opec plus members led by saudi arabia and russia agreed to continue to cut oil by 2.2 million barrels each day. this puts pressure on prices already feeling the heat from the attacks in the red sea. saul lavonic from mst marquee says the meeting has sent a strong signal. i think a degree of expanding the cuts was expected but at expansion and stronger cuts for russia is actually something stronger than perhaps consensus in the market was. and what you are seeing is it really is a very strong signal from opec plus was only a matter of several weeks ago, unified opec plus group d are particularly after and also someone left the cartel. now we're seeing that there and it also a sign that opec plus are really showing a strong defence of $80 a barrel floor in pricing. what they've done here is really built a fence, surplus will keep the market in deficit with a view for demand and return more strongly in the second half allowing cuts to be unwound and actually deficits to be sustained through the course of the year, keeping that curve, keeping prices elevated. is this cut priced in then or

it really is a very strong signal from opec plus was only a matter of several weeks ago, unified opec plus group d are particularly after and also someone left the cartel. now we're seeing that there and it also a sign that opec plus are really showing a strong defence of $80 a barrel floor in pricing. what they've done here is really build a fence, so plus and keep the marketing deficit with a view for demand and return must more ad much more strongly in the second half allowing cuts to be unwound and actually deficits to be sustained through the course of the year, keeping that curve, keeping prices elevated. i5 that curve, keeping prices elevated-— that curve, keeping prices elevated. , ,. , . elevated. is this cut-price dim then or are — elevated. is this cut-price dim then or are we _ elevated. is this cut-price dim then or are we likely - elevated. is this cut-price dim then or are we likely to - elevated. is this cut-price dim then or are we likely to see i elevated. is this cut-price dim then or are we likely to see a l then or are we likely to see a bit of impact on britain p

but for opec plus, that's not enough.t oil prices to go up because for many countries it's crucial that oil prices remain at above a certain level because they're able to meet their budgetary targets because of that, because their economies relies on rely on that pretty heavily. so that's the first reason. and the second is if you look at demand that has been soft as well. in fact, the outlook for this year, according to multiple reports, is that oil prices, or rather sorry, oil demand will not go up substantially. according to goldman sachs, it will be up by only i.5%. now, that's due to various reasons, primarily because of the global economic outlook right now, especially what's happening in europe. and then china, of course, because china is the biggest consumer of oil in the world, but the economy hasn't really picked up the way many had anticipated, which has actually affected supplies. these are voluntary cuts where countries don't have to formally agree at the opec plus level. but the fact that all the countries m

a big item over the weekend was a decision by opec plus.roduction cuts, so the next decision will come in june. there is debate around the tightness in the market and suggestion that there is more tightness coming. we are $83 on brent. you have questions around compliance. countries like iraq were not complying with cuts they had committed to. the view is when it comes to june, the decision will be more consequential with some pushing do not have to go along with additional cuts. in terms of demand from china, it will be a tough call in that is why we are looking at the decisions tomorrow from the npc. this is a picture of oil markets after cuts. when it comes to u.s. jobs, data will drop on friday. we will hear from jay powell giving testimony. the expectation is payrolls will come in below the blowout number. the jobs picture is consequential for the fed. inflation has been stickier. let's flip the board and do one last one because the other big earnings was the budget on wednesday. chancellor hunt with his plans around spending and tax c

opec plus countries offering to extend the production until mid-year.hat includes the 1 million barrel per day cut by saudi arabia. we have dan murphy joining us from dubai. dan, good morning. >> reporter: frank, good morning. we have been speaking with opec leadership and market analysts about the decision. this move ss determination to defend the price floor of $80 a barrel through the second quarter. the market reaction ahead of the wall street open shows this decision was pretty much priced in. as you say, frank, we will see saudi arabia leading the cuts with 1 million barrel reduction. the other producers like iraq and uae will cut by 220,000 and 163,000 barrels per day. russia jumping in here with a 471,000 barrel per day cut. all together,it makes up for about 2.2 million barrels off the market and this is expected to stay in place until further notice. opec did say it would like to reverse or add back the lost barrels gradually, but only when warranted by the market. there is a lot at stake and you get the sense that the oil group wants to show

tom: how much comfort to you think there is amongst opec+ and their members?o you expect them to sit this one out, or did they extend the cuts? at what level will they be willing to but were supply into the market? >> opec members but that the ministerial level and the secretary-general over and over said they do not talk price or look at a price but at the market fundamentals, so i would say opec managed to remain unpredictable. the market can have expectations but always has been unpredictable, and even members of opec always wait for the consensus especially since 2019. i am on the side of trying not to predict, but on the opec side they are very much looking at the fundamentals, and there is a huge discrepancy. opec has its own view of market fundamentals, demand and supply, so depending on what they are seeing in the market they would obviously move on with maintaining or changing decisions about the cuts. tom: that discrepancy is there. when it comes to the geopolitical crisis in the red sea, the oil market reaction to that, is that becoming a longer-ter

