will opec, opec+ countries begin to ramp up production ever so slightly or taper off those cuts? barkindo: there is a growing consensus that the global economy will begin to rebound in the second half. it is the form and shape of the recovery that is in contention. but be that as it may, we will look at all options when we meet in june, depending on the impact of this virus, as well as the impact of the recovery plans, as well as the outlook for demand going into the second half of the year. that will inform -- youarie: i think we lost there. i hope we get him back. that was the secretary-general of opec, mr. mamba barkindo, the first time he has spoken to us since that historic deal and the implosion of oil prices. hopefully we will be able to get him back. vonnie: it is an optimistic picture, and i guess it is his job to keep the optimism out there, but seeing as the worst of demand instruction is behind us could actually be good for oil prices and for the next meeting, which is in for a whole month, so a lot of time will have passed by then. crudesly, we have brent trading at

we spoke exclusively to the opec secretary-general on friday. we announced forecast on the timely implementation of the 9.7 that was signed off by participating countries, but also importantly to note is that some of our countries like the kingdom of saudi arabia, kuwait, and the united arab emirates have come forward with additional voluntary supply adjustments in the region of about 1.2 million barrels a day. and this is also on top of the baseline, effective baseline that they were coming down from in april, which come in total, just these three countries, they had effectively reduced production by about 2.70 4 million barrels a day -- 2.7 4 million barrels a day. 5 million barrels a day for opec-plus. if you take into account the involuntary shut things as well as the voluntary shut-ins, the number is evolving. at the moment, our number is sure that there is an effective shut-in of 3.6 million barrels a day globally, including in the united states. bring in the global total -- bringing the global total to about 17.2 4 million barrels a day.

the opec secretary-general mohammed barkindo.the key questions now we are seeing the market slowly rebalancing is will the rebound in prices be sustained? question.s the key we have seen back-to-back weeks of gains. if you looked a month ago, will prices return to negative prices? the west texas intermediate in april plunged to -38 a barrel. if we go into the bloomberg, will oil go to below zero again, it is unlikely to happen again. investors still watching, this is a possibility. there were a number of unique circumstances that are unlikely to be repeated. look at the price chart. 60% inces have recovered recent weeks. we are almost right at the mid-march level. it has everything to do with implementation of opec cuts which were more stephen swift and anyone -- steve and -- more than anyoneift anticipated. despite all the skepticism they came through. it has caused brent oil prices to stabilize and so many are view thatc that opec's the worst is behind the oil market is correct. haidi: hurricane season has started early in the

we have opec given its monthly oil market report on wednesday.aidi: in the u.s., president trump has responded to reports china is considering scrapping the phase one trade deal by saying he is not interested in restarting talks. pres. trump: we signed a deal. i heard that too, they would like to reopen the trade talks and make it a better deal for them. china has been taking advantage of the united states for decades because we had people at this position right here where i am standing, sitting right in that office, the oval office that allow that to happen. i'm not interested in that. let's see if they live up to the deal that they signed. shery: our congressional government reporter emily wilson joins us from washington. this war of words has been going on for a few weeks and it continues to escalate. emily: yes, absolutely. we have seen trump initially criticized china. we saw china pushback. last week, they were supposed to be doing trade talks and now we see this today. i think this is something where you are seeing the u.s. and china both

your sense of what the expectations are among opec, opec-plus members?ere has been a big debate. oil traders are looking at a couple months to a year. as economies restart, there are fears that we will never get back to that level again, and that is concerning. on the face of it, diminishing supply and natural declines because of the way natural cycles work, economic cuts. willxpectation that demand return is definitely a fear. we see this even today after the quick bounce back in oil where we are trending lower again. a market is still cautious in terms of whether we will see that rebalancing that everyone is calling for. shery: we will see wti june futures expiring next week. will we see a repeat of what we saw in may? catherine: that is the billion dollar question right now. a lot of the passive money, the etf's that were stuck in the past month, indices, those are no longer in the front of the curve. a lot more restrictions by brokerages and banks to make sure that people who are not professionals should not be up front. theoretically, that should me

