barrels per day in the first 3 months of next year, and according to the growth of production in non-opec countries , the oil market of the year is expected. the future will face an oversupply. in the global gold market, the price of this yellow metal increased on tuesday compared to the previous working day. after reaching its lowest level since the end of last november, the price of gold per ounce increased by 2.6% to 1986 dollars and 90 cents. in the market of other precious metals, each ounce of silver remained stable at the level of 22 dollars and 80 cents, while platinum was at one tenth of percent. cryptocurrency market value compared to the previous day, it decreased by 20% and reached one trillion and 580 billion dollars this evening. bitcoin shows a decrease of 1.37 percent compared to yesterday. the benchmark code was traded at the price of 4181 dollars this evening. in the trend of the ethereum walk compared to the width. it fell 1.6 percent on monday and reached $2,226 this evening. thank you for your cooperation with this god-guarded news section. the construction of this ho

brazil won't have to cut but brazil is one of those non-opec countries that has been increasing production. they are trying to bring more production in so that opec-plus can have a broader influence. we saw the uae and saudi joining with brics nations earlier this year. that's an extension of geopolitical influence. when it comes to cop, that was an issue that we're having an opec meeting on the same day as the start of cop. opec does have a standdown at the cop site. the issue is more around electrification for opec, because electrification of vehicles will take away from gasoline demand. that's a big pull of oil demand for opec+. diesel is a big transport fuel as long distance trucking and buses gets the chance to be electrified. they are watching that, but opec+ members want to go ahead with the transmission. for them, that's a transition that includes continued use of fossil fuel for even decades to come. we are seeing those two things come together. at the short term, we're not seeing announcements of cuts by opec having real impact on the market. it's because of that messaging, the m

2024, there's a lot of fear that no matter what opec does, no matter how much they cut, there are non-opec producers that are going to fill that hole. so ultimately i think that's what the market is telling you as it relates to the suez canal, one important thing, the biggest increase of flows through the suez canal has been by russia. they're shipping barrels to india and china. it's very unlikely the houthis are going to target russian crude. the iran/russian relationship has been getting stronger and continues to be strong so although the headline number, 8% is at risk, it's much smaller. the task force in place, i think that gives a little bit of confidence you've got to question the ability of that to act i think all of those things, crude is looking at it and saying i don't chase supply driven rallies, i chase inventory draw-downs and exponential demand growth. >> so we saw a real surge in european natural gas prices on the back of this, and i'm wondering if you think that keeps up i'm thinking about this as a piece of the puzzle of the europe european central bank, what it needs to

obviously if there was a hard landing on the demand side if non-opec supply continue to grow stronglyo have a material slowdown in u.s. growth in forecasts for the next 12 months. most of the growth we have is actually opec-plus bringing back some barrels and/or ramping up over the next 12 months so if you take that out of the market and these cuts are extended we are running a deficit in the first quarter. and overall, we are assuming getting out the surplus in the first quarter. it does appear it's within opec-plus's grasp to hold the market together in the baseline. on the demand side and the supplied. less disruptions than normal. perhaps opec -- i think you have to get into a pretty dark global growth environment to even -- >> there could potentially be some significant downside should production come back online. are we in a pretty narrow range after a lot of really massive swings for the past couple of years? >> we think so. positioning is extremely low now. and yet the price is being supported here and us found some base year we think around $75. base case we bounce back over

while opec and its allies have agreed to deepen output cuts to balance the market, the non-opec supplierse prices lower. you have a major bearish factor that continues to weigh on the market at this point. haidi: meanwhile, russia says opec+, can go further. looks like putin himself is getting involved. su: deputy prime minister alexander novak of russia saying opec+ can go further with cats is needed. he will be joining vladimir putin this week on a visit to the united arab emirates. that is putin there just over a year and half ago visiting the president of the uae, and also saudi arabia at this overseas trip, which is rare for the russian leader especially since the invasion of ukraine. he is expected to bolster partnerships among the key members of the opec cartel. back to youm bloomberg's su keenan there. rio tinto will spend about $6 million on the ve lament of a project in guinea, and expect its first production from 2025. for more, or bloomberg commodities reporter joins us now from melbourne. why are they pursuing this project, and what are the challenges? sybilla: big announceme

you are gradually eating a supply response to price, vertically from non-opec. that opec+ would extend their production restrictions from beyond march. but fundamentally, unless there is a big geopolitical event which impacts physical supplies, it is difficult really to make a case why oil is materially higher than what we have seen this year. paul:. paul: alright, scott darling, managing director at haitong international, thank you so much for joining us. you can watch us live and see our past interviews on our interactive tv function, tv there you can also dive into any of the securities and bloomberg functions that we talk about, and become part of the conversation by sending us instant messages during our shows. this is for bloomberg's subscribers only. you can check it out at tv . this is bloomberg. ♪ shery: welcome back. apple will stop selling the latest versions of it smart watch in the u.s. due to a patent dispute. the move comes ahead of the busy holiday season. bloomberg's chief apple correspondent mark gurman joins us now. mark, we are heari