on oil, the supply story is opec-plus.he iea is saying that of opec and continues those cuts through this year, not necessarily give them but if we do, we will see a deficit which will put pressure on inventories and force prices higher. demand for parental -- for final products looks strong. people are out there and they are driving. that is changing the narrative to something more bullish than we saw at the beginning of the year. there were supply problems with copper and a couple of minds like the one in panama is not producing but again, there is a strong demand story. copper is critical to many economies. demand is strong. lisa: what has changed? why are people suddenly waking up to this? are the energy agencies talking about it or is it the opec-plus cuts or something else? >> they are climbing a wall of doubt especially in china. people are concerned about final demand there. as the data comes in, they show that in other parts of the world, demand is strong and more robust than they were expecting. they see on the w

they hold the whole group together, opec-plus.oncerned about discipline, but hopefully that will not be an issue. tom: u.s. inventory following, what is your outlook for u.s. production? carol: that is an interesting story. prices we are seeing these days -- i want to go back to what was expected for the oil market. there is plenty of oil around 1.9 billion barrels and what is happening in the red sea. i remain optimistic and their driving. oil forecasts have one thing in common, the economic situation is not comforting. they are facing structural problems, not things that will dissipate. they require fundamental changes in the structure of the economy, so my main concern is demand is increasing, but not at the pace many hope for. tom: always with smart analysis, carol natalie, thank you for your insights. wti is just over 81. breaking news around and acquisition and the makings for some time, swiss corp. to buy vodafone italian for one billion euros. they are restructuring and trying to sell assets. swiss, agreeing to buy vodafon

but, if the market does end up being weaker on the demand side, what we are seeing is opec could very well extend the cuts and keep the market in deficit anyway. a lot of this also feeds into the geopolitical solution, particularly with the conservation of tensions in the middle east, where opec keeps expanding capacity on hold, to be able to release a little bit more if needed because all of this, all of the deficits that are now happening, despite the fact not actually seeing a supply disrupted from the middle east conflict but that is something — an eventuality which still could play out and then tighten things up to much stronger degree. the philippines has said it hopes to launch formal free—trade negotiations with the european union very soon. the country has been in preliminary talks with a 27—nation bloc four months after a previous attempt almost a decade ago fell apart. the southeast asian nation depends heavily on its trade with china, but has been having tensions over the south china sea. it has said it wants to expand its economic relations to have greater resiliency. tho

. >>> coming up on the show, crude markets shrugging off opec plus plans to extend production cuts.e'll have more after this. switch to shopify and sell smarter at every stage of your business. take full control of your brand with your own custom store. scale faster with tools that let you manage every sale from every channel. and sell more with the best converting checkout on the planet. a lot more. take your business to the next stage when you switch to shopify. to duckduckgo on all your devie duckduckgo comes with a built-n engine like google, but it's pi and doesn't spy on your searchs and duckduckgo lets you browse like chrome, but it blocks cooi and creepy ads that follow youa from google and other companie. and there's no catch. it's fre. we make money from ads, but they don't follow you aroud join the millions of people taking back their privacy by downloading duckduckgo on all your devices today. is it possible to count on my internet join like my customerseople takingcount on me?privacy it is with comcast business. keeping you up and running with our 99.9% network reliabil

opec plus has extended an additional voluntary reduction in oil production. it will be valid until the end of the second quarter of this year. participants, including russia and saudi arabia, will extract 2,100,000 fewer barrels of oil every day. the games of the future fidget tournament has ended in kazan. before the closing ceremony , awards were presented to the winners of the last competitions. football players also received medals. skateboarders and laser tag masters. on the border of the dpr and the zaporozhye region, the russian military destroyed important targets. the artillerymen attacked enemy fortifications and a hangar with military equipment. the calculations were marked with precise volleys hurricane multiple launch rocket systems. between the two attacks, the fighters reloaded the installation, spending no more than 10 minutes on everything. our war correspondent, eduard punigov , will tell you why this is. so important, the positions of the rocket artillery of the vostok group are hidden in a forest belt, it is forbidden to go by car to them,

it really is a very strong signal from opec plus was only a matter of several weeks ago, unified opec now we're seeing that there and it also a sign