crown prince mohammed bin solomon that unless the organization of the petroleum exporting countries opec started cutting off oil production he would be powerless to stop lawmakers from passing legislation to withdraw u.s. troops in the kingdom for sources familiar say yeah well i don't really understand us all saudi relationship anymore you know i mean why are we why do we have troops there and saudi arabia anyway why do we have troops and cutter so huge military bases right it's a waste of my. me. why do we have troops in south korea that's a waste of money why do we have troops in germany 50000 american troops in germany that's a waste of money you know we cause we have this huge military presence all over the world we have a huge cia n.s.a. all these intelligence agencies that we pay you know as taxpayers they're funded with $1.00 to $1.00 trillion dollars a year and then when this covers 19 thing it trump is like. we don't know or we think it's from china we think it's from ohio but what in my opinion the cia for they can't do a coup in venezuela they've lost their ability to do that

the first movers are opec. the groups that can elect to dialogue reduction up and down much more quickly than the u.s. system can react. that is with the u.s. system responding faster than it has before. ways au.s. is in some more elastic source of supply, but it can never play the role that opec does a terms of choosing to dial-up production and dow down production very quickly in -- and dial down production very quickly. the u.s. will always be reacting to the market. they then sabotage efforts by opec-plus daca we have heard from some shale drillers that they could get back in. they could ring a well online in a couple -- could bring a well online in a couple months. is that a risk in terms of a relapse to the market? mark: it is a risk, but some shale producers might be able to do that. i think judging by the fact the industry as a whole has been failing to return cash to its investors for several years now, that would suggest on average, that is unlikely to be the case unless the industry can continue to d

total at theome moment, accumulative 16.4 million barrels a day for opec-plus.f you take into account the involuntary shut-ins as well as the voluntary shut-ins globally that we are closely monitoring, the numbers are evolving. showe moment, our numbers there is an effective shut in of three point 6 million barrels a day globally, including in the united states, bring the global 17.20 4 million barrels a day. so far, so good. we are closely monitoring these developments and the conference in june will look at all of this data and all of the scenarios depending on the demand outlook in the second half of the year, the recovery plans of the global community as we navigate ourselves out of this horrific pandemic. as you look around the world at the shut-ins and the demand picture, is it your contention that perhaps the worst of the demand instruction has passed, or are we still going to see more demand destruction? sec. gen. barkindo: there is no question at the moment, although at opec we remain cautiously optimistic, that the worst is behind us. what we saw in ap

pickup infield amount, coupled by -- i pick up in fuel demand coupled by steep and urgent cuts by opec which followed through

whether it is the united states, the opec-plus agreement being implemented even more than anticipatedtion being knocked out in the united states, it looks like oil is recovering and will probably even search in the third and fourth quarters. scarlet: i suppose in terms of news on the supply side, today you had algeria and nigeria lifting the selling prices for their supply. how significant is that and what does it mean for their ability to continue to raise prices? we are seeing this in a variety of places where there is a discount. definitely a sense of confidence from the different producers. romaine: a lot of the dislocations we saw at least this year seem to stem from the breakdown of the relationship between saudi arabia and russia about who should cut, whether they should both do it together. what is that relationship like today and are we at risk of seeing a disagreement in the near future with regards to these production levels? brenda: he saudi arabian and russian supply trend's really created the supply overhang, but the crisis in the oil prices is really about the demand si