it's all because of continued concern about rising supply from non-opec members like the u.s., and nowf this is creating a concern about a global oil gut. russia's seaborne crude exports rose, due to a big jump in weekly flows after the storms that we talked about that disrupted the black sea shipments. well, that storm is finally over. loading sword at one key russian port with nonstop activity all week, and wti prices have already been on a 7-week decline, the longest losing streak since 2008. now under pressure again going into this week. one oil veteran notes futures are trying to solidify and find a bottom from last week's enough. he says the contango structure is signaling the current supplies seem more than ample. back to you. haidi: bloomberg su keenan there. take a look at some of the other climate-related stories we are tracking today. u.s. government data shows that power generated from solar and wind systems will surpass burning coal next year for the first time. coal is producing 70 billion fewer kilowatt hours as more utilities close aging. power plants the u.s. is affect

and some other non-opec members, and they are basically offsetting a lot of the cuts to production youhe other opec-plus members, so when you take a look at that, two questions. one, antitrust is interesting, and how awkward does it make it for u.s. energy officials to go to cop28 and talk about reducing fossil fuel emissions and taking the high road on that when the u.s. is accelerating production at a rate that is exactly counter to what we are seeing in the middle east. jonathan: the number in front of me on the bloomberg, $13.2 million -- 13.2 million barrels a day. that is produced in this country every single day. tom: do we have a national energy policy? jonathan: they don't speak about it or that piece of it anyway. tom: they say there isn't and that is what you are quoting the numbers. it is a really interesting debate. what else do we have? jonathan: looking to join the rush to weight loss drugs. agreeing to pay $3.1 billion for someone developing. they had to stop a decade after patients quit due to nausea. the weight loss market is inspected to reach $100 billion by the end

we see oil out of the permian, other non-opec producers, brazil, norway is producing more barrels.of smaller additional supplies that create a headache for opec-plus. then you have the question of the supply-side. how long will opec-plus cut if prices do not move higher? that, from the first and second quarter of next year, we have foundation into the demands of next year. but focus will come back onto the supply-side of the equation and whether that non-opec supply growth is outpacing and exceeding what is required from demand as the demand side of the oil balance has been fine since 2020. paul: over here from the u.s. of a, we are fracking like crazy. smart discussion. we appreciate you guys giving us the latest arm the red sea, impact on global trade, including energy prices. one of the things that name long live past the pandemic is the supply chain and moving away from just-in-time inventory, which we have learned over the last 40 years is we want more slack. on shoring, friend-shoring,. kailey: prepare for the unexpected. maybe that is why because supply chains are more resil

on top of that non-opec has been producing a lot.s you mentioned we have so much geopolitical risk out there and i have a feeling you will be very vulnerable to occasional spikes. regular spikes i think as this middle eastern conflict starts to develop. worried signs of excavation. if that gets notched back then we will see an equivalent drop. the reason we haven't moved higher is because there is a fair amount of spare capacity. the fact that saudi arabia, russia and the big oil participants have cut back and are pledging to cut back in 2024 implies a healthy amount of spare capacity. manus: let's just pause for a moment on that. we will get volatile spikes. first of all use a prize you haven't seen a bigger spike? it's not exactly what i call war premium. but you talk about what's can happen in the first quarter. there is an assumption of deficits in the market in the first quarter? will they come to bear as opec-plus hoped? kona: my assumption is the deficit comes in at the second part of 2024. that's assuming they maintain the cu

pumping oil and non-opec supply and then angola leaves the opec family.e the conversation is changing. manus: coming up, madison miller on the increase of weight loss drugs. have you bought yourself some ozempic? what do you see on the horizon? uncertainty? or opportunity. whatever you see, at pgim we can help you rise to the challenges of today, when active investing and disciplined risk management are needed most. drawing on deep expertise across the world's public and private markets in pursuit of long-term returns... pgim. our investments shape tomorrow today. >> it is all about data, it's the data. we thought the market would be 90 billion altogether. right now the market looks like it will be bigger. it's a sizable opportunity. manus: that was the pfizer ceo speaking to us about the potential for weight loss drugs. and wow, did that move the markets. let's take a quick snapshot of what is going on with the markets. how much liquidity is in there? carol: as we wrap up 2023, it will be quiet. there are a ton of people flying. katie: not a lot of peopl

brazil's decision was announced following the thirty-sixth ministerial meeting of opec and non-opec countries via video conference. global gdp will grow by 2.9% this year. and in the next one it will slow down to 2.7. this is what the organization for economic cooperation and development thinks. economists note that inflation is falling, but economic growth is slowing due to high key figures. rates. ossr notes that monetary policy should remain restrictive until there are clear signs of a sustained decline in underlying pressures as many governments face challenging fiscal prospects as debt servicing and pension entitlement costs rise. this was the economic news and good mood to you, good luck and see you on the air. the morning broadcast continues with the program zone x. i’m violetta sokolovich, hello, a nineteen-year-old guy was detained for organizing a porn studio, the young man is a defendant in a criminal case, yes, as you know, such child. the article of production of distribution of pornographic materials falls under the article. another such center, or to be more precise, an ordinar