opec plus countries have extended their voluntary oil production cuts.ter. now there is a new deadline until the end of june. formally, opec plus countries have reduced their production by about 2 million barrels per day, which is 2% of the world consumption. half of this reduction occurs in saudi arabia. important changes concern russia. previously, it committed itself to reducing only the export of oil and petroleum products by 500,000 barrels per day. and last december , saudi energy minister abdulaziz bin salman complained that russia was only cutting exports, not production. so now deputy prime minister alexander. novax reported that in the second quarter russia will reduce both exports and production by 471 barrels. true, the proportion is every month it will be different. for example, in april production will be cut by 350,000, in june only production will be reduced, that is, by all 471,000 barrels. and all this is in addition to the fact that from last spring until the end of 2024, russia is reducing production by 500,000 barrels per day. it wil

are you surprised that opec is chiming in on this issue? >> not surprised.ng to see that the gap between opec and the international energy agency on their estimates of demand growth, and i think obviously it reflects the different points of view between those two organizations. but i think, you know, energy security, you travel around the world, the japanese are really concerned about it. and it's really triking. electricity, there's germany, very committed to the energy transition, announcing that it's going to spend $17 billion to build natural gas, fired electric generating plants in order not to run out of electricity. britain has announced the same thing, and i think, brian, when you get here, you'll find one of the big things this year is how do we have enough electricity to meet the demands of ai, digital, data centers and so forth. that wasn't on the agenda two or three years ago. but now energy security is a reliability of the electric system, as well. >> when i look at the numbers, and the grid operator, this is not me, the grid operator for the mi

opec plus will continue to reduce production.f the association have already confirmed a voluntary reduction of 1.7 million barrels per day in the first quarter and extended these agreements into the second. russia reduced oil exports by 500,000 in the first quarter barrels per day by may-june 2023. four reductions are planned for the second quarter. in achieving target indicators, but we do not encounter significant deviations, not everything fits within the given framework, but in general the actions seem coordinated. at the same time, in order to maintain a stable situation on the fuel market in russia during the spring field work, there is a temporary ban on the export of gasoline and diesel. as for russian oil, analysts are paying attention. reduction of the discount, we have come to the point where the russian export oil of the eurols brand is practically traded at parity with its marker grade brend. this suggests that there is a stable and fairly stable demand for sulfur grades of oil in the world, and russian yuralc is one

yes, i would like to say that the islamic republic of iran , like opec, was one of the founders of this forum, and i can almost say that after the united states and russia , it is the third largest producer of gas in the world, 260 billion cubic meters. it has about 6% of the world's gas production, and this number is very significant and has an impact on the global gas market . the world is two and a half percent , which means we had twice the growth of gas in the world and this not visible the fact is that the gas industry in our country is very flourishing, but unfortunately we have some weakness in the field of exports due to domestic consumption, and now plans are being pursued in the honorable government, a consumption plan that, if these come to fruition, can be added to exports. in any case, the islamic republic of iran is one of the most influential countries in the group of gas-exporting countries, and it was responsible for the general purpose of this assembly during the period, and fortunately, the meeting of ministers will be held in the islamic republic of iran in the year

islamic, the role that two countries have in opec gas, in opec oil and in the gas forum, the role that two countries have in the islamic world, this has brought us closer together. another point is the issue of fighting unilateralism, which algeria and the islamic republic of iran and many independent countries this is how the world looks today they fully accept that one should stand against unilateralism and accept this approach . the view of the two countries is to support the oppressed people of palestine and gaza. in our bilateral meeting , the issue of palestine is also the issue, which today is not only the issue of the islamic world, but also the issue of palestine. the world is humanity. it will definitely be discussed by us. the second point is the issue of political relations between the two countries. and the commercial and economic relationship between the two countries, algeria is a very good market for our businessmen. and islamic iran can also reciprocally because of the relationship we have with other countries. we have the persian gulf with central asia it can be a goo

world oil prices react weakly to news from opec plus.hat opec plus will extend production cuts is currently valid until the end of the first quarter, will be valid until the end of june this year. and in general, in general, oil prices are now moving in such a fairly narrow range of 75-85. dollars, despite neither the production cuts from opec plus, nor the houthi attacks in the red sea, nor the war between israel and hamas. the japanese stock index nike yesterday for the first time in its history exceeded the level of 40,000 points. investors probably received optimism from overseas. the american indices s&p5 and nazdak also updated records on friday. russian stock market, you can to say, together with everyone else, we are now in the black. investors are obviously celebrating the latest round. there was nothing critical, the dollar is getting cheaper compared to other currencies today, it is worth 91:33 to the ruble at these minutes, the market is waiting for new statistics on the american economy this week, which may indicate when the

good morning, roman, opec plus is extending the agreements and details below.s in the opec plus agreement, including the largest, russia and saudi arabia, announced the extension of an additional voluntary reduction in oil production into the second quarter of this year. the total volume exceeds 2,100,000. average export levels for may june 2023, and this is in addition to the voluntary reduction of 5,000 barrels in day, which russia announced last april. in a statement by alexander novak published on the government website , it is said that our country will continue to work with secondary sources in order to increase the accuracy and reliability of their assessment. the measures taken are aimed at... stability and balance of oil markets. farm products are occupying more and more shelves in russian retail chains; how to make it easier for small farms to access retail was discussed in kaluga at the third federal conference of partners in the field small business that organizes x5 groups. the most sensitive issues were discussed at a panel discussion with the par