so i think opec has this wrong too and i think they've misjudged the us and canadian producers as well as some of the other non national oil company positions for a while so the stock market's telling you that the u.s. independents are actually pretty well positioned and sure some of them might be really overvalued so like an emoji or conscious where you know their show producers their production declines a lot you know maybe the market is being a little optimistic on it but what it is telling you is that these companies should be able to survive that the capital markets are open for them in many cases they've been able to actually issue some debt new debt as well as rolling existing stuff and so they should be able to survive i actually think some of the question should be focused towards the opec producers and in particular saudi arabia where a big part of their budget is driven by oil and oil prices and where some of their social welfare programs are funded by that and where they've been cutting back on social welfare so i actually think if you look at sustainability there's a prett

haslinda: the opec secretary general.say it expects to book a record operating loss for the past fiscal year when it reports financial results later today. softbank had been among the more aggressive investors recently but it is marking down the value of stakes and company like we .ork, oyo hotels, and uber stephen engle is watching this. let's start with breaking news softbank this morning. they have details of the plan, shared buybacks, and also down from thep board. what is the significance? reporter: they have been linked. both sit on each other's boards for years. jack ma has been on the softbank board since 2007. that's nearly 13 years. masayoshi son has been on the board since october 2005. it was around 2000 that betyoshi son made his first in alibaba, a $20 million investment that is exponentially increased since then. that was probably masayoshi son's best investment. also, the two of them separately have invested in other asian startups. stockoubling of the buyback was interesting as well because we had a simil

will opec and opec plus countries begin to wrap up productions slightly or taper off those cuts?ng consensus that the global economies will begin to rebound in the second half. it is the form and shape of the recovery that is in contention. we will look at all options when we meet in june. depending on the impacts of this virus, as well as the impact of the recovery plans, and the going into demand the second half of the year. shery: for more on oil we are joined by su keenan. w ti and bread at $30 per about -- both wti and brent now at $30 per barrel. can this be sustained? we see west texas up at four and half percent year 31 and that is after again last week. the question is will be see oil prices go back to zero as the current contract rolls over? if we go to the bloomberg you can see there is a lot of support for the june contract and many believe the answer is no. but it was just one month ago, april 20, that we saw the benchmark west texas intermediate contract plunged to -$38 per barrel and there are many traders watching that closely. again, it is not look like we are sh

the opec actions reflect -- reflect flowing barrels.primarily in the short cycle activity. productionflowing and the short cycle, how quickly can that come back, or is any of it permanent? >> it can come back quickly. these are things we do for maintenance purposes prove we bring wells down and facilities for first terms -- down storms, hurricanes. we are good at bringing it down safely and ramping up. we will come back in a matter of weeks and was he the market signals suggest it. this can be done in a way that is careful and doesn't cause damage to wells or reservoirs. ceo speakingevron with us. allpac has announced a 70% as loan-loss -- emily joins us now. lender, butralian much extent -- expected given everything we have heard. today interesting thing is there are not really any huge surprises in the numbers. westpac had really high bad loan loss provisions, similar to other banks, warned it would take charge of potential supplements of the outstanding money laundering allegations against it. 70% drop in profits is what people were

will opec ultimately let the world down rbc health elima croft is here that's next. save hundreds on your wireless bill without even leaving your house. just keep your phone and switch to xfinity mobile. you can get it by ordering a free sim card online. once you activate, you'll only have to pay for the data you need- starting at just $15 a month. there are no term contracts, no activation fees, and no credit check on the first two lines. get a $50 prepaid card when you switch. it's the most reliable wireless network. and it could save you hundreds. xfinity mobile. >>> at some point, manufacture you will return to an office building likely in new york city, boston or d.c. but vertical cities with high buildings face unique challenges not only keeping people safe but making sure employees feel safe and can come back to work. rxr realty owns more than seven buildings in new york including 75 rockefeller plaza we spoke with the ceo and some of the new changes implemented >> we've created a product called rx well which provides our tenants with the tools and protocols a

alix: i'm glad that you brought up the opec-plus cuts.ve a sense of how you allocate your cuts, versus your own choice, like when you're talking about in the permian? mike: capital reductions are driven by our own views. we have a lot of short cycle capital in our budget. that is one of our advantages. we came into this with the strongest balance sheet in the industry, a very low break, and flexible capital budget. signal right now is not calling for more neutral production, so that is why it makes sense to reduce capital in the short cycle part of our portfolio. we are in control of that. the opec actions really affect flowing barrels as opposed to investment of capital. said, we will reduce that primarily in our short cycle activity. for the flowing production and the short cycle, how quickly can that come back? is any of that permanent? mike: it can come back relatively quickly. these are things that we actually do. for maintenance purposes, we bring wells down, facilities down for storms, hurricanes, things like that. our people are v

