arabia and russia announce they'd would increase and extend their production cut this summer cnbc's dan murphys in vienna where the opec group is holding its annual meeting dan. >> it's not an opec meeting, but there are holdings what we have seen in the last 24 to 48 hours are significant moves from saudi arabia and russia, the saudis moving to extend their so-called lollipop productions, cutting it by a million and russia coming along and cutting exports by 500,000 barrels. what's interesting is we haven't seen a more profound market action we're still seeing it track around 70 u.s. dollars a barrel. what gives the last few minutes we heard the fed minister actually speaking on stage saying there's a pretty clear disconnect between prices and fundamentals right now. the view in the market is we will see a tightening in the second half. but by exactly how much and when it starts to event yat remains to be seen we've seen reek macroeconomic concerns continuing to weigh right now including concerns out of china and renewed concerns across the economies including the united states which have bee

dan murphy on the ground speaking with some high profile attendees. good morning, what are you hearing? >> good morning. oil prices are steady but range bound as we see top ceos and policymakers gathering for day two of the seminar. the mood on the ground is one of pure optimism. they expect recovery in demand as the chinese economic story improves and i have been speaking with big oil's biggest players including one ceo who says the current pressing environment when we see oil at 70 ust is very conducive for oil and gas investments. listen to what he had to say. >> we are making bigger investment. guidances $45-$55 million and growing so that shows our confidence in the future. we made a big investment in china, big investment in china. 7 billion in korea, we have major investment in malaysia and we are looking at additional investment. we have a lot of confidence. asia is growing. >> reporter: the question is, if demand is so good why have we not seen prices going up? another question i have been asking and i put to the energy minister, he weighed i

dan. prosecutor matt murphy. >> wozniak is the guy that's protecting sam. ce figured the best way to find sam was to talk with dan wozniak. coming up -- >> i have nothing to do with this, because my life was in danger. i'm sorry. >> was someone threatening dan? who and why? [theme music] when moderate to severe ulcerative colitis keeps flaring, put it in check with rinvoq, a once-daily pill. when uc got unpredictable, i got rapid symptom relief with rinvoq. and left bathroom urgency behind. check. when uc got in my way, i got lasting, steroid-free remission with rinvoq. check. and when my gastro saw damage, rinvoq helped visibly repair the colon lining. check. rapid symptom relief. lasting, steroid-free remission. and a chance to visibly repair the colon lining. check. check. and check. rinvoq can lower your ability to fight infections, including tb. serious infections and blood clots, some fatal; cancers, including lymphoma and skin cancer; death, heart attack, stroke, and tears in the stomach or intestines occurred. people 50 and older with at least 1 hear