, in the oil opec and in the gas forum , the two countries play a role. in the islamic world, this has brought us closer together. the spokesperson of the country's election headquarters said that after counting the votes, the results of each area will be announced gradually. eslami, in the presence of journalists present at the ministry of interior regarding the counting of votes for the 12th election cycle of the islamic council and the 6th cycle of the assembly of leadership experts, added that in the constituencies, after the votes are assigned, the minutes of the meeting are recorded and the information is entered into the authentication system. equal to the result stated in the meeting report be the same islami said that this process should be carried out in all the main and sub-areas and automatically transfer information from the sub-areas to the main areas. the spokesperson of the country's election headquarters added that after this stage, as soon as the information is sent to the ministry of interior. each area will be announced gradually. memb

opec plus has extended additional voluntary cuts in oil production. it will be valid until the end of the second quarter of this year. participants, including russia and saudi arabia, will extract 2,100,000 fewer barrels of oil every day. the games of the future digital tournament has ended in kazan. before the closing ceremony , awards were presented to the winners of the last competitions. football players also received medals. in the krasnolimansk direction , the russian military destroyed important objects of the ukrainian armed forces; fighters and su-34 bombers carried out a precise strike. the scouts obtained the coordinates, the command passed the information on to the pilots, but the crews chose to attack high-explosive bombs with a planning module, it allows you to effectively hit a target from a long distance beyond the reach of enemy air defenses. on the ground, it was confirmed that the enemy's strongholds and manpower were destroyed by the strike. the crews of the su-34 carry out each flight with weapons of a different class. aircraft ar

so all those things mean it will be tough for opec-plus to push up prices. there is a trade-off here because as they keep reducing production and production from other places surge is they will lose rk share order they are already losing market share but will lose more. that will come to more of a head at the next meeting in june when they are deciding what they are doing for the rest of the year. there will be pressure particularly from smaller members that don't want to keep cutting out product but at the same time you have the saudi's under self-imposed budgetary pressure. annabelle: that was our energy and commodities editor andrew james there. there is more to come on daybreak: asia. this is bloomberg. haidi: the leaders of nine southeast asian nations and australia are gathering in melbourne today. bloomberg's paul allen joins us for more. china is looming large. paul: very much so. this forum is in many respects about countering china in the region and i think you can put the agenda into a couple buckets. on one hand, economic and on the other strateg

it's also a sign that opec plus are really trying to a strong aid for pricing.they have done is defence surplus which was otherwise in deficit. allowing parts to be unwound and actually deficits to be suspected, keeping prices elevated. suspected, keeping prices elevated-— suspected, keeping prices elevated. �* ~ , elevated. are we likely to see a bit of an _ elevated. are we likely to see a bit of an impact _ elevated. are we likely to see a bit of an impact on - elevated. are we likely to see a bit of an impact on britain i a bit of an impact on britain prices? a bit of an impact on britain rices? ~ �* , . ~ prices? we've seen them market “um - , prices? we've seen them market “um, but prices? we've seen them market jump. but this — prices? we've seen them market jump. but this is _ prices? we've seen them market jump, but this is a _ jump, but this is a structurally out... if demand doesn't recover, we're looking at sustained deficits what is a precarious situation with stocks and on geopolitics. but if the market does end up, what we are seeing is it could e

we did hear from vladimir putin supporting the opec-plus cuts but also warning of the risks.rew: well, russia is in a bit of a unique position with the cuts, and it has the unique ability to flip between production and exports. it can adhere to the production cuts but keep exporting more. obviously we have another opec-plus meeting coming up. i think it is a couple of months away. there is probably going to be more pressure from russia and others in the group. the saudis are keen to keep the cap going, but some other members want to pump more. we heard earlier about iraq exceeding its quota. so that will definitely be an interesting meeting to watch. haidi: energy and commodities editor andrew janes. take a look at futures in europe at the moment. we continue to pass through not just the implications of the print, but looking ahead to wage negotiations in japan and how that plays into the bank of japan. we are expecting to see more upside when it comes to european futures. we did see the stoxx 600 really extending gains and hitting a new record after that overshoot in u.s. in

weeks ago, unified opec plus group d are particularly after and also

the international energy agency and opec disagreed on oil demand forecasts, with the contrast being aaccording to mae, this year demand will grow by 1,220 thousand barrels per day, while opec expects an increase of 2,250 thousand. the fact is that organizations evaluate differently.