1975 he sent a group headed by the venezuelan revolutionary carlos to vienna to storm a meeting of opec and take several ministers hostage dead was angry that carlos had not followed the meticulous plans he had drawn up. this shit. what the 11 year 34. hey the look and feel. what the a may not have realized about carlos is his narcissism which manifested itself in the opec operation carlos acted against by the as orders and when they met afterwards what the slap him. i think when carlos negotiated and released the oil ministers it gave the impression that he could be bribed which was a main reason for the failure of the operation from that moment where dia broke his connection with carlos. a year later a group of her dad's followers hijacked an air france airliner to intending uganda the israelis mounted a spectacular rescue operation killing all the hijackers and freeing the hostages despite these acts of violence the political track was moving. following the 1970 expulsion from jordan the democratic front for the liberation of palestine the d.f.l. be believed a more realistic politica

alix: i am glad you brought up the opec+ cuts and logistics.have a sense of how you are going to allocate your capex cuts? mike: certainly, our capital reductions are driven by our own views on where the opportunities are. we've got a lot of short cycle capital in our budget. that is one of our advantages. we came into this with the strongest balance sheet in the ,ndustry, a very low breakeven so we are in control of those choices. the market signal right now isn't calling for more near-term production. that is why it makes sense to reduce capital and the short cycle part of our portfolio, and we are in control of that. the opec actions reflect flowing barrels as opposed to the investment capital into the future. we will reduce that primarily in our short cycle activity. production, the long production and the short cycle, how quickly can that come back? is any of that permanent? mike: it can come back relatively quickly. these are things that we actually do for maintenance purposes. we bring wells down and facilities down for storms, hurricane

this as opec decides it is absolutely not. futures in focus next. bloomberg. ♪ vonnie: live from new york, i'm vonnie quinn. this is "bloomberg markets." time for futures. joining me is phil streible of blue line futures. we did get a drawdown that the markets were seeping early -- were secretly hoping for. is that a sign that storage issues might be winding down? phil: i don't think so at all. you could see how short-lived the rally was. we had already retested the low coming back into that inventory report. the problem is the supply demand structure on oil right now is not supportive of higher prices at all. the drillers and pumpers are facing a string of losses and bankruptcies. that is going to reduce supply going 36 months out -- going three to six months out. if you look at that contract, i forget is going to continue to weaken, but drag down the december contract. we can already see december's trading right around $30 at the moment, and that market is really weighing in. if you threw down some of that ended in tory that even if you drew down

opec is cutting for past -- cutting forecasts for supply cuts.rabia, the uae, and kuwait will cut according to an accord last month. president trump has widened the 'ss. effort to curb huawei access to tech suppliers. he renewed an emergency order that restricts huawei and zte for selling products in the u.s. the administration has described huawei as a security risk and is present allies to extend restrictions. global news 24 hours a day on air and on quicktake on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i'm karina mitchell. this is bloomberg. u.s. security agencies are warning that hackers working for the chinese government are trying to steal research on coronavirus vaccines. let's get more from our reporter greg sullivan. what are the allegations or warnings as we see this ratcheting up of tensions and distrust? greg: today we had a warning from the sbi and department of homeland security essentially saying hackers working for the chinese government are trying to steal research on vaccines and tr

