a cyberthreat. only comcast business' secure network solutions give you the power of sd-wan and advanced security integrated on our activecore platform so you can control your network from anywhere, anytime. it's network management redefined. every day in business is a big day. we'll keep you ready for what's next.

the print is at $71 a barrel, opec having itself optionality as it weighs the impacts of omicron. dani: tom, it's a positive day looking at imap, the sector breakdown for you so far this morning. let me start with the opec-plus decision, helping out some of the material stocks, this chunk in the green, energy also in the green, as well. not a lot of areas will you find a move to the red and staples over here. that seems to be it. we are ending the week after somewhat of a roller coaster ride. however this will signify gains up around .7% so far on this broader market. if we're able to hold that, we will end the week higher. that will help mask the drama underneath. is this a regime change? can this last if we do get more cases in europe? so far, markets able to push higher. tom: a couple corporate stories in focus, down there on the board approving $68 billion in spending. some of it new, some of it old for mercedes cars and trucks to revolutionary transform to electric vehicles, gains of over 1%. their critics say they're not doing enough to catch up with tesla, etc. in terms of

for help.she we did not need opec anymore. >> sean: does not asking, he's been begging opec.e right. we became energy independent for the first time. my research shows 75 years your rights, i stand corrected.i we were also a net exporter of energy, and it's even more profound because you didn't import a single barrel of oil from the middle east in saudi arabia. a third of the world's oil supplies passes through the straits of hormuz with the iranians like to cause trouble.e we've given all of that off and the people being hurt the most mr. president, are the poor and the middle class. $1.50 on average, $1,000 a year estimates to heat your home. it's driving inflation through the roof. >> it's the like the biggest tax increase you could give. when gasoline goes up by $1, and then $2, then $3, then $4 per gallon, each time it goes up $1 that's like a big tax increase. we've got the biggest tax will decrease ever, the biggest cut in regulations ever and energy independence and inexpensive gasoline for the most part. we talk in terms of gasoline and we have clean energy, we have

opec plus companies to open up the spigot to produce more oil.opec plus countries led by russia are going to say sorry, we're not going to do anything about production, after this. ♪ limu emu... & doug ♪ ♪ superpowers from a spider bite? i could use some help showing the world how liberty mutual customizes their car insurance so they only pay for what they need. (gasps) ♪ did it work? only pay for what you need ♪ liberty. liberty. liberty. liberty. ♪ spider-man no way home in theaters december 17th what's strong with me? i know when i'm ready to run. ♪ liberty. liberty. liberty. liberty. ♪ what's strong with me? i can find strength in a rest day. what's strong with me? there are some nights i sleep so well... i'm ready for anything. find out what's strong with you with daily readiness on fitbit. when traders tell us how to make thinkorswim even better, we listen. like jack. he wanted a streamlined version he could access anywhere, no download necessary. and kim. she wanted to execute a pre-set trade strategy in seconds. so we gave 'em thinkorswim

the russians have a very important oil based relationship with saudi arabia in opec and opec class, russian saudi arabia are now the 2 key drivers for the global oil market. so, and much of course is selling i, selling my been throughout the middle east as well. and we'll see president, right, you see the ron, go to russia, i think in about a week or so. so russia certainly is a player in the middle east in a way that it has not been for many, many years of i me, what does it leave of a conflict in the region we're talking about, you know, for example, as a complex lemon. libya lingering conflicts in iraq and syria and other places. somalia, the world essentially has written off these conflicts. what we're seeing now is the expansion of the concept of a disposable nation in somalia was the 1st disposable country in the world. and the late eighty's ninety's when it started to fall apart, and most of the world just didn't care. and we're seeing similar things. you know, what not only do, does the world not care very much about the libya, palestine, one of the things that they're actively invo

in a statement, opec plus said it is ready to make immediate adjustments if required. a look at gas prices in the u.s. right now 3.37 for a gallon of regular, down from last month. but up sharply from last year. the biggest factor in oil this week actually is the new variant, the omicron variant, and concerns it could close factories and hamper travel around the world. of course, that would depress the economy and lower gas prices. >>> where have all the playstations gone? gamers have gone all out to get their hands on the latest video game consoles. hard to come by this holiday season. supply chain has affected the the industry and the gaming industry particularly hard. there is a global shortage of computer chips. of course, chips go in all of those consoles. more than a year after they launched the sony playstation, the microsoft x box still difficult to find. nintendo's latest which debuted in october, that is even harder to find on store shelves and online. analysts predict supply chain issues will vex gamers well into next year and possibly 2023. my request for a