the islamic republic of iran, like opec , was one of the founders of this forum, and i can almost say that after america and russia, it is the third largest producer of gas in the world, 260 billion cubic meters. it has the world's gas production, and this number is very significant and influential in the global gas market, as you mentioned, the growth of gas production in iran. as the honorable minister also pointed out , in the last decade, it was 5.20%, which is 2.5% in the whole world, which means that we had twice the growth of gas in the world, and... this shows that the industry gas has been flourishing in our country, but unfortunately we have some weakness in terms of exports due to domestic consumption, and now plans are being followed up in the honorable government , and if these come to fruition, they can be added to exports. in any case , the islamic republic of iran is one of the most influential countries in the group of gas exporting countries. is and in the period was also responsible for the overall reason for this forum, and fortunately, next year 2024, the minister

the international energy agency and opec differed in forecasts for oil demand, with a record contrastuters reports. according to the iea in this year demand will increase by 1,220,000 barrels per day, while opec expects an increase of 2,250,000. the fact is that organizations have different assessments of the pace of transition to cleaner fuel. the cartel is confident that hydrocarbons will remain in price until at least 2045, while the energy agency expects a decline in oil demand as early as the thirties. in january-february, sbir earned 230.5.5 billion rubles in net profit, an increase compared to last year of about 5%, as stated in the report according to russian standards, return on equity exceeded 21.5%, the volume of customer savings is in the black by almost 2.5, the loan portfolio is by half a percent , as for the client base, there has been an increase since the beginning of the year by 200,000 people, and the french alstom sold 20% of transmashholding to russian shareholders, tmh management stated that the shares were bought back for half of objective value, but the exact a

opec plus really helps us maintain oil prices and ensure budget revenues, but still our production is than if prices fell, but since production is reduced, in other countries, such as the united states, it grows, we may lose markets, then we will not be able to make the investments that you are talking about, and if we did not support prices for world market, they would fall, then shale production in the states would have collapsed, because the banks would not give them loans, bearing in mind the unpromising nature of this production, and here too, then we would develop markets and make investments, but they would not, spredon pavlovich, you know, zhen , it seems to me that the point is not how bentley and rolls-royce get here, they are outraged by something else, but they imposed 18,000 sanctions against the russian federation, go to a russian supermarket, you can just die there, you know, well, really, but they don't understand how it all happens, you know, i it seems like what? the problem, and the problem is that we sometimes wonder why the west behaves so clumsily in relation to

and what they have intelligence is their meeting coming up next week is likely to be no change in opecoutput policy and that is to keep the 2 million barrels a day of oil cuts in place through june. in fact, next week's meeting is apparently going to focus more on getting some members who have been pumping above the quotas, getting them back down to the quotas -- iraq and kazakhstan. we have also got various geopolitical factors which are boosting oil. we have the ukrainian drone attacks starting to have a significant impact on russian production. we also have the houthis working this out is not to join in the u.s.-led strikes. houthis have attacked saudi arabia oil facilities in the past and possibly could again if the saudis enjoyed the u.s. strikes. and that we also got sort of peak summer travel and driving season coming up in a few months. all of those factors are supporting oil prices. i would say that we've got a couple of things in the background that will probably prevent prices from going too high. that is of course, china, the biggest importer with its ongoing problems that

opec plus has extended additional voluntary cuts in oil production.t will be valid until the end of the second quarter of this year. participants. including russia and saudi arabia, they will extract 2,100,000 fewer barrels of oil every day. the game of the future tournament ended in kazan, and awards were presented before the closing ceremony winners of the last competitions. football players, skateboarders and laser tag masters also received medals. in the navdeevsky direction, the russian military is pushing back the enemy, pushing his positions further and further from the liberated one. a government delegation has already visited the city in avdeevka itself to assess on the spot the scale of restoration work. the focus is on the coke-chemical plant. our war correspondent, grigory vdovin, will tell you what this giant can give to the city and what the situation is there now. the work of this mortar crew on we show the territory of kaksakhim carefully, there are reasons for this. now there is a group of enemy clusters, now they are covered with an