we need more energy and means diversifying our sources of supply away from the opec countries. yes, it means more efficient automobiles, but it also means more exploration and development of oil and natural gas here in our own country. the only way to free ourselves from the monopoly pricing power of opec is to be less dependent on our outside sources of fuel. our answer obvious to anyone except those in the administration, it seems, is more domestic production of oil and gas. we must also have wider use of nuclear power within strict safety rules of course. there must be more spending by the energy industries on research and development, of substitutes for fossil fuels. in years to come, solar energy may provide much of the answer, but for the next two or three decades, we must do such things as master the chemistry of coal, putting the market system to work for these objectives is an essential first step for their achievement. additional multibillionaire dollar bureaus and programs are not the answer. in recent weeks, there's been a lot of talk about excess oil company profit

you're resource rich in 2020 doesn't mean you're making money we'll look at the economies of some opec nations which aren't making a cent in earnings thanks to the price crash and the coronavirus all so oil versus lithium as coals grow for a green economic recovery post pandemic maybe green power could be the death knell for crude. and saudi arabia the oil giant whose economic diversification has led it to the north east of england but critics are accusing the kingdom of trying to sports watch its human rights record. look we all know we're in the middle of a storm like no other right now and really it's no one even if you are a country with oil sure some of the bigger players are doing ok though even saudi arabia is cutting subsidies and raising taxes but small opec players are really taking a hit from the coronavirus pandemic and oil prices sliding into negative territory however briefly think about oman and behind both could receive economic support from the likes of saudi arabia and the u.a.e. but our focus is on those resource rich nations that with oil prices that are around $30.

on county mcauliffe they're rich in resources but some opec nations are struggling to make any money right now. but it also could be oil prices crash we are winning the green economy needs a lot plus spoils biggest player moving in on a little piece of northeast england. counting the cost on al-jazeera. if you want to help save the world. sneeze into your own. watching al-jazeera let's recap the top stories right now brazil's health minister has quit after less than a month on the job nelson is the 2nd health minister to leave the post after criticizing president are all smiles handling at the pens and. more than 6000000 people in santiago are in lockdown after infection surge crossed chile's capital over the past 2 weeks under the new rules people would need a police permit to leave home. and u.s. president donald trump is threatening to veto a 3 trillion dollars support package for those affected by the pandemic it's been vetoed vote voted rather through the house of representatives. that weighs 23 migrant workers have been killed in northern india because their truck collided with

a number of things playing into that is including opec plus production cuts. as well as the easing of lockdowns starting to take away some of those demand concerns. manus: a staggering 77%. let us get up to speed with the first word news. internal u.s. government projections seeing a surge in virus cases. [indiscernible] is washing its hands of these projections of according to an internal document. officials say it does not match up to date analysis of the task force. running with is criticism from opponents and allies. want to see a risk assessment before staff returns to the office. members of the prime minister's own conservative party are urging him to ease the lockdowns and start getting people back to work. another threat from the coronavirus has emerged. like lots. doctors around the world are noting a rash of blood clotting disorders. days aftero manifest the virus has ended. it is not unusual for infections to raise the rate of clotting. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analy

march when they met in vienna and work out how to keep prices stable but failed to reach an agreement opec's recommendation was to take 1500000 barrels a day off the market if russia agrees to cut production as well russia said no. and so top producer saudi arabia retaliated by announcing a production increase instead sparked a price war lasted nearly a month prices dropped below $20.00 a barrel also in riyadh did resolve their differences eventually agreed to gradually cut production by $10000000.00 barrels per day but as american producers which may have been hurt most by that price war new member when the prices for u.s. crude collapsed on april 20th briefly they went into negative territory for the 1st time ever saudi arabia and kuwait say they have slashed their output ahead of the may 1 production that. it seems the deal to cut output may have actually only happened because president donald trump reportedly pressured saudi arabia and implied the u.s. may withdraw its military support from riyadh if the cut didn't happen i am a binge of aid and this report. oil and water do not mix but

i think economics is also going to force shut-ins across opec. countries like nigeria anoubsing they'll make deeper cuts because of the economics of this the russians have been the perennial laggards but they have, where do you store the crude? opec will be compliant because of design and sheer economics forcing these reductions >> we have a lot of ships currently at sea and on the way. helima croft, rbc capital markets. great to see you be well. take care. >> thank you >>> speaking of in person, berkshire hathaway's annual shareholder meeting had just a slightly different feel this year, obviously, going entirely virtual for the first time ever. we don't need to tell you why. warren buffett addressing the state of the conglomerate on an empty stage in nebraska and generating plenty of headlines in the process becky quick joining us now to wrap it up becky, he said a lot but the airline comments, they're the ones getting all the tensiatten and moving the markets. >> good morning. as you said, it was a different feel this year none of the 40,000 p

on county mcauliffe they're rich in brazil says but some opec nations are struggling to make any money right now but then also it could be oil price crash be opening the green economy needs all that plus oils biggest players moving in on a little piece of northeast england. counting the cost on al-jazeera. investigating the use and abuse of power across the globe on the jersey. you're watching all jazeera reminder of our top stories this hour president donald trump says he's been taking a regular dose of the unproven drug i don't see called a queen to prevent coronavirus after requesting it from the white house doctor government health experts warned last month of its potentially fatal the side effects. the u.s. has accused the world health organization of allowing the pandemic to spin out of control president tom has threatening to permanently freeze funding to the agency if it doesn't make improvements in 30 days. that have been violent protests in one of the poorest neighborhoods in the chilean capital some tiago hundreds of protesters broke coronavirus quarantine orders to demand f

met in vienna in early march to work out how to keep prices stable but failed to reach an agreement opec recommended taking one and a half 1000000 barrels per day off the market if russia agreed to cut production as well russia refused done so opec's top producer saudi arabia retaliated by announcing a production increase instead the price war lasted nearly a month and prices dropped below $20.00 a barrel moscow and riyadh resolved their differences and agreed to gradually cut production by $10000000.00 barrels per day american producers may have been hurt most by the price war prices for u.s. crude collapsed on april 20th and briefly went negative for the 1st time so the arabia and kuwait say they've lost their output ahead of the may 1 production deadline well nigeria is africa's largest oil producer it relies heavily on oil revenue to support its economy but the huge surplus in global supply is causing further damage. by disease reports from abuja it's been a particularly difficult year for nigerians whose all dependent economy is struggling low prices and cuts in production resulted

but some opec nations are struggling to make any money right now but then also it could be oil prices crashed opening the green economy. plus boils biggest player moving in on a little piece of that. counting the cost 0. i really really not getting anywhere near. botching are just there are a mind of our top stories this hour chinese president xi jinping has pledged $2000000000.00 to tackle coronavirus during a w.h.o. virtual gathering she said beijing supports an inquiry but only wants the outbreak is brought under control. the f.b.i. says a saudi cadet who killed 3 people on a military base in florida last year had links with al qaida and the arabian peninsula also says it has been able to access his phone despite a lack of support from apple. libya's u.n. recognize government says it has retaken control of a key airbase all what t.o. was being used as will leave from afghans headquarters in the west of the. france and germany a joint be proposing a relief fund worth over $540000000000.00 to help your recover from the pen demick their leaders held a video conference to discuss the i

in that position, we would never have been able to bring that to bear against the opec countries. on a going-forward basis, we need to make sure we continue to lead the world in being able to be the leading producer of oil and natural gas, when necessary. other countries then will look to us for leadership and therein we will play a strong role in determining the pricing, going forward. senator manchin: thank you, mr. menezes. murkowski: thank you. >> thank you for holding this meeting. thank you, ranking member manchin. i appreciate and congratulate you on the nomination to this high and important position. thanks to senator cassidy for introducing you and for your background, the current secretary is from louisiana as well, and we appreciate the fine job he is doing. we look forward to having you confirmed for this position as well. in april, the department of energy released the administration's plan to reinvigorate the nuclear fuel supply chain. the report clearly states russia has weaponized its energy supplies to advance their strategic interests. this includes the uranium w