as you know, in any case , i can say the opec gas meeting, gas producers and exporters will attend this meeting, and we are one of those countries. anyway, i am talking one by one. but according to the speech i had , the most important and major speeches of the president of our country in this opec gas meeting in it will be related to the gaza and palestine issue. the importance of this case. and the crimes that the zionists are committing, which will be the most important talks of mr. president, and another point is that mr. president will have very important bilateral meetings after attending this summit, nearly 10 presidents will be present. one by one , these meetings that mr. president will have will be very important meetings, meetings that can certainly lead to important economic and commercial values ​​for our country . do anyway, you know that after 14 years , the president of our country, mr. raisi, visited algeria , and many journalists considered this trip to be very important and important, and they said that the trip of the president of our country to algeria is auspicious

this is how the market reacted to the decision of the participants in the opec plus agreement to extendreduction in oil production for the second quarter of this year. the total volume exceeds 2,100,000 barrels per day, the contribution of our country, as deputy prime minister alexander novak specified, more than 470,000. the reporting point is the average export levels for may. june 2023 and this is in addition to the voluntary reduction of 500,000 barrels per day that russia announced last april. the crisis in the red sea is leading to higher food prices in the world, the head of the un food and agriculture organization in russia, oleg kobikov, told the tas agency. he noted that the cost of freight for ships traveling along this route almost quadrupled, and the volume of cargo transportation fell by 30%. violated. a roundabout route around the cape of good hope is used, it is 800 km longer and 10-14 days longer, in addition purchasing additional fuel increases costs by another 15%. all this leads to higher prices for products. polish farmers are blocking all six checkpoints on the bor

the international energy agency and opec disagreed on oil demand forecasts, with the contrast being the highest in 16 years. reuters reports this. according to me, in this year demand will increase by 1,220 thousand barrels per day, while opec expects an increase of 2,250,000. the fact is that organizations are different. the cartel is confident that hydrocarbons will be in price at least until 2045, while the energy agency expects a decline in oil demand as early as 2030. the harvest in january-february earned 235.5 billion rubles in net profit, an increase of about 5 compared to last year %, this is stated in the report according to russian standards. return on equity exceeded 21.5%, customer savings are in the black by... as for the client base, there has been an increase of 2,000 people since the beginning of the year. and the national debt of developed countries has doubled over the past 15 years to $54 trillion, as stated in the osr report. among the largest debtors in the united states. states account for more than half of the debt. next comes the european union - 20% and japan -

that is the game. >> there's a real question of where the line in the sand is for opec-plus.an prices go before it is unsustainable for a group of countries that have relied on crude income for a most all of their investments. >> you cannot ask that question two opec-plus it very much depends on which country you asked. there are smaller retail countries in the middle east which can leave perfectly happy with current prices much lower grade i think some countries in the middle east 65, $70, you asked the same question in saudi arabia. the current price is the bare minimum for people to accept a very similar question russia. the key difference from the opec we used to know 10 or 20 years ago it is the saudi's who really want the high prices. >> what's the saudi ceiling? >> the saudi floor for the price is somewhere around $80 a barrel. they want to guarantee 80 so they're aiming somewhere between 80 and 85. i think they happy keep oil prices all the way up to $100. they don't see a particular problem for the global economy. they believe the economy can take it. they are sittin

cuts and 2.2 million barrels per day that was a decision outside of the opec group entirely.pected to pronounce an extension of those cuts in this coming week, likely into the second quarter. then, june, this is the next opec plus ministerial meeting, so, that's what we'll hear an update on what the protection plans are for the second half of the year. man quickly, plug power on another rollercoaster crying today as always, shares are in the green right now earlier tonight, they were down more than 10%. that company issued its ten k last night, it removes that going concern language, so, that, of course, is a positive. however, that was thanks to a 302 million dollar raised in equity sales. after earlier this year, you're shaking your head, you announce up to one billion at the market offering. not necessarily what you want to hear us and then fester. but some momentum there. looking forward. >> well, there's certainly a bit of dilution happening all right, pippa stevens, thank you so much for the update on plug power. so ahead on the show, ♪ ♪ ♪ [inaudible] [sfx: wind, rain

opec+ members led by saudi arabia and russia agreed to continue to cut oil by 2.2 million barrels eachea. oil analyst saul kavonic from mst marquee says the meeting has sent a strong signal. i think a degree of expanding the cuts was expected but a full cut expansion and stronger cuts for russia is actually something stronger than perhaps consensus views in the market was. and what you are seeing is it really is a very strong signal of unity from opec+ and it was only a matter of several weeks ago,

. >>> opec plus extending its cuts until midyear. details further ahead. at schwab is now powered by ameritrade, unlocking the power of thinkorswim, the award-winning trading platforms. bring your trades into focus on thinkorswim desktop with robust charting and analysis tools, including over 400 technical studies. tailor the platforms to your unique needs with nearly endless customization. and track market trends with up-to-the-minute news and insights. trade brilliantly with schwab. >>> welcome back to power lunch. turning now to the bond market, which has its eyes focused on the strength of the economy and a rare treat, we get to talk about it with rick santelli but not from the cme group. he is right here, rick, so good to have you onset. >> i love visiting. it is a great experience and everybody is so kind. the bond market should have such good friends. if you look at what is going on with bonds, the story for 2024 is, rates are high and they are going to stay high. let's look at atlanta gdp, maybe it doesn't always give you the exact right clues, but