stable but failed to reach an agreement in that meeting opec recommended taking $1500000.00 barrels per day off the market if russia agreed to cut production too well russia refused. top producer saudi arabia retaliated by announcing a production increase instead a price war lasted nearly a month and prices dropped below $20.00 a barrel and moscow and riyadh resolved their differences and agreed eventually to gradually cut production by $10000000.00 barrels per day american producers may have been hurt most by the price war though prices for u.s. crude collapse on april the 20th they briefly went negative for the 1st time saudi arabia and kuwait say they've slashed their output ahead of the may the 1st production deadline and it seems the deal to cut out port may of only happen because president dog reportedly pressured saudi arabia implying the u.s. may withdraw its military support for iraq and sam and dave has this report. oil and water do not mix but politics in oil bond very well there is no official transcript of the conversation between the u.s. president and the saudi crown prin

howcall on opec crude is much they expect to be able to deliver. demand 260,000s for crude by barrels of oil a day and they do say they boosted supply last month, but remember, they are into the cutting mode in may and they will actually cut, at least saudi arabia will cut another one million barrels a day in june. market just over $30 a barrel. we will recap any news from that report. to remind you about what happened with ppi, if you back out food and energy, you are looking out up .6%. month on month, much lower, -.3%. final demand really bad, down 1.3%. not too much movement within the markets on that. coming up, i will speak with managing risk and uncertain times. i will speak with scott stephenson, the ceo of risk assessment and data management firm averis. if you miss any of the charts and want to check them out, go to gtv . this is bloomberg. ♪ alix: time for bottom line. we look at companies in sectors worth watching. today our focus is on business risk. ,oining me is scott stephenson verisk analytics ceo. specializes in insurance and

second, opec countries are in a good position continuing with production cuts. announcing initial cuts. this is the second reason. third and in my view, why we are expecting a gradual move from markets is from the non-opec producers in the united states we see the market forces react to the stronger prices we expect the oil production with decline about 2.8 million barrels per day. this will be the largest reduction from oil producers from canada and others we put together that time of life gives us the message that we are seeing early signs of a gradual rebalancing of global markets. >> doctor, you and i have talks about the lack of infrastructure in u.s. shale. that's where i wanted to go. you said it was the most important point. on page 16, you talked about acceleration of u.s. production way faster than expected has u.s. shale been dealt a mortgageal blow given the position it was in before this crisis >> thank you, very much, steve you are right. shale gets a big hit it will be a big decline in the united states. biggest of all the countries we are talking

francine: we hear exclusively from the opec secretary-general.on't miss that conversation at 3:00 p.m. london time. this is bloomberg. ♪ ♪ economics, finance, politics, this is "bloomberg surveillance." i'm francine lacqua in london. from rice, hadley & uel is stilln with us. underestimating -- are we underestimating -- anja: we are certainly seeing a sea change and an arms shift -- enormous shift. years, even if you have an election in the united states and joe biden becomes president, he probably won't go back to the wherefrom 2015, 2016 companies were doing everything possible to make their supply chains efficient, and that meant having them all over the world. looking businesses are -- thinking about how to make their supply chain a little bit closer to home, more resilient in the face of things like pandemic and lots of global political upheaval. i think you are releasing a vast shift. francine: what does it mean for -- you know, does it translate into more populism if countries are a little bit more inward looking? or is that too simplistic

on the county mcauliffe there rich in resources but some opec nations are struggling to make any money. no but then also it could be oil price crash be opening the green economy needs all that plus spoils biggest player moving in on a little piece of north east england. counting the cost on al-jazeera. unprompted and uninterrupted discussions from on london broadcast center. on al-jazeera. well again this is al jazeera 2nd of it remind you of the main news this hour the man accused of funding the militias who killed hundreds of thousands of people during the rwandan genocide has been captured. was found hiding in france under a false name after avoiding capture for nearly 25 years. thailand is easing a lockdown that began today for shopping malls and department stores have reopened at a night the curfew will be shortened by an hour for the state of emergency will continue until the end of the month. first day of a weeklong lockdown in chile's capital santiago as seen in the city streets almost deserted more than 6000000 people have been ordered to stay out of. the pandemic has been a m

opec offers a bleak estimate of global energy demand.audi arabia is cutting output to its lowest level since 2002. shery: a quick check of the markets. we are seeing u.s. futures rebounding and gaining for tens of 1%. u.s. stocks fell to that three-week low. it was not just the fed chair's comments. we have u.s. tensions with china flaring again. every sector on the s&p 500 was in the red and it is now heading its worst week since march 20. take a look at what oil is doing. we are seeing slight gains above the $25 a barrel level, a gain of 1.7%. this after it fell in the regular to session -- regular session. we still have some comments from the iea saying it will take more than a year for crude demand to recover. let's turn to those comments by jay powell. he was clear when asked if they would be in favor of adopting a negative rate policy. not only did he reject it unequivocally, he also said he would not even consider it. kathleen hays is here to tell us why. how did the negative rate question get so big after fed officials said no wa

on counting because they're rich in resources but some opec nations are struggling to make any money right now but then also it could be oil price crash the opening the green economy needs all that plus spoils biggest player moving in on a little piece of that. counting the cost on al-jazeera. a diverse range of stories from across the globe from the perspective of on match point on which is you know. well again the top stories on al jazeera was ill health minister nelson tate shows resigned after just weeks on the job his 2nd to leave the poster in the coming 1000 pandemic country has recorded over 15000 new infections in the past a. strict new lockdown measures are due to come into effect in chile in the coming hours following a surge in new cases. u.s. president all trump has announced a new project a fast track record of ours vaccine and develop one by the end of the year but experts have warned that it could be at least 12 to 18 months until a vaccine is ready for the public. aid workers and bangladesh are racing to stop the corona virus from spreading in the world's largest ref

we reached and opec less deal that included -- we reached an opec plus deal that included russia.nal to everyone saying the saudis are doing the part. they are indicating to the market they are confident the demand is there for crude. noticevier blas on short as saudi raises prices to asia with a nice elevation of brent crude up to $30 a barrel. and anage will join us hour from now, francine the clause interview with governor bailey of -- francine lacqua's interview with governor bailey of the bank of england. this is bloomberg. ♪ ♪ tom: good morning, everyone. it is the worst british economy since 1706, and the war of the spanish succession. governor bailey and the bank of england will provide a total commitment, the united kingdom government will offer 41 year gilt. anotherolonies, thursday of 3 million additional jobless claims. the president considers depression era unemployment. higher.lloff, yields after the pandemic, there will be on inflation. this is bloomberg "surveillance," from london and new york. bloomberg news tries to advance the dialogue this morning. we will do t

it says to me is that alexander novak is really signaling to the market that when they go into this opecearly june, they want to keep the current deal. at that states is that they want this tapering of cuts. there's been talk in the market of whether they keep the current cut, which would mean really deep cuts for russia and saudi arabia instead of this slow tapering. i think part of that has to do with just how the oil market is in russia. they are dealing with much different climate than the middle eastern producers, and for them it is much harder to restart some of these wells. it has been very hard on the russian oil industry, and for me, this signals on how they are positioning themselves going into this opec+ meeting. we are seeing green shoots in terms of supply and demand, but these are baby steps so far. i think the market sometimes gets a bit ahead of itself. matt: i never understood wanting to live in brooklyn if you are going to work in manhattan because the prices are just as high for what you get, and you've got to do the commute. but my point, having to do with oil, taylor