, when you talk about, i mean let's, we know that washington is being having a bit of a fight with opec for quite some time. but then you look at the expanding geostrategic family of the bricks, who are the latest members to join bricks about the band dowdy, some of the biggest energy producers in the world. meantime, the brakes family already has a gd, be bigger than the g 7. it looks to me like if washington is trying to stick its fingers into the all markets around the world, it seems to me that train has already left the station. who owns the energy power now? bricks the, the, the issue of the sections to certain extent. because a lot of the residents and mt gets caught up with the markets, the bias made to us that easy time. right? no, i think west has to come to work. so i just wanted explore that. so this is something that isn't somebody somebody talk is that there's one fact we should go from psych off. the 2nd part is backed, us already has driveways and so i think so really good duty season fresh offices of video. but is this the best number one, number 3 services, but very im

i think opec-plus was comfortable.nce we hit above $90 and there is pressure on consumers in the u.s. and other places and asian consumers as well, that's perhaps when you will see them considering, but i think we are still a little too early for those discussions. tom: important context. bloomberg seeing energy reporter as we look at brent edging closer to that $19 level. not there yet but currently at 8673. coming, barclays chief executive tells bloomberg the lender is planning to expand relationships with sovereign wealth funds. more from that exclusive conversation, next. this is bloomberg. ♪ >> who would've expected ubs shares that have soared since the bank took over its swiss rival credit suisse one year ago. yet, that's exactly what happened with the stock hitting a 16 senior high in early march behind this confidence with the chief executives turnaround and integration of two banks. >> i think it's important for investors to understand how we are connecting the dots between what we see in summer last year, in

jonathan: can we wrap things up with what you said about opec?at did you mean by that? >> it is not only they can bring back barrels in q3, they will be compelled to bring back barrels in q3 to prevent the market from hitting a demand-destructive number in terms of refined product. we expect in june for refineries to ramp up and that will probably promote a little bit of cheating within the groups so come the meeting they will decide with the market as it looks now that they need to bring back at least 500,000 barrels per day of production, maybe up to one million. jonathan: you said q3. there is an interesting thing happening in q4, the u.s. election. you remember the midterms, not my phrase, someone else's. but there was big pressure on the saudi's to increase output because it was believed that the president wanted lower oil prices going into the midterm elections. i just wonder if it is in their own interest politically to do what you are suggesting they would need to do in q3. how will the politics plaintiff that decision? >> the biden admin

and the russians, who aren't part of opec hand in now part of opec hand in glove.cking oil with the saudis jacking oil pnces with the saudis jacking oil prices up oil prices. nigel, you're an ex commodities trader up 11% in the last ten days. thatis up 11% in the last ten days. that is not pretty. the monetary policy committee will be looking at that too. if they've got any sense. >> yeah that is a real i think i think what's happening in the red sea is a very real risk. absolutely. this summer. liam halligan as ever, thank you for joining me in a moment. unbelievable. a survey showing that up to 20% of police officers have simply had enough and are on the verge of jacking it in. what on earth has gone wrong? but more importantly, what can we do to try and prevent it ? a big survey of 7 a big survey of current serving police officers. showing that up to 20% of them are thinking about quitting the force and doing so within the next year or two. what on earth is going wrong ? the problem, of course, wrong? the problem, of course, is that those that go will be the exp

a reliable, time-tested partner, and recent opinion polls also speak about this, according to the opecmerous visits to india by russian government officials, including chairman of the federation council valentina ivanovna matvienko and... secretary of the security council patrushev and chairman of the supreme court lebedev, unfortunately, are now already deceased, and defense minister shoigu, the foreign ministers met seven times, a meeting of the intergovernmental commission on trade, economic, scientific, technical and cultural cooperation was held. a record in our trade, and a record both compared to the previous year and in absolute terms according to indian statistics; in the twenty-third, the volume of russian-indian trade reached 65 billion. us dollars, this has never happened, this is an absolute record, in previous years our trade turnover was approximately 11-12 billion dollars annually, our trade relations are far from limited to the supply of russian oil to india, some areas, if possible briefly, the supply of russian fertilizers, side, indian exports to russia are growing

opec plus countries delaying production. that means 2.2 million barrels per day of cuts planned for the first quarter of the year will continue into the next quarter. we will talk more about this and the implications with helima croft in the 8:00 hour. >>> congressional leaders released the details of the first six budget bills to keep the government funded. democrats secured full funding of the special food assistance program for women, infants and children as well as rent assistance and pay for infrastructure to pay air traffic controllers and railway insp inspectors. republicans have funding cuts to several agencies, including the federal aviation administration and bureau of alcohol, tobacco and firearms and explosives. the funding package heads to the house for a vote where it will face opposition from the house ca caucus and it will require additional bills to pass. >>> former south carolina governor nikki haley won the first gop nominating contest yesterday. nbc news projects she won t district of columbia primary. tr

increased on saturday, march 12, in a smoke situation, as traders are waiting for the decision of the opec+ alliance regarding the supply contract in the second 3 months of this year. and they are checking the new economic information of america, europe and china. during the last 3 months, 29 stock publishers held question and answer meetings with their shareholders. according to mr. jafari, the director of the supervision of the publishers of the stock exchange organization, since the 28th of november this year, that is, since notifying shareholders and managers of question and answer sessions to 30 stock market publishers, so far 29 publishers have held these meetings. according to the executive order of disclosure of information of stock exchange companies and. observing the principles of corporate governance, stock market issuers were required to hold a question-and-answer meeting with their shareholders one week after the publication of the financial statements ending on the 21st of september 1402. according to the analysis of the american goldman sachs banking institution, the price

opec-plus extending the oil supply cutbacks until the middle of the year.hose curbs on paper worth roughly about 2 million barrels per day. they will remain in place until the end of june. some are saying, perhaps, we could see the extension until the end of the year. you are seeing brent crude, wti, just a little higher this morning. haidi: of course, one of the big themes we are watching is the trajectory to be set for china's economy going into 2024. the country is set to announce of the year's growth target and outline strategies of supporting a slowing economy in the country's top annual political gathering this week. bloomberg's she's north asia correspondent josh chief north asia correspondent stephen engle started economic priorities for this year's sessions. stephen: early spring stephen: early spring crosscurrents in beijing can be tough to read as china faces a host of economic headwinds ahead of the annual session of parliament annual people's congress. with property market in turmoil, poor consumer confidence, persistent deflation, stabilized g

opec plus has extended additional voluntary oil production cuts until the end of the second quarter.his year. participants, including russia and saudi arabia, will extract 2,100,000 fewer barrels of oil every day. the games of the future fijitel tournament has ended in kazan. before the closing ceremony , awards were presented to the winners of the last competitions. football players, skateboarders and laser tag masters also received medals. now a short advertisement. next, we’ll talk about the historical roots of the german plan to hit the crimean bridge with missiles. it is getting stronger in the west. not a dream to finally conquer russia, something that neither france nor germany, or anyone else. the authors of the leading program of news of the week, dmitry kiselyov, will tell you how history teaches nato countries nothing. look, wishes come true not by yourself, but by you. those who move. forward helps others, those who are far away, but are ready to overcome any distance in order to be close to their closest ones, those who like to make small surprises and give great joy, we

the members said the group does not limit gas production or input supporters like the own content. opec splintered or not confident in global demand means countries such as russia can, would stand restriction and crippling wisdom function of the much. it's a judy and exports cost to you. this is the explorer policy, because all african countries develop that expert to support the economies regarding russia as a presidency. if there are no gods deliveries to you to buy ukraine, we will live with that. because we have been opening all experts in the east asia pacific countries, countries of global saucers come on, we also develop the domestic market, increasing local justification for the the russian regents. gas exporters are looking to ensure investment, expand production, and more importantly, make sure that there is a steady gas price. unlike oil, gas produces, do not have the ability to control gas prices by limiting how much gas they produce . and i'm sciences, such as the dcf can help them achieve these goals. if the want to ensure the student supplies, we need to on size more inve

opec is holding back on some of these cuts.all from university of michigan? still waiting for the call. lisa: i will crank you tonight. hello, jonathan ferro, what do you think jonathan: stop jonathan: why are you doing in which accent? lisa: i am calling from the university of michigan. jonathan: no. i still don't know what i think about that data. drew member the fed made a move? lisa: this retracts oil prices pretty closely and gasoline prices have been going up. annmarie: in the last month individuals saw inflation 3%, up from january. it is tiny but people's expectations are rising. jonathan: coming up this hour, sarah hunt as another higher-than-expected inflation print. dan ives of wedbush. ian lyngen of primo of why he sees hints of stagflation. we begin with our top story, treasuries holding steady after selling off on the heels of another hotter than expected inflation print. 10 year yields on pace for their biggest rise since october. sarah hunt writing "there is a tension between the idea that not cutting